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ZERNIKE (UK). Third WIPO/INSME International Training Program Financing your business with Intellectual Property. Topic 2 Acquiring your Intellectual Capital: The relevance of an IP audit in your business strategy. Bob Hodgson Zernike (UK) Limited. Geneva December 2010.

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slide1

ZERNIKE (UK)

Third WIPO/INSME International Training Program

Financing your business with Intellectual Property

Topic 2

Acquiring your Intellectual Capital:

The relevance of an IP audit in your business strategy

Bob Hodgson

Zernike (UK) Limited

Geneva

December 2010

slide2

ZERNIKE (UK)

First some simple definitions

  • Technology – is how we do things now
  • Knowledge – is what we already know
  • Innovation – is doing things differently
  • Science – is one of the main drivers of innovation
  • Development – is how we apply science to do useful things
  • Research – is what we do to find out what we currently do not know

Bob Hodgson

Geneva 2010

slide3

ZERNIKE (UK)

National competitive strategies and SMEs

  • Natural resource based:
    • seen as second order
    • but crucial to jobs and dependence
  • Labour surplus:
    • productivity still an issue
    • quality standards in products
  • Systems integration:
    • rapid adoption and adaption
    • source of innovation
  • Advanced technology:
    • R&D driven leading edge
    • commercialisation emphasis

Bob Hodgson

Geneva 2010

slide4

ZERNIKE (UK)

Alternate business strategies and intellectual capital

  • Lowest cost – efficiency savings for cost edge
  • Value performance – upgrading at acceptable cost
  • Most advanced – best performance driver
  • Greenest – lowest accredited footprint
  • Service +/- product – speed and responsiveness

All rely on knowledge and for some innovation is central

Bob Hodgson

Geneva 2010

slide5

ZERNIKE (UK)

Mismatches at different levels

  • National imperative - upgrading productivity and promoting innovation essential
  • Business level success is continuing to do right what you have always done – change is risky!
  • Competitiveness challenge:
    • reconcile the two positions
    • grow new higher value businesses
    • improve existing businesses

Bob Hodgson

Geneva 2010

slide6

ZERNIKE (UK)

Real Economy: innovation engines

  • ARM – Advanced RISC Machines
    • IP generator
    • income from Licences and Royalties
    • market cap - billions
  • Generics Group Plc – technology solutions provider
    • IP accumulator
    • and commercialiser – spinning out companies
    • massive P/E ratio on flotation – hope value
  • Supported by specialist service providers

Bob Hodgson

Geneva 2010

slide7

ZERNIKE (UK)

The starting point: has it potential value

  • Who will buy or already buys my product/service?
  • What will they pay?
  • How many potential customers are there?
  • What will any innovation replace?
  • Will it work and how much will it cost to make?
  • Is it likely to be profitable?

Bob Hodgson

Geneva 2010

slide8

ZERNIKE (UK)

Communicating potential: investment readiness

  • Business plan
  • Market data and evidence
  • Communications skills
  • Differentiating the investment pitch
  • Cultivation of the risk takers

Bob Hodgson

Geneva 2010

slide9

ZERNIKE (UK)

Recognising what is there and what to be added

  • An IP audit to codify present technology
  • Identification and packaging
  • An IP search
  • Negotiation and acquisition

Bob Hodgson

Geneva 2010

slide10

ZERNIKE (UK)

Personnel and Intellectual Capital

  • Skilled people are the capital of the knowledge economy
  • Codified v tacit knowledge
  • Methods of protection:
    • formal registration
    • contract of employment
    • equity share
  • Restrictions of trade?

Bob Hodgson

Geneva 2010

slide11

ZERNIKE (UK)

What are your Intellectual Capital Assets

  • Advanced technology – the archetypal IP candidate
  • Market credibility – trade marks and brand reputation
  • Production expertise – control and quality oriented
  • Product performance – incremental advances or radical changes

Bob Hodgson

Geneva 2010

slide12

ZERNIKE (UK)

Sources of technical and business innovation

  • Clients or customers 70%
  • Competitors
  • Internal sources
  • Associations
  • Technical standards 50% +
  • Conferences/trade press
  • Scientific journals
  • Consultants
  • Universities
  • Government labs 20%

Bob Hodgson

Geneva 2010

slide13

ZERNIKE (UK)

Supply side perspectives

  • The inventor:
    • the idea that will change the world – huge hope value
    • and make me rich
  • The research institution:
    • an output in its own right
    • with weak commercial perspective
  • The commercial licence provider:
    • revenue generating expectations
    • tempered with restriction of own potential action
  • Alignment of risks and rewards
    • clarity and competence of owners
    • capacity to pay and to exploit
    • position in market

Bob Hodgson

Geneva 2010

slide14

ZERNIKE (UK)

Valuation: the unresolved challenge

  • Easy – when there is a revenue stream
  • But even then worries about sustainability
  • Before the revenue stream it is much more uncertain
  • And is characterised by information asymmetries
    • inventor knows the technology
    • entrepreneur knows the market
    • investor needs to independently evaluate both
    • and then to reach a deal!

Bob Hodgson

Geneva 2010

slide15

ZERNIKE (UK)

Some additional limitations

  • IP system is not always applicable
    • advanced engineering around F1 racing
    • accumulated tacit knowledge
  • Commercial perspectives can cripple business
    • Pro fit and its American licensee
    • defence costs can overwhelm revenues
    • all but a few USA universities spend more on IP than they receive

Bob Hodgson

Geneva 2010

slide16

ZERNIKE (UK)

Making the market work

  • Stimulating the supply side
  • Stimulating interest among MSMEs
  • Training brokers and agents
  • Educating fund managers
  • Ensuring quality implementation
  • Building the history

Bob Hodgson

Geneva 2010

slide17

ZERNIKE (UK)

Thank You

BOB HODGSON

ZERNIKE (UK) Ltd

The Grove

High Street

Sawston

Cambridge

UK

CB2 4HJ

0(044)1223 526980

bhodgson@zernikeuk.com

Bob Hodgson

Geneva 2010