NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Patent Collateral, Investor Commitment, and the Market for Venture Lending

Yael V. Hochberg, Carlos J. Serrano, Rosemarie H. Ziedonis

NBER Working Paper No. 20587
Issued in October 2014

---- Acknowledgements ----

We thank Dow Jones Venture Source and Sand Hill Econometrics for venture finance and startup-exit data, RPX Corp for data on patent transactions, and Andre Boik, Jing Li, Karina Mann, Junguang Pan, Anastasia Strader, and Shana Wang for excellent research assistance. We also thank the venture lenders, investors and entrepreneurs who shared time and insights with us, Angela Cipollone, Alfonso Gambardella, David Hsu, Katherine Litvak, and Marvin Lieberman for discussant comments, and numerous colleagues and seminar participants for feedback and suggestions. Financial support from the NBER Innovation Policy Working Group and the University of Michigan Program in Law, Economics and Technology is gratefully acknowledged. All errors are our own. The opinions in this article are the sole responsibility of the authors and they do not necessarily coincide with those of the Banco de EspaƱa or the National Bureau of Economic Research.

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