The publicly available information through patent causes problems for the commercialization of knowledge. Anybody can use the freely available technical knowledge from the invention for commercial benefits without recognizing the creativity of the inventor or contribution to the investments made by the inventor.
Patented inventions have touched every walk of human life, from electric bulb, rubber, tire, telephone, radio, video, camera etc.
There are number of reasons for which a patent owner may like to grant a license to a third party. For example, the patent owner may not have the required manufacturing facilities,
A patent owner may license his or her patented invention by granting permission to another individual/organization to make, use, sell etc.