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In SmartPLS Student all calculations are limited to 100 observations. Moreover, export capabilities and group functionalities are limited. Commercial use prohibited by the license agreement (except for test installations). See this comparison for a detailed overview of the differences between both software versions.
The SmartPLS Professional License gives you full access to all functionalities for a pre-defined period of time. Commercial use of SmartPLS requires buying a license!
You can upgrade from SmartPLS Student to SmartPLS Professional at any time. Your data and PLS models will remain intact and can be opened no matter which license you choose.