You can’t improve – what you can’t see

In order to survive, a company has to continually introduce new products & fragrances to replace declining ones. However, some companies may not have the money, time, or internal skills to develop new products on their own, so they may decide to quickly acquire proven technology through licensing. Licensing strikes a balance between risk and reward, because it enables companies to immediately take advantage of the R&D technology that took years to create.