Licensing is unlike exchanges in the normal marketplace because intellectual property licensing occurs entirely in the intangible domain. Normally when you are negotiating a deal you’ve got something, a product or a device, the other party wants it, and you agree on a price that is high enough that it fulfills your desire and low enough that the other person gets value out of the deal. That’s fairly straightforward. Those negotiations happen every day. We all do them, and so they feel very familiar. Doing them at a larger scale just means a larger scale.

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