SMEs are increasingly seeking to expand their businesses around the globe. Because the region offers many opportunities in terms of trade concessions, many SMEs look at Latin America as a relevant market and a possible place to diversify dealings. There are many ways for an SME to exploit its intellectual property rights (IPRs) abroad. Since opening a local subsidiary is not always viable, IP licensing is one of the most effective and secure ways to broaden IPR exploitation. IP licensing consists of one or more agreements (licensing agreements) in which the IPR owner (licensor) allows the licensee to exploit the IPR in the region in exchange for royalties.