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Welcome to the InBentRight YouTube show, hosted by Andrew Krause, the co-founder of EventRight with Stephen Key. In this episode, Andrew discusses licensing contracts and breaks down the basics of what a licensing contract is. He distinguishes between patents, which protect inventions, and licensing agreements, which are deals with companies that pay royalties for products. Andrew emphasizes the importance of having a licensing agreement and shares that some companies may not prioritize patents for royalty agreements.