Business Ecosystems and Platforms
Licensing is a legal agreement that allows one party to use the intellectual property of another party under specific conditions. This practice is crucial for businesses, as it enables them to leverage external innovations while ensuring that creators receive appropriate compensation and recognition. In the context of platforms, licensing often facilitates collaboration between different entities, helping to create a vibrant ecosystem where diverse products and services can thrive.
congrats on reading the definition of licensing. now let's actually learn it.