Bridging innovation and finance: IP securitization as a pathway from creativity to capital through the conversion of intellectual property into a financial asset

This thesis explores the securitization of intellectual property (IP) as an alternative and innovative financing method for businesses, particularly small and medium-sized enterprises (SMEs) that typically face challenges in accessing favorable bank loans. By leveraging their IP assets, these companies can raise capital under more advantageous conditions. The study is structured into four main chapters. The first chapter provides a detailed overview of the securitization phenomenon, analyzing the key players involved and the benefits derived from this type of transaction. It lays the groundwork for understanding the mechanics and advantages of IP securitization as a financing tool. The second chapter, the core of the thesis, delves into a series of case studies, examining real-world examples of IP securitization. This includes in-depth analyses of specific transactions involving patents, copyrights and trademarks, followed by a comparative analysis to highlight similarities and differences across the cases. The chapter also explores the concepts of whole-business securitization (WBS) and megafunds, providing a broader context for understanding the evolving landscape of IP securitization. The third chapter focuses on the economic valuation of the underlying IP assets, a crucial aspect of securitization transactions. It discusses various valuation methodologies, including income-based, cost-based and market-based approaches, providing insights into how the value of IP assets is determined in the context of securitization. The fourth chapter offers a comparative analysis of the regulatory frameworks governing IP securitization in key jurisdictions, namely the USA, Europe, China and Italy. It identifies the main laws and regulations in force in each region and examines their specific provisions related to IP securitization. Finally, the thesis concludes by discussing the main challenges associated with this innovative financing method, offering a comprehensive assessment of its potential and limitations. It highlights the importance of adapting IP securitization to the specific needs and circumstances of businesses, while also acknowledging the complexities and risks involved. This thesis aims to contribute to a deeper understanding of IP securitization as a valuable financing tool for businesses, particularly SMEs. By examining real-world examples, valuation methodologies and regulatory frameworks, it provides insights into the opportunities and challenges associated with this innovative approach to raising capital.