Most founders think a licensing agreement signals progress. “Look, someone validated our science. " “We secured IP.” “We have a partner.” But the uncomfortable truth is: 👉 Many early licensing agreements quietly undermine  the next round, even when they were signed with the best intentions. You don’t see the red flags anymore because you’ve been living inside the deal. Investors, however? They see them instantly. 👉 And they start thinking: “Who really owns the asset?” “How