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IntellectualProperty

ValuationApril

20231SummaryI.

Introduction346II.

Why

you

should

care

about

intellectual

property

valuationIII.

Who

should

be

involved

in

the

evaluationI

V.

How

is

valuation

performed

?1.

Quantitative

approach2.

Qualitative

approach78101112V.

Selecting

the

right

methodVI.

Useful

Resources1

ThisfactsheetwasfirstpublishedinJune2013andupdatedin

April2023.I.

IntroductionIntellectual

property

(IP)

assets

such

as

patents,

trademarks,

copyrights

or

trade

secrets

areincreasingly

the

core

of

many

organisations

and

transactions.

Licensing

and

assignments

ofcorresponding

IP

rights

are

common,

and

the

use

of

these

types

of

assets

as

loan

security

hasgrown.

Hence

the

growing

importance

of

the

valuation

of

intangibles:

trading

an

asset

requiresknowingitsvalue.Several

methodologies

are

commonly

used

on

the

market

to

value

these

assets.

This

factsheet

will

explain

the

different

methods,

and

examples

of

possible

use

scenarios

of

thesemethodologies

are

given.

Different

tools

have

been

created

by

public

organisations

to

assistcompanies

in

performing

valuations.

These

free

tools

will

also

be

presented

in

this

document

tohelp

you

save

time

and

money.

However,

it

has

to

be

underlined

that

it

is

always

recommendedto

consult

an

IP

lawyer

or

IP

valuation

professional

to

ensure

that

the

right

method

is

chosenandappliedcorrectly.II.

Why

you

should

care

about

intellectual

property

valuationThe

valuation

of

IP

rights

is

part

of

good

IP

management

practices

within

an

organisation.Indeed,

knowing

the

economic

value

and

importance

of

your

organisation’s

IPrights

is

key

tothe

strategic

decisions

to

be

taken

on

your

assets.

Still,

it

also

facilitates

transactions

and

thecommercialisationofyourIP

rights.Therearemanybusinesssituationswherevaluationisrequired,suchas:a.

Valuation

ofacompanyforamerger,

acquisition,jointventureorbankruptcy:CompaniesareincreasinglybasedonintangibleassetsandinvestmentinR&Dandknowledge.

Asexpendituresinintangiblesrise,sodoestheshareofintangibleassetsinacompany’svalueandonthemarketasawhole2.

Therefore,toknowthevalueofacompany,

itisessentialtoknowthevalueofitsIP.b.

Technology

transfer,e.g.,assignmentorlicensingofIP

rights:Asinotherbusinesstransactions,organisationsnegotiatingagreementstosellorlicenseIP

rightscommonlyhavetoagreeonaprice.KnowingthevalueoftheIP

rightisessentialtoreachingsuchanagreementandensuringthepartiesengageinagooddeal.c.

Supportinsituationsofconflict,suchascourtproceedingsoralternativedisputeresolutionmechanisms(suchasarbitrationandmediation):Inconflictscenarios,quantifyingdamagesisoftenanecessarystepoftheprocess.Therefore,thecorrectvaluationoftheIP

rightatstakeisessentialtoguaranteeafairrecoveryofthedamages.d.

Fundraisingthroughbankloansorventurecapital:ThevaluationoftheIP

tobeusedassecurityforbankloansortoattractventurecapitalandinvestorsisessential.Indeed,severalstudiesrevealthat,inparticular,owningpatentsandhavingproperIP

managementstructuresinplaceplaysacrucialroleinthedecisionofventurecapitalists3.e.

Assistinginternaldecision-making:Valuation

alsoplaysaroleindecisionsconcerningtheprotectionstrategiesandcountryselectionforregistrationofIP

rightsandcanassistorganisationsinidentifyingweaknessessuchasownershipuncertainties,whichmayhaveanimpactonthevalueoftheIP

andondecisionsfortheexploitationofsuchassets.2

ICC,HandbookonValuationofIntellectualProperty

Assets,20193

Kamiyama,S.,J.SheelanandC.Martinez(2006),“ValuationandExploitationofIntellectualProperty”,OECD,

TechnologyandIndustryWorkingPapers,2006/085,OECDPublishing.f.

