Metodologie di valutazione della IP

•  Analisi dei contesti della valutazione

•  Logica e processo di valutazione

•  Principali approcci di valutazione

•  Conclusioni

Agenda

Metodi per la valutazione della IP

Contesti di valutazione

Bloomberg Businessweek News From Bloomberg

Apple, Samsung, Reddit, DirecTV: Intellectual Property By Victoria Slind-Flor on September 11, 2012

http://www.businessweek.com/news/2012-09-11/apple-samsung-reddit-directv-intellectual-property If Apple Inc. (AAPL)’s patent litigation is the “thermonuclear war” over smartphone technology and design that co-founder Steve Jobs pledged to his biographer, Noreen Krall is its field marshal. Krall has become a familiar sight in courtrooms around the world as Apple’s chief litigation counsel. Her greatest victory came Aug. 24, when a California jury ordered Samsung Electronics Co., the biggest smartphone maker, to pay Apple more than $1 billion for infringing patents related to the iPhone.

By China Marten, January 03, 2006

Why to value patents? (2/4)

Securitising intellectual property Jun 15th 2006 From The Economist print edition

Why to value patents? (1/4)

Brevetti e valore di mercato dell’impresa

How venture capitalists evaluate patents and companies

Munari and Toschi, 2011

Fondo Nazionale per l’Innovazione

•  Favorisce l’accesso al capitale di debito e al capitale di rischio di imprese che valorizzino brevetti finalizzati ad introdurre sul mercato nuovi prodotti servizi o ad aumentarne il contenuto innovativo

•  Metodologia di valutazione: piattaforma condivisa tra Ministero dello Sviluppo Economico, ABI, Confindustria e CRUI:

Why to value patents (3/4)

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Patents as financial assets Trolls demanding tolls Sep 10th 2009 | NEW YORK From The Economist print edition Intellectual property comes of age as an alternative investment

For those who got burned investing in bricks and mortar, it may be time for a punt on property of a more intellectual kind. Patents have traditionally been the domain of wild-haired inventors and computer geeks. These days they are just as likely to attract the interest of slick investors, from hedge funds and private-equity firms to venture capitalists and even distressed-debt funds. What was once viewed as a stodgy legal asset is fast becoming a sought-after financial one. The market is still small but it is growing quickly—by perhaps 20-30% a year, reckons Coller Capital, an investment firm that has snapped up, among other prizes, IBM’s portfolio of medical-device and health-care patents. Intellectual Ventures, based near Seattle, has spent a large chunk of the $5 billion it has raised from investors on buying patents; at the last count it had 27,000. Fortress, a big hedge-fund and private-equity group, is also active. Ron Epstein of iPotential, a patent-brokerage firm, says he is getting an ever-increasing volume of calls from hedge funds looking for patents related to mobile telecoms, medical equipment, biotechnology and the internet. He estimates that $4 billion-worth were bought and sold last year overall.

Why to value patents (4/4)

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There are several kinds of seller. Some are inventors and universities that lack the resources to chase infringers or to develop their intellectual property (IP) while it still has value (patents expire 20 years after filing). Then there are distressed technology minnows, selling patents in the recession to raise the cash to survive. Administrators of bankrupt firms, alerted to the potential value of their charges’ patents by the growth in trading, are increasingly looking to sell them. Another source of supply is large technology providers that are trying to manage their IP more actively. The majority of a typical firm’s patents are of little or no use to its core businesses. Well-timed patent sales are also a way for public technology firms to meet quarterly profit targets, says Coller’s Peter Holden. Buyers also come in different shades, both industrial and financial. Of the financial ones, some hope to profit from the market’s relative youth and illiquidity, seeking out undervalued patents and taking advantage of pricing inefficiencies (and the difficulty of valuing such a As the market evolves, its supporting infrastructure grows more sophisticated. New brokers are popping up. Like estate agents, they package together information—on the patent’s validity, infringement by others and so on—and try to maximise proceeds for clients. iPotential has helped some clients get more than ten times the initial asking price. ICAP Ocean Tomo, another broker, began running patent auctions in 2006, and this year an affiliate set up an IP exchange. Its index of patent-rich shares is tracked by several exchange-traded funds. IP is moving out of the lab and into the financial mainstream.

Inventions & Patents

Our Patent Portfolio With 70,000 IP assets acquired and nearly 40,000 in active monetization programs, our patent portfolio spans more than 50 technology areas from agriculture to software. Our patents come from within our own Lab as well as individual inventors, start-ups, large corporations and research institutions.

IV Laboratory Even great ideas need refinement and testing. That's where IV Laboratory comes in. The Lab's team of scientists, engineers and machinists bring some of our boldest ideas to life to prove their feasibility for commercial or humanitarian use.

Our Inventions Our inventions span a broad range of areas, including computer software and hardware, user interface design, semiconductors, biomedical devices, advanced medical procedures, digital imaging, nanotechnology, nuclear energy, and

advanced particle physics.

Spinouts & Programs We’re always looking for challenges and technology areas that can benefit from our in-house invention expertise. For particularly promising opportunities, IV will often create a dedicated program or, in the case of TerraPower, a separate company to invent new technologies and bring them to market.

Contesti di valutazione

Fonte: Barzanò & Zanardo (2008)

Logica e processo di valutazione

Logica di valutazione

Source: Journal of Accountancy

Value of the technology with a patent

Value of the technology without a patent

Value of the patent

Processo di Valutazione (1/2)

Prospettiva di Valutazione

Obiettivo della valutazione

Momento della valutazione

•  Struttura di pagamento di un contratto di licenza

•  Quantificazione di un risarcimento danni

•  …

•  Precedente a concessione

•  Inizio vita del brevetto

•  Durante vita del brevetto

•  …

La valutazione implica una serie di decisioni relative a:

•  Acquirente •  Venditore •  Consulente •  …

Processo di valutazione (2/2)

1.  Due diligence (controllo di validità, verifica di litigation in corso)

2.  Analisi del contenuto e dell’ampiezza (claims, estensione internazionale, esistenza di blocking patents)

3.  Verifica di sinergie tra brevetti (eventuale estensione della valutazione a livello di portafoglio)

4.  Individuazione delle tecnologie alternative 5.  Stima della curva di domanda e di costo in presenza e

in assenza del brevetto 6.  Applicazione di un metodo di valutazione

Principali Criticità nella Valutazione della IP

•  Incertezza sui confini e l’ampiezza delle rivendicazioni

•  Incertezza sui rendimenti (mercato e tecnologia)

•  Misurazione dei ricavi e costi incrementali

Patent value distribution is very skewed

Source: Scherer & Harhoff (2000)

Metodi di valutazione

Metodi di valutazione

Fonte: Munari, Oriani (2011)

Confronto tra i principali metodi di valutazione METODO PROs CONs CRITICITA’

SCORING •  Stima sintetica della qualità di un brevetto

•  Soggettività valutazione pesi/valori

•  No valore economico

•  Validazione empirica degli indicatori

•  Criteri di valutazione

INDICATORI BREVETTUALI

•  Basati su dati oggettivi

•  No valore economico

•  Validazione empirica degli indicatori

COSTO •  Basati su valori oggettivi

•  Costi non riflettono benefici futuri

•  Ricostruzione analitica dei costi

TRANSAZIONI COMPARABILI

•  Riflettono prezzi di mercato

•  Mercato inefficiente

•  Transazioni specifiche

•  Identificazione transazioni comparabili

FLUSSI •  Stima analitica basata su benefici futuri

•  Complessità, difficoltà delle previsioni

•  Previsione flussi cassa/reddito futuri

Il metodo di scoring della piattaforma MISE

Fonte: Sara Giordani – Caso ABI

Esempio di applicazione di indicatori quantitativi

Principali indicatori del valore di un brevetto

Fonte: Omland (2011)

Metodi e contesti di valutazione

Fonte: Munari, Oriani (2011)

Metodi utilizzati dai top 500 patent applicant EPO

Fonte: Bader, Rueter, Les Nouvelles, 2010

Conclusioni

Conclusioni

•  La valutazione qualitativa/quantitativa dei brevetti è richiesta in un numero crescente di contesti differenti

•  La scelta di metodi e di indicatori può portare a risultati molto diversi –  combinare metodi diversi –  verificare l’affidabilità degli indicatori

•  L’applicazione dei diversi metodi di valutazione richiede la predisposizione delle necessarie da parte delle organizzazioni (procedure di raccolta dati, condivisione degli aspetti metodologici etc.).