Licensing is crucial for entrepreneurs for several reasons:
Access to Technology: Entrepreneurs can use advanced technologies without having to develop them in-house, saving time and resources. Brand Recognition: Licensing a well-known brand can instantly provide credibility and market acceptance. Market Expansion: Entrepreneurs can enter new markets more easily by leveraging the existing reputation and networks of the licensor. Revenue Streams: Licensing can provide an additional revenue stream through royalties or sales percentages.