Foraccountingandtaxationpurposes.Organisationsarerequiredtoreportontheirassets,includingtheirintangibleassets.Valuation

is,therefore,anecessarystep,aswellasinsituationsoftaxplanninginvolvingIP.Defining

the

objectives

and

context

of

the

valuation

is

essential

since

it

determines

the

strategyand

the

type

of

valuation

method(s)

that

should

be

used.

Hence,

this

is

the

first

step

to

takewhenperformingavaluation.III.

Who

should

be

involved

in

the

valuationIP

valuation

can

be

performed

in-house

or

outsourced

to

a

professional

entity.

If

performedin-house,organisationsmustbeawarethatthisshouldbeateameffortinvolvingseveralstaffmemberswithlegal,technical,financial,marketingandstrategicexpertise.Tip:

if

engaging

with

the

services

of

an

external

entity

to

perfom

the

valuation

of

yourintellectual

property,

do

not

forget

to

have

confidentiality

obligations

in

place

to

protectyour

business

infrmationSeveral

national

IP

offices

in

the

European

Union

and

other

public

organisations

have

createdfree

tools

to

assist

particular

SMEs

in

performing

basic

valuation

in-house.

Here

are

twoexamples:√IPscoreIPscore

is

a

unique

evaluation

tool

developed

by

the

European

Patent

Office

(EPO)

to

evaluatepatents

and

technological

development

comprehensively.

It

is

a

simple,

user-friendly

tool

thatcanbeusedbyallcompaniesthathaveaportfolioofpatentsanddevelopmentprojects4.Itprovides:•basisforidentifyingtheconditionsthatcreatevalueforthepatentordevelopmentproject.A

strongevaluationprofile,withtriedandtestedassessmentfactorsandnewreports,providesacomprehensiveevaluationofthevariousconditionsdeterminingthevalueofapatentordevelopmentproject.•basisforassessmentandvaluationofthepatentordevelopmentproject.

A

quantitativefinancialmoduleworksoutafinancialforecastanddeterminesthefinancialorderofmagnitudeintheoverallqualitativeevaluation.√IP

Panorama2.0IP

PANORAMA

2.0

was

developed

jointly

by

the

Korean

Intellectual

Property

Office

(KIPO),

theKorea

Invention

PromotionAssociation

(KIPA),

and

the

World

Intellectual

Property

Organization(WIPO).

It

consists

of

a

set

of

e-learning

modules

(20

hours),

one

dedicated

to

the

valuation

ofIP

assets5.Itprovidesinformationontopicssuchas:••••therelevanceofIP

andIP

rightstoabusiness;differentformsofIP

andIP

rights;formulatingyourIP

strategy;andgrowingandscalingbusinessthroughongoingIP

managementandutilisation.4

TheIPscoreisavailableattheEuropeanPatentOffice:

/searching-for-patents/business/ipscore.html5

TheIP

Panorama2.0isavailableattheWorldIntellectualPropertyOffice:/academy/en/news/2022/news_0029.htmlIV.

How

is

the

valuation

performed?••Organisations

use

different

approaches

to

IP

valuation.

Generally,

these

approaches

aredividedintotwocategories:quantitativeandqualitativevaluation.While

the

quantitative

approach

relies

on

numerical

and

measurable

data

to

calculate

theeconomic

value

of

IP,

the

qualitative

approach

focuses

on

the

analysis

of

the

characteristics(suchasthelegalstrengthofthepatent)andusesofIP6.Severalmethodologiesareusedwithinthequantitativeapproach,buttheycangenerallybegroupedintofourmethods7:1.

cost-basedmethod;2.

market-basedmethod;3.

income-basedmethod;and4.

option-basedmethod.6

Lagrost,C.,D.Martin,C.DuboisandS.Quazzotti(2010),“Intellectualpropertyvaluation:howtoapproachtheselectionofanappropriatevaluationmethod”,JournalofIntellectualCapital,vol.11

n.4,EmeraldGroupPublishingLimited.7

Flignor,P.,

D.Orozco“Intangible

Asset&IntellectualPropertyValuation:

A

MultidisciplinaryPerspective”,20061.Quantitativeapproach1.1Cost-basedmethodThismethodassumesthatthereisadirectrelationbetweenthecostsexpendedonthedevelopmentofIP

anditseconomicvalue.Differenttechniquesareusedtomeasurecosts,suchas:i.

