Virginia Tech E-Club: John Geikler on Intellectual Property

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  • IP management–some generic background re IP, indicate broader applications but focus on licensing of VT technology
  • Returned to my alma mater after 29 years – in between: Westinghouse – International licensing & tech transfer – defense, nuclear & industrial systems Imaging & Sensing (W spin-off) – licensing, strategic & new product development & M&A Strategic Alternatives (start-up) - Tech transfer & other consulting for semiconductor consortium funding $60 M/yr university research VNI -Germany & UK as Manager for HPC software firm RTI – commercialization & tech scouting for NASA, intel community, university & corporate clients
  • From weaker to stronger
  • Example: recipe for Coca Cola Good to protect what can’t be reverse engineered
  • Example: Coca Cola scripted name Often linked with branding
  • Example: Coca Cola Polar Bear ad
  • Types Utility – Example: Coca Cola Bottle Sorter Design – Example: Coca Cola Bottle Design Cost of a patent over its life is ~ $30-$50k per country Strong but not long – protect what can be reverse engineered
  • Questions: How do you decide when to patent vs. keep as trade secret? Why protect Coke recipe with a trade secret? Why trademarks and design patents on Coca Cola bottle?
  • Societal benefit may sound corny but is a key cornerstone to commercialization decisions – e.g. releasing software as open source IP rights can provide the incentive to commercialize that allows a product/service to come to market without protection, good ideas may languish and never get commercialized Bayh-Dole – universities can own the IP from Federal research
  • Based on research revenue, VTIP has comparable licensing revenue Based on # disclosures, VTIP has ½ the staff & ¼ patent budget of other universities VTIP licensing professionals have significant experience
  • Patentability/Protectability(Can We?) – Most university licensing is strongly tied to patents – not so much other IP also software copyright, but much weaker Commercial potential (Should We?) Answering these questions is key to VTIP decision on moving forward with a technology VTIP is intended to generate revenue greater than its costs
  • Quick summary of VTIP’s other responsibilities - along with managing IP protection, VTIP conducts market research including discussions with experts in the target “value chain” develops and implements marketing campaigns facilitate interested companies’ discussions with the inventor & evaluation of the technology negotiates license agreements manages the distribution of royalty income. Realistically: From time we receive invention disclosure until product sales that generate royalties between 5-10 years, if ever. Most university tech transfer has a single technology that generates over 50% of their revenue
  • Many other factors
  • Many other factors
  • Many ways to put value on a technology 25% of operating margin is relatively well established fair value for inventor Comparables deals are very strong A few principles help guide negotiations
  • Virginia Tech E-Club: John Geikler on Intellectual Property

