1 / 14

Intangible Assets and Finance

Intangible Assets and Finance. Kazuyuki Motohashi Professor, Department of Technology Management for Innovation, The University of Tokyo. Outline of Lecture. Value of IP: Conceptual framework Firm’s IP use strategy: variations by firm size, industry and strategic focus

conlan
Download Presentation

Intangible Assets and Finance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Intangible Assets and Finance Kazuyuki Motohashi Professor, Department of Technology Management for Innovation, The University of Tokyo

  2. Outline of Lecture • Value of IP: Conceptual framework • Firm’s IP use strategy: variations by firm size, industry and strategic focus • How to measure IP value • IP and finance: some examples of institutional arrangement

  3. Value of patent • Intrinsic value of inventions: how to measure? • The value of patent is unique for everybody? If it is not the case, technology market will emerge. • Is there any value added by patenting? :why patent and why not patent?

  4. Mini Case R&D group in your company has just invented new material which is very light as well as strong. Will you patent this invention? or keep it in trade secret? Why? Case 1: If you are small company producing auto parts where you can use this new material? Case 2: If you are large auto company and will heavily use this technology by yourself. Case 3: If you are large auto company, but outsources auto parts production to subcontractors, who may use this technology.

  5. Upsides and downsides of patenting

  6. IP strategy indicators by JPO survey

  7. Cross Section Looks (1)

  8. Cross Section Looks (2)

  9. How to measure IP value? • Market approach • Market transaction data (licensing deals) • Stock performance by IP announcement • Patent quality index by bibliometric information • Citations • Patent breaths (claims) and families (intl. application) • Post (pre) grant opposition and infringement • Income approach • (Expected) Discount Cash Flow (DCF) method • Real option approach

  10. Value of drug licensing deals(in US, million US$) (Kinukawa and Motohashi, 2009)

  11. DCF Method(in case of pharmaceutical compound) Discounted sum (Expected) cash flow after launch

  12. Marginal value of patenting? • Yes, particularly for SMEs and start-up companies (with existence of information asymmetry) • Empirical studies suggest that Patenting start-ups are more likely to receive Venture financing • However, patent as collateral for loan? Not likely, because there are substantial uncertainty in value actualizations • There are some institutional solution for financing out of IPs

  13. Intellectual Property Trust System • Could be securitized • Investor 1 • Investor 2 …

  14. IP license insurance scheme (2) license Japanese Company (Licensor) ForeignCompany (Licensee) (3) delay of payment (4)payment of insurance money NEXI (Nippon Export and Investment Insurance) (1) Payment of Premium

More Related