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In this episode of the Bent Right Comm YouTube show, co-founder Andrew Krause discusses the basics of licensing contracts. He clarifies the distinction between patents and licensing agreements, explaining that a patent protects an invention, while a licensing agreement outlines the terms under which a company pays royalties to sell that invention. Krause emphasizes the importance of understanding licensing agreements and highlights that many companies may not prioritize patents, with some willing to pay royalties without necessarily requiring a patent for the product. This information aims to enlighten students and viewers on the critical aspects of licensing in business.