1、 April 2026 1 Contents Foreword.3 Executive Summary.5 Definitions.10 1 Challenges to Innovation and Growth in Europe the Financial Gap and Role of Intangible Assets.12 2 Analysis of Problems Related to Usage of IP to Access Finance.33 2.1 Intellectual Property characteristics.34 2.1.1 Information as
2、ymmetry,non-rivalry,and weak signals.34 2.1.2 Separability and redeployability.35 2.1.3 Uncertainty regarding the value and useful economic life of intellectual property 36 2.1.4 Heterogenous character of individual IP assets.37 2.2 Current framework.37 2.2.1 Underdeveloped secondary markets and lac
3、k of data on transactions involving IP.37 2.2.2 Problems in identification of intangibles.39 2.2.3 Lack of harmonisation of legal provisions governing IP-based collaterals 41 2.2.4 Higher regulatory capital burden under the Basel III framework.42 2.2.5 Lack of risk capital for IP-intensive start-ups
4、.43 2.3 Problems related to IP valuation.44 2.3.1 General lack of information on IP valuation approaches.45 2.3.2 Low number of IP valuation professionals.45 2.3.3 High costs of IP valuations.45 2.3.4 Uncertainty related to IP valuations.45 2.4 Rationale for policy intervention.45 3 Analysis of Poli
5、cy Solutions to Facilitate Usage of IP to Access Finance.47 3.1 Solutions to facilitate access to banking credit.48 3.1.1 Provision of dedicated public lending against IP collateral.48 3.1.2 Public guarantees.50 3.1.3 IP insurance.54 2 3.1.4 IP credit and insurance transactions repository.57 3.1.5 I
6、mproving the visibility of IP in company finance documents(accounting regulations).59 3.1.6 Development of secondary markets for IP and support for IP brokerage services 66 3.1.7 Harmonisation of security rights in IP and creation of a central registry of pledges 69 3.1.8 Combatting IP infringement