    1. 1. IP 101 and Technology Licensing VT E-Club October 11, 2010 Virginia Tech Intellectual Properties, Inc.
    2. 2. Overview <ul><li>Background </li></ul><ul><li>IP types </li></ul><ul><li>VTIP Licensing Process </li></ul><ul><li>Example Technologies </li></ul>IP 101/Technology Licensing
    3. 3. Geikler Background <ul><li>30 years experience </li></ul><ul><ul><li>Westinghouse, NASA, intelligence community, industry, universities, research consortia </li></ul></ul><ul><li>Joined VTIP in 2008 </li></ul><ul><ul><li>Manage portfolio of 200+ physical sciences technologies </li></ul></ul><ul><li>IP management </li></ul><ul><ul><li>Technology in- & out-licensing, product management, research roadmaps, scouting, mergers & acquisitions </li></ul></ul>IP Management
    4. 4. IP Types <ul><li>Trade Secrets </li></ul><ul><li>Trademarks </li></ul><ul><li>Copyrights </li></ul><ul><li>Patents </li></ul>IP Management
    5. 5. Trade Secrets <ul><li>Formula, pattern, process, method or know-how that provides competitive advantage </li></ul><ul><li>Term: perpetual, as long as kept secret </li></ul><ul><li>No public disclosure </li></ul><ul><ul><li>Can disclose under confidentiality </li></ul></ul><ul><li>Cost: no registration but cost to maintain secret </li></ul>IP Types
    6. 6. Trademarks <ul><li>Non-functional word, logo, symbol or design that distinguishes a product </li></ul><ul><li>Protection from copying or confusingly similar </li></ul><ul><li>Term: perpetual if worked, policed, & defended </li></ul><ul><li>Registration (by jurisdiction) recommended </li></ul><ul><li>Quality implications </li></ul><ul><li>Cost: Inexpensive to register – but multiple countries and maintain, work & defend </li></ul>IP Types
    7. 7. Copyrights <ul><li>Protects works of authorship from copying </li></ul><ul><ul><li>Expression, not idea </li></ul></ul><ul><li>Arises at creation in a tangible medium </li></ul><ul><ul><li>Registration recommended </li></ul></ul><ul><li>Term: ~ author's lifespan plus 70 years </li></ul><ul><li>Need not fully divulge – e.g. software </li></ul>IP Types
    8. 8. Patents <ul><li>Protects idea by excluding others from making, using, selling </li></ul><ul><li>20 Years from filing (14 for design) </li></ul><ul><li>Must provide enabling description </li></ul><ul><li>First to invent vs. file </li></ul><ul><li>Expensive to register & maintain </li></ul>IP Types
    9. 9. Comparisons of IP Types <ul><li>What is protected </li></ul><ul><li>Strength of protection </li></ul><ul><li>Term </li></ul><ul><li>Territory </li></ul><ul><li>Registration </li></ul><ul><li>Maintenance </li></ul><ul><li>Other costs </li></ul><ul><li>Enabling competition </li></ul>IP Types
    10. 10. VTIP Mission <ul><li>Technologies become products that benefit society </li></ul><ul><li>Additional benefits </li></ul><ul><ul><li>Sponsored research </li></ul></ul><ul><ul><li>Faculty start-ups </li></ul></ul><ul><ul><li>Complementary researchers </li></ul></ul><ul><li>VT and inventors reap financial benefits </li></ul><ul><ul><ul><li>Inventors - 50% </li></ul></ul></ul><ul><ul><ul><li>Department - 10% </li></ul></ul></ul>Licensing
    11. 11. VTIP FY10 <ul><li>$ 3.3 M Licensing Income </li></ul><ul><li>44 Licenses/Options </li></ul><ul><li>148 Invention Disclosures </li></ul><ul><li>Patents </li></ul><ul><ul><li>96 provisionals </li></ul></ul><ul><ul><li>65 worldwide applications </li></ul></ul><ul><ul><li>37 issued </li></ul></ul><ul><li>4 Associates </li></ul>Background
    12. 12. Patentability & Commercial Potential <ul><li>Patentability </li></ul><ul><ul><li>Can an invention be patented? </li></ul></ul><ul><ul><li>How strong a patent? </li></ul></ul><ul><li>Commercial Potential </li></ul><ul><ul><li>Is there a market? </li></ul></ul><ul><ul><li>Is there a commercial partner? </li></ul></ul>VTIP Decision Criteria
    13. 13. Licensing <ul><li>Market </li></ul><ul><li>Negotiate </li></ul><ul><li>Administer </li></ul>VTIP Commercialization Process
    14. 14. Commercial Potential <ul><li>Market size </li></ul><ul><li>Industry structure/Value chain </li></ul><ul><li>Barriers </li></ul><ul><li>Competition </li></ul><ul><li>Partner Evaluation </li></ul>Commercial Assessment
    15. 15. Market Research/Marketing <ul><li>Identify value chain </li></ul><ul><li>Interview experts </li></ul><ul><li>Develop marketing strategy </li></ul><ul><li>Making Contact </li></ul><ul><li>Evaluation </li></ul>Marketing
    16. 16. License Valuation <ul><li>Industry norms </li></ul><ul><ul><li>http://www.njsbdc.com/SciTech/scitech120804weiler.ppt#445,42,RoyaltySource® Transaction Analysis </li></ul></ul><ul><ul><li>Income modeling </li></ul></ul><ul><ul><li>25% Rule </li></ul></ul><ul><li>Comparables </li></ul><ul><ul><li>www.royaltysource.com </li></ul></ul><ul><li>Establish ranges to support negotiating strategy </li></ul><ul><li>Principles </li></ul><ul><ul><li>Partnering - shared risk & reward </li></ul></ul><ul><ul><li>Recognize risks and contributions on both sides </li></ul></ul><ul><ul><li>Know walk-away </li></ul></ul>Negotiation
    17. 17. Example Technologies <ul><li>VTIP Available Technologies </li></ul><ul><ul><li>http://www.vtip.org/availableTech/ </li></ul></ul><ul><li>Energy/Nano - e-ZLM </li></ul><ul><ul><li>http:// www.vtip.org/availableTech/technology.php?id=282293 </li></ul></ul><ul><li>Software/Medical – Ultrasound Cardiac Diagnostic </li></ul><ul><ul><li>http:// www.vtip.org/availableTech/technology.php?id=261231 </li></ul></ul>VTIP Portfolio
    18. 18. Questions? <ul><li>John Geikler </li></ul><ul><li>[email_address] </li></ul><ul><li>(540) 443-9228 </li></ul><ul><li>www.vtip.org </li></ul>IP 101

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