| While the value of intellectual property assets has been steadily rising, it is often difficult to obtain financing necessary for the creation of such assets. In particular, it is usually quite hard for small innovative firms to raise equity or debt capital. This thesis explores the possibility of using patents in asset-backed securitization transactions, which often allow small firms to raise capital more efficiently. The asset-backed securitization technique has been reviewed in considerable detail in the existing literature; however, it is shown in this thesis that in order to apply this technique to patents it will require modifications due to the nature of this asset. Most importantly, an efficient patent-backed securitization will require a financial intermediary to set up a bridge between patent holders and investors. The thesis substantiates the need for a financial intermediary and explains the most important details of patent-backed securitizations. Additionally, a possibility of securitization of unpatented research is reviewed in the thesis. |
