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In this YouTube tutorial, Andrew Krause talks about licensing contracts and the basics of what a licensing contract is. He highlights the difference between a patent and a licensing agreement, emphasizing that a patent protects something while a licensing agreement allows a company to pay royalties for using the product. Krause discusses why licensing agreements are necessary, mentioning that some companies may not care about patents and are willing to pay royalties without them. Overall, understanding licensing contracts is crucial for successful product commercialization.
