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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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11. Introducing the Royalty Fund

Outright ownership of assets is not an essential aspect of what we call a firm.

Henry Hansmann [1]

I… get a sense that the sun is setting on the era of stocks and other financial assets... I’m not sure what the new game will be, but an educated guess might be factories and other productive assets as opposed to pieces of paper.

Robert Farrell, chief technical analyst for Merrill Lynch [2]

There are a number of existing approaches to separating the ownership of enterprise from risk capital, generally driven by the desire to obtain that capital from external sources without affecting the ownership and control of the enterprise. Although in principle all these approaches could be adopted by enterprises ...

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