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What patents are used as collateral?
Only anecdotal evidence exists that ventures use patents as collateral to access debt financing. In this paper, we use a novel dataset on patent reassignments with a security interest to explore quantitatively what patents are used as collateral. We analyze characteristics of patents to disentangle...
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| Format: | Article |
| Language: | English |
| Published: |
2014
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| LEADER | 01390nab a22001817a 4500 | ||
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| 008 | 160615b2014 xxu||||| |||| 00| 0 eng d | ||
| 100 | |a Fischer, Timo | ||
| 245 | |a What patents are used as collateral? |c An empirical analysis of patent reassignment data / Fischer | ||
| 260 | |c 2014 | ||
| 300 | |a 633-650 | ||
| 520 | |a Only anecdotal evidence exists that ventures use patents as collateral to access debt financing. In this paper, we use a novel dataset on patent reassignments with a security interest to explore quantitatively what patents are used as collateral. We analyze characteristics of patents to disentangle whether it is the technology underlying a patent or the patent's exclusion right per se matters for collateralization. We do find empirical support only for technology-related characteristics, suggesting that lenders use patents to collateralize high-quality technology that can, in case of default, be redeployed to ventures in similar technology fields. On the other hand, patent-related characteristics like scope, which are, in general, related to patent value and are particularly important for non-practicing entities, do not matter. | ||
| 650 | |a Market For Technologies | ||
| 650 | |a Non-Practicing Entities | ||
| 650 | |a Patent Monetization | ||
| 650 | |a Patents As Collateral | ||
| 650 | |a Patents | ||
| 773 | |a Journal of Business Venturing |d Setpember | ||
| 999 | |c 41532 |d 41532 | ||