With a license you can give someone else the right to use your invention.
The word “license” comes originally from Latin and means permitted, or the one who gives permission. The word is used to describe that a licence owner (or licensee) has permission to do something that is normally prohibited.
Through a licence agreement, you can give selected persons or companies the right to use your invention, in full or in part. A licence agreement can regulate many things, such as geographical area and compensation. There are business lawyers who are specialized in intellectual property agreements.