debt and intellectual property do not mixup since by definition there is nothing to back up the debt (unlike real estate or any other industry outside of softwa

debt and intellectual property do not mixup since by definition there is nothing to back up the debt (unlike real estate or any other industry outside of software). The author suggests to backup of the debt with a revenue stream, but those : 1) depend on the churn rate. 2) Are stable only for mature companies. Post product-market fit.