Reproductioncostmethod:Estimationsareperformedbygatheringallcostsassociatedwithpurchasingordevelopingareplicaoftheintellectualpropertyundervaluation.ii.

Replacementcostmethod:EstimationsareperformedbasedonthecoststhatwouldbespenttoobtainanequivalentIP

assetwithsimilaruseorfunction.Inbothmethods,weconsidertoday’sprice,i.e.,theexpendituresasofthevaluationdateandnotthehistoricalcostswhenthesewereactuallyincurred8.Costsoftwosortsshouldbeincluded:a.

directexpenditures,suchascostsofmaterials,labourandmanagement;andb.

opportunitycostsrelatingtothelostprofitsduetodelaysinthemarketentranceorinvestmentopportunitieslosttodeveloptheasset9.1.2Market-basedmethodThemarket-basedvaluationmethodreliesonestimatingvaluebasedonsimilarmarkettransactions(e.g.,similarlicenceagreements)ofcomparableIP

rights.Giventhatoftentheassetvaluatedisunique,thecomparisonisperformedintermsofutility,

technologicalspecificityandproperty,

alsoconsideringthemarket‘sperceptionoftheasset.Dataoncomparableorsimilartransactionsmaybeaccessedinthefollowingsources:a.

annualcompanyreportsb.

specialisedonlinedatabasesandservicessuchas:•RoyaltySource-IntellectualPropertyValuationandLicensing:www.royaltysource.com;••••Royaltystat:KnowledgeExpress:https://knowledge.expressktMINE:;etc.c.

frompublicationsandorganisationsdedicatedtolicensingandroyalties,suchastheLicensingExecutivesSociety:/d.

incourtdecisionsconcerningdamages8

Drews,D.,”TheCost

ApproachtoIP

Valuation:ItsUsesandLimitations”,IP

MetricsIntellectualPropertyValuation,2001.9

Flignor,P.,

D.Orozco“Intangible

Asset&IntellectualPropertyValuation:

A

MultidisciplinaryPerspective”,20061.3Income-basedmethodThismethodtendstobethemostfrequentlyused10.Itisbasedontheprinciplethatthevalueofanassetisintrinsictothe(expected)incomeflowsitgenerates.

Aftertheincomeisestimated,theresultisdiscountedbyanappropriatediscountfactortoadjustittothepresentcircumstances,thusdeterminingtheIP‘scurrentvalue.Therearedifferentmethodsofcalculationofthefuturecashflows,suchas:i.Discountedcashflowmethod:

Thismethodaimstoestimatefuturecashflows,whichareprojectedandlaterdiscountedbyapplyinganappropriatediscountfactor.

Theprimarysourceofinformationtoestimatethecashflowsisgenerallythecompany’sbusinessplanthatexploitsorintendstoexploittheasset.ii.Relief-from-royaltymethod:Inthismethod,thevalueoftheassetisconsideredasthevalueoftheroyaltypaymentsfromwhichthecompanyisrelievedduetoitsownershipoftheasset.Hence,theappropriateroyaltyratemustbedetermined,allowingtheestimationofthefutureroyaltyincomestream.

A

discountrateisappliedtodeterminethepresentvalueoftheasset.1.4Option-basedmethodDifferentlyfromtheothermethods,theoptionmethodologytakesintoconsiderationtheoptionsandopportunitiesrelatedtotheinvestment11.Itreliesonoptionpricingmodels(e.g.,Black-Scholes)forstockoptionstoachieveavaluationofagivenIP

asset.10

ICC,HandbookonValuationofIntellectualProperty

Assets,201911

Kamara,

A.,“Introductiontorealoptions”,CFOForum,2002.2.QualitativeapproachThismethod,alsocommonlyreferredtoasevaluation,doesnotrelyonanalyticaldata.Infact,thevaluationinthismethodisperformedbyanalysingdifferentindicatorstoratetheIPright,i.e.,determiningitsimportance.TheindicatorscoveralltheaspectsthatcanimpactanIP

asset’svalue,includinglegalaspects,thetechnologyleveloftheinnovation,marketdetailsandcompanyorganisation.Themethodiscommonlyimplementedthroughaquestionnairecomprisingallthesecriteria.Examplesofquestionsincludedinsuchquestionnairescan