The value of intellectual property depends greatly on the context in which it is being valued. Three case studies are described to illustrate how context impacts valuation:
1) A rental car company undergoing reorganization had IP valued at $462M as a going concern but only $83M in liquidation.
2) A film company had brand/trademark assets valued at $30.8-45.2M in orderly disposal but only $6.7-7.8M in liquidation.
3) A fiber optics company liquidated a subsidiary, valuing patents at >$5M as a going concern but <$250,000 in forced liquidation to realize tax benefits.
The key
The document discusses how intangible assets like patents, trademarks, and copyrights are increasingly important assets for companies. It argues that these assets are often more valuable when viewed together in bundles rather than individually. Examples of potential bundles include marketing bundles combining branding elements, technical bundles combining patented technologies, and knowledge/skills bundles combining employee training programs. Viewing intangible assets in bundles provides a more comprehensive understanding of a company's full intangible asset portfolio for valuation purposes.
Brennan, Niamh and Connell, Brenda [2000] Intellectual Capital: Current Issue...Prof Niamh M. Brennan
Substantial differences between company book values and market values indicate the presence of assets not recognised and measured in company balance sheets. Intellectual capital assets account for a substantial proportion of this discrepancy. At present, companies are not required to report on intellectual capital assets which leaves the traditional accounting system ineffective for measuring the true impact of such intangibles.
Regulations currently in place are analysed in this paper. Prior research concerning intellectual capital is next presented. Frameworks for intellectual capital are compared. Indicators used for the measurement of intellectual capital are examined. The research methodologies employed for collecting information about the use of intellectual capital accounts in companies are reviewed.
Guidelines available to companies for reporting on intellectual capital are considered and also the efforts made towards developing an accounting standard for intellectual capital. Finally, current issues and policy implications of accounting for intellectual capital in the future are examined.
Legal IT Article - Outsourcing - Back to the Future by Dave Cunningham july 04David Cunningham
This document discusses the trend of law firms outsourcing their IT functions. As legal IT becomes more standardized, outsourcing can help law firms access specialized skills and reduce costs. However, outsourcing also carries risks around loss of control and staff impacts. The document provides guidance on evaluating outsourcing proposals, including assessing current IT strengths, identifying gaps, and gaining experience with outsourcing through limited pilots or service level agreements. Firms should play a qualified role in vendor contracts given IT staff may lack experience with technology. Overall, outsourcing evaluation is part of law firms maturing their approach to IT as a business function.
Successful Strategies for IP Due Diligencejrstorella
The document discusses strategies for preparing for intellectual property (IP) due diligence by potential investors. It recommends resolving freedom to operate issues, building a strong IP portfolio, cleaning up title to IP, negotiating solid license agreements, and organizing the IP portfolio. Conducting thorough freedom to operate analyses and having explanations prepared for any problematic patents is key. The document emphasizes excluding competitors through broad patent claims and focusing on enforceability. It also stresses having clean and complete title to all IP.
Insurance Against Copyright Claims, R. MahlMVeterano
The document discusses intellectual property insurance which provides funds to defend against or pursue intellectual property lawsuits. Such lawsuits over copyright infringement can be very expensive, potentially costing hundreds of thousands to millions of dollars. Intellectual property insurance policies offer offensive coverage to enforce rights against infringers and defensive coverage to defend against accusations of infringement. These relatively inexpensive policies, starting under $10,000 annually, can help growing companies avoid being forced out of business by expensive litigation. The insurance allows companies to control lawsuits and remain financially stable.
Enterprise Security Architecture: From Access to AuditBob Rhubart
As presented by Kamal Tbeileh at OTN Architect Day, Redwood Shores, CA, 7/22/09.
Find an OTN Architect Day event near you: http://www.oracle.com/technology/architect/archday.html
Interact with Architect Day presenters and participants on Oracle Mix: https://mix.oracle.com/groups/15511
Evolving a data supply chain and disrupting the Google model of ignoring data ownership and the Facebook model of co-opting data ownership. The data supply chain model assumes the person or the owner of the device that creates data is the owner of that data and should have the right to trade in in an open marketplace.
