Entrepreneurs may seek licensing agreements for several reasons:
1. Access to Established Brands: Licensing allows businesses to leverage the [brand equity](href) of established names, reducing the time and cost associated with building brand recognition from scratch. 2. Technological Advancements: It provides access to cutting-edge [technology](href) or [proprietary processes](href) that would otherwise be unavailable or too costly to develop independently. 3. Market Entry: Licensing can facilitate entry into new or foreign markets where the licensor already has a presence, thus reducing [market entry barriers](href).