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In this tutorial, Andrew Krause, co-founder of Event Right, discusses licensing contracts. He clarifies the distinction between patents and licensing agreements. While a patent protects an invention, a licensing agreement is an arrangement with a company that allows them to sell a product and pay royalties on it. Krause emphasizes the importance of understanding licensing agreements and reveals that many companies may not prioritize patents when negotiating deals, surprising a significant number of their students. This segment aims to provide foundational knowledge about licensing agreements and their relevance in the business landscape.