The document discusses how intangible assets like patents, trademarks, and copyrights are increasingly important assets for companies. It argues that these assets are often more valuable when viewed together in bundles rather than individually. Examples of potential bundles include marketing bundles combining branding elements, technical bundles combining patented technologies, and knowledge/skills bundles combining employee training programs. Viewing intangible assets in bundles provides a more comprehensive understanding of a company's full intangible asset portfolio for valuation purposes.
Brennan, Niamh and Connell, Brenda [2000] Intellectual Capital: Current Issue...Prof Niamh M. Brennan
Substantial differences between company book values and market values indicate the presence of assets not recognised and measured in company balance sheets. Intellectual capital assets account for a substantial proportion of this discrepancy. At present, companies are not required to report on intellectual capital assets which leaves the traditional accounting system ineffective for measuring the true impact of such intangibles.
Regulations currently in place are analysed in this paper. Prior research concerning intellectual capital is next presented. Frameworks for intellectual capital are compared. Indicators used for the measurement of intellectual capital are examined. The research methodologies employed for collecting information about the use of intellectual capital accounts in companies are reviewed.
Guidelines available to companies for reporting on intellectual capital are considered and also the efforts made towards developing an accounting standard for intellectual capital. Finally, current issues and policy implications of accounting for intellectual capital in the future are examined.
Legal IT Article - Outsourcing - Back to the Future by Dave Cunningham july 04David Cunningham
This document discusses the trend of law firms outsourcing their IT functions. As legal IT becomes more standardized, outsourcing can help law firms access specialized skills and reduce costs. However, outsourcing also carries risks around loss of control and staff impacts. The document provides guidance on evaluating outsourcing proposals, including assessing current IT strengths, identifying gaps, and gaining experience with outsourcing through limited pilots or service level agreements. Firms should play a qualified role in vendor contracts given IT staff may lack experience with technology. Overall, outsourcing evaluation is part of law firms maturing their approach to IT as a business function.
Successful Strategies for IP Due Diligencejrstorella
The document discusses strategies for preparing for intellectual property (IP) due diligence by potential investors. It recommends resolving freedom to operate issues, building a strong IP portfolio, cleaning up title to IP, negotiating solid license agreements, and organizing the IP portfolio. Conducting thorough freedom to operate analyses and having explanations prepared for any problematic patents is key. The document emphasizes excluding competitors through broad patent claims and focusing on enforceability. It also stresses having clean and complete title to all IP.
Insurance Against Copyright Claims, R. MahlMVeterano
The document discusses intellectual property insurance which provides funds to defend against or pursue intellectual property lawsuits. Such lawsuits over copyright infringement can be very expensive, potentially costing hundreds of thousands to millions of dollars. Intellectual property insurance policies offer offensive coverage to enforce rights against infringers and defensive coverage to defend against accusations of infringement. These relatively inexpensive policies, starting under $10,000 annually, can help growing companies avoid being forced out of business by expensive litigation. The insurance allows companies to control lawsuits and remain financially stable.
Enterprise Security Architecture: From Access to AuditBob Rhubart
As presented by Kamal Tbeileh at OTN Architect Day, Redwood Shores, CA, 7/22/09.
Find an OTN Architect Day event near you: http://www.oracle.com/technology/architect/archday.html
Interact with Architect Day presenters and participants on Oracle Mix: https://mix.oracle.com/groups/15511
Evolving a data supply chain and disrupting the Google model of ignoring data ownership and the Facebook model of co-opting data ownership. The data supply chain model assumes the person or the owner of the device that creates data is the owner of that data and should have the right to trade in in an open marketplace.
The document discusses intellectual property (IP) analysis and patent mining. It defines intellectual property and the four main types: trademarks, patents, copyrights, and trade secrets. IP analysis is important for maintaining market leadership, determining technology protection strategies, and managing a company's IP portfolio. Effective patent mining requires cataloging a company's IP assets and exploring opportunities for partnering, licensing, and litigation to increase business value.
