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Signature Redacted May12,2017 Certified By Application of blockchain technology and crowdfunding to solve structural inefficiencies in digital rights and patents - a comparative analysis by Andreas GabI Master of Science, Management - Grande cole, HEC Paris, 2017 Bachelor of Science, Management and Technology, Technical University of Munich, 2014 and Stephan Ulrich Krehl Master of Science, Management - Grande cole, HEC Paris, 2017 Bachelor of Science, Economics and Business Administration, Goethe University Frankfurt a.M., 2013 Submitted to the MIT Sloan School of Management in Partial Fulfillment of the Requirements for the Degree of Master of Science in Management Studies at the Massachusetts Institute of Technology June 2017 2017 Andreas Gabl and Stephan Ulrich Krehl. All rights reserved. The authors hereby grant to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known yr hereafter created. Signatures of Authors Signature redacted Signature redacted MIT Sloan School of Management Signature redacted May12,2017 Certified by................... ........................................... Jacob Cohen Sen Associate Dean for Undergraduate and Master's Programs Thesis Supervisor Accepted by.................. ..... Rodrigo Verdi Associate Professor of Accounting Program Director, M.S. in Management Studies Program H 'MIT Sloan School of Management OF TECHNOLOGY JUN 202017 LIBRARIES ARCHIVES Application of blockchain technology and crowdfunding to solve structural inefficiencies in digital rights and patents - a comparative analysis by Andreas Gabl and Stephan Ulrich Krehl Submitted to MIT Sloan School of Management on May 12, 2017 in Partial Fulfillment of the requirements for the Degree of Master of Science in Management Studies. ABSTRACT The markets for patents and digital rights, in particular music, are both highly inefficient and feature a large number of intermediaries which capture significant shares of the value created. Therefore, the patents and digital rights systems seem to be perfectly suited for disruption by blockchain technology and crowdfunding. This study examines the structural inefficiencies of the two segments and explores how blockchain and crowdfunding could solve these. We find promising use cases for both concepts in the market of digital rights. In contrast, while crowdfunding solves certain inefficiencies in the field of patents, we believe that blockchain technology has only limited impact here. This thesis is based on academic literature and professional journals in the fields of patents, music, crowdfunding, and blockchain technology as well as self-conducted interviews with industry, legal, and technology experts. Thesis Supervisor: Jacob Cohen Title: Senior Associate Dean for Undergraduate and Master's Programs 2 (This page has been left blank intentionally) 3 To our parents whose continuous support, unconditional dedication and guidance have been the guardian throughout our academic career and who provided us with the confidence that we are capable of achieving our goals. 4 (This page has been left blank intentionally) 5 Table of contents Table of contents 6 Introduction 9 Crowdfunding 11 Definition and differentiation 11 Reward-based crowdfunding 14 Equity crowdfunding 15 Advantages of crowdfunding 18 Founders 19 Funders 22 Other 23 Issues related to crowdfunding 24 Founders 25 Funders 27 Resolving information challenges 30 Blockchain 36 Introduction 36 Technology 38 Technological concepts 39 Transaction on the blockchain: step-by-step explanation 44 Architecture 48 Overview 48 Differences of permissionless and permissioned blockchains 50 Implementation of different architecture designs 52 Economics 57 Structural advantages 57 Economic and societal implications 62 Applications 64 Implications of blockchain on solving issues related to crowdfunding 68 Intellectual property 78 Categories 79 Patents 83 6 Overview on patent system 83 Players in patent system 85 Overview on legislation 88 Structural inefficiencies in the patent system 91 Digital rights 100 Music industry overview 100 Copyrights and parties involved 103 Structural inefficiencies in the music industry 107 Application of concepts to address structural inefficiencies in intellectual property 118 Patents 118 Patent thicket 118 Approval of low-quality patents 121 Difficult valuation 125 Limited access for small inventors 127 High search costs 131 High likelihood of expropriation 133 Music 136 Uncertain ownership of copyrights 137 Opaque accounting and payments 144 Inability to access data and draw marketing insights 147 Wrongful claims and inability to prevent exploitation 150 Time lag of compensation and data insights 152 Outdated compensation and limited sources of funding 153 Conclusion 158 Appendix 165 List of abbreviations 166 List of figures 167 List of tables 168 List of interviews 169 References 170 7 (This page has been left blank intentionally) 8 1. Introduction Both the markets for patents and digital rights are highly inefficient and illiquid. As a result, a variety of intermediaries is involved between idea creators (for example, componists, singers, inventors, etc.) and consumers. These intermediaries capture substantial shares of the value created around patents and music (BerkleelCE 2015, pp.16-18; Bessen et al. 2011, pp.1-6; Gans & Stern 2010, pp.805-809; Hagiu & Yoffie 2013, pp.45-46, 51-53, 60-63; O'Dair 2016b, pp.8-9). Hence, the patents and digital rights systems seem to be suitable environments that could be disrupted by blockchain technology and crowdfunding. These concepts aim at reducing the need for intermediaries and bringing consumers, producers, and investors closer together (Crosby et al. 2016, pp.9-13; Gottfried 2015; Ito et al. 2017; Rogers 2015; Tapscott & Tapscott 2016, pp.10-11). However, the patents and digital rights system suffer from very different structural inefficiencies. Therefore, we will explore these inefficiencies in detail and discuss whether crowdfunding or blockchain technology could help overcome these and if so, in what way. Our motivation to explore patents and digital rights in depth arose from classes we took at MIT Sloan School of Management and Harvard Business School (HBS). Both authors attended the course 'Strategy and Technology' by David Yoffie at HBS and discussed shortcomings of the patent systems, for example 9 with Peter Detkin, a co-founder of Intellectual Ventures, one of the largest patent holders in the United States. Moreover, both authors took the class 'Israel Lab' at MIT Sloan where one of the authors worked on a project with Revelator, a startup which develops a digital intelligence platform for recorded music and publishing professionals (Revelator 2016). This thesis aims at bringing these academic and professional learnings together and providing more detailed research on pressing questions around patents and digital rights and the promising concepts of blockchain technology and crowdfunding. Our thesis is structured as follows: In Chapter 2 we will give an overview on crowdfunding and describe advantages of the concept and issues around it. Chapter 3 will give detailed insights in blockchain technology, structured in technology, architecture, economics, and applications. In Chapter 4 we will explain how blockchain technology can solve issues related to crowdfunding. Chapter 5 will give an overview on intellectual property with a focus on patents and digital rights and will summarize the issues prevalent in each system. In Chapter 6, we will apply crowdfunding and blockchain technology to address structural inefficiencies around patents and digital rights. Finally, Chapter 7 will conclude our thesis. 10 2. Crowdfunding 2.1. Definition and differentiation Most entrepreneurs are resource-constrained and often face difficulties in attracting funding for their early-stage startups (Cassar 2004, p.264; Courtney et al. 2017, p.265). Due to a lack of sufficient capital to fund the commercialisation of their idea, entrepreneurs widely rely on external sources of capital (Gompers & Lerner 2004, p.157). The most common sources of venture funding include the three Fs 'friends, family and fools', angel or venture capital investors, and - at a later stage - bank loans and public equity (Belleflamme et al. 2014, p.586; Berger & Udell 1998, p.622). Still, many ventures remain unfunded due to a lack of historical track record, absence of significant cash flows to service debt, uncertainty about future success and information asymmetry between founders and investors (Cassar 2004, pp.254-265; Cosh et al. 2009, pp.1530-1531; Gompers & Lerner 2004, pp.157-158). Over the past ten years, crowdfunding has emerged as an alternative source of venture financing. With crowdfunding, entrepreneurs accumulate small individual contributions of capital from a large audience ('the crowd), instead of relying on a small group of sophisticated investors. Entrepreneurs typically solicit with the crowd over the internet on so-called 'crowdfunding plafforms' without any other 11 financial intermediaries (Belleflamme et al. 2014, pp.585-590; Courtney et al. 2017, pp.265-266; Mollick 2014, pp.1-2; Short et al. 2017, pp.149-150). Crowdfunding has been referred to as the democratization of venture funding by alleviating barriers between individual investors and founders (Short et al. 2017, p.150). In the following section, we will evaluate these claims and provide a basic overview of crowdfunding, its dynamics as well as advantages and potential downsides.
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