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Earlier this year, WilmerHale Partners Dave Gammell, Barry Hurewitz and Jeff Johnson discussed the basics of licensing and legal considerations for university licensing agreements. Here are five things startups need to know about university licensing.

What’s a tech startup’s most valuable asset? It’s not the seed money. It’s not the workspace. And it’s definitely not the espresso machine or Ping Pong table. The priceless heart of a promising startup is its intellectual property (IP)—the disruptive idea, the brilliant invention, the genius breakthrough.

Terms of use and privacy policies govern the relationship between a company’s website or app and its users, and establish the guidelines for how that company must treat users’ information. Here, our emerging company lawyers explain who needs these agreements and why they matter.

This is the third in a series of posts on common costly legal mistakes made by founders of early-stage companies.