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In this YouTube tutorial, Andrew Krause, co-founder of Event Right, discusses the basics of licensing contracts. He clarifies the distinction between a patent and a licensing agreement, noting that a patent protects an invention, while a licensing agreement outlines the terms under which a company pays royalties to sell a product. Krause emphasizes the importance of understanding licensing agreements and highlights a surprising fact for many students: not all companies prioritize patents in their licensing deals, with some willing to pay royalties without regard for a patent at all. The video aims to provide clarity on the necessity and nuances of licensing agreements in business.