2001 triz and innovation asset managementJupira Silva
This document introduces a framework for Innovation Asset Management (IAM) to help organizations better manage their innovation assets. IAM is presented as a new approach that defines an IT solution for cataloging and leveraging a company's intellectual capital and know-how. The framework identifies key IAM activities like identifying assets, assessing their value in adding opportunities, specifying actions to increase usability and value, and reviewing impacts. IAM is discussed in the contexts of knowledge management, collaborative learning of best practices, and TRIZ for evaluating and transforming assets to generate new knowledge and intellectual property. An IAM system architecture is proposed to integrate these approaches and support the management of an organization's innovation assets over their lifecycle.
This document summarizes a discussion between three IP management experts in the aerospace and defense (A&D) industry. They discuss how IP management differs in A&D compared to other industries like wireless telecommunications. In A&D, IP issues are discussed privately rather than publicly due to proprietary information being the main currency rather than patents. The experts represent large A&D companies and describe their companies' IP management structures and objectives, which commonly involve centralized patent prosecution and business unit-level invention review committees.
This document provides an overview and introduction to intangible assets. It discusses the key types of intangible assets including marketing-related assets like trademarks and trade names, customer-related assets like customer lists and relationships, technology-based assets like patented technology and computer software, and contract-based assets like licenses and non-compete agreements. The document defines each type of intangible asset and provides examples to illustrate the different categories.
Intellectual property (IP) is an important business asset that can be leveraged for competitive advantage and increased profits. CEOs should understand their company's IP portfolio to properly direct business strategy. An IP audit identifies a company's patents, trademarks, and other IP rights so their value can be recognized. One company found its IP-protected products had 8% higher margins on average than non-protected products, showing the financial impact of IP. Understanding IP value allows companies to maximize returns from their innovation and creativity.
The document discusses leveraging intellectual property through capital markets by using IP as collateral for financing. Specifically, it outlines how IP owners can unlock value from their patents, trademarks, and other IP by securing loans using royalty income streams from licensed IP as collateral. This provides benefits like transferring risk, increasing returns through leverage, and accessing capital without equity dilution. The document describes the process, noting that lenders primarily focus on cash flow assets with consistent royalty streams from creditworthy licensees. It also discusses setting up separate entities to hold the IP and manage royalty escrow accounts to structure these transactions.
The Need for DLP now - A Clearswift White PaperBen Rothke
This white paper discusses the need for data loss prevention (DLP) solutions and provides guidance on implementing a DLP strategy. It notes that while companies secure physical assets like office supplies, data is often less protected. The paper outlines a multi-step approach to deploying DLP, including data discovery, classification, developing a DLP strategy involving multiple departments, addressing interim needs with secure gateways, and eventually selecting and testing DLP products. It emphasizes that DLP requires a long-term, systematic approach rather than being a quick fix, and should be integrated with other security and awareness practices.
Building a High Value Patent Portfolio: Where Strength Meets QualityErik Oliver
Join Gene Quinn, patent attorney and founder of IPWatchdog.com and Erik Reeves, Founder of AcclaimIP and CTO of Anaqua, and Kent Richardson for a free webinar discussion on building a portfolio versus buying patents, identifying gaps in your patent coverage, and unlocking the secrets of your own patent portfolio to identify needs.
Patent Quality Isn't the Question. Patent Value Is the Question.Erik Oliver
Why is patent value a better metric to use to set patent strategy? What sources of patent value can be identified for high technology companies? We review how patents are used and how they can be valued based upon their use.
Embark on the journey of Software and Technology Valuationconsoripconsulting
In the ever-evolving landscape of technology valuation, rely on CONSOR to bring clarity, expertise, and precision to the valuation process. Explore with us as we decode the complexities and provide a comprehensive understanding of the true worth of your software and technology-based assets. To get full info in detail visit us now.
G12.2012 magic quadrant for enterprise information archivingSