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hello and welcome to another in bent right comm youtube show my name is Andrew Krause I co-founded an event right with Stephen key over 18 years ago so on this show I want to talk about licensing contracts and just really it's really the basics what is a licensing contract as in a previous video I explained that sometimes when people are utilized in saying they don't know the difference between a patent and what is licensing and what is a patent so patent is just protecting something and a licensing agreement is your agreement with the company that you do a deal with so that they have to pay royalties while they sell the product so I wanted to cover a little bit more about what is a licensing agreement why do you need one and cover a few things that shock people a good percentage of a percentage of our students when they do a licensing agreement the company doesn't care about a patent now some don't care at all say oh no yeah we'll pay you a royalty we we we don't really do patents an...