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Heather Meeker, an expert in open source software, discusses the importance of contribution agreements for companies starting open source projects. Inbound and outbound licenses are essential concepts to understand. To run a project, you must have copyrights in code, which typically come from contributors. Inbound licenses refer to the grant of rights from contributors to the project, while recipients of the project need rights under the open-source license. It is crucial to have clear agreements in place to ensure proper licensing and distribution of code.