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Creating Risk Capital: A Royalty Fund Solution to the Ownership and Financing of Enterprise by Ian Whalley

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1. Enterprise and its Origins

An institution is the lengthened shadow of one man.

Ralph Waldo Emerson [1]

Great industries are usually born of banal concerns in humble circumstances.

William Bernstein [2]

The enterprise

One of the key features of a country, and a measure of its strength and diversity, is the number and quality of enterprises to be found there. Thus, in the major market economies, such as those of the UK, USA and mainland Europe, there is an immense number of enterprises and there is also much diversity in their nature, scale, form and quality.

In the UK, for example, the number of private sector enterprises has been estimated at over 4.8 million, employing an estimated 22.8 million people. [3] Alongside ...

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