Standard and familiar business arrangements will serve as building blocks for the royalty fund system.
The system will also draw lessons from specific arrangements, developed over the years for both private and public purposes, which share many of the features required, including the provision of capital and the assumption of risk.
Licensing will be the cornerstone of the royalty funding system. It involves the granting of permission by the owner of a property to another party, allowing the latter to make use of it. The licensing of intellectual property has been a very widespread activity ...