Licensing intellectual property (IP) enables you to retain ownership of your IP whilst permitting others to make some use of it. For example, reproduce an artwork, manufacture a product or authorise use of your patent.
The nature of the licensing agreement depends on the IP you intend to license. Is it use of a brand, technology, content, designs, or something else? Licensing depends on having the necessary intellectual property rights in the first place, so first make sure that you own these.