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

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Presentation transcript:

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 How to measure IP value IP and finance: some examples of institutional arrangement

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?

Mini Case 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. 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?

Upsides and downsides of patenting patentingTrade secret upsides Prevent your competitors from using your technology Possibility in licensing out Can keep your technology secret from your competitors downsides Your invention information become publicly available Needs patent fees Risk of your competitor’s imitation Risk of your competitor’s invention of the same technology and patent it (then you cannot use this technology anymore)

6 IP strategy indicators by JPO survey

7 Cross Section Looks (1)

8 Cross Section Looks (2)

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

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

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

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

Intellectual Property Trust System Could be securitized -Investor 1 -Investor 2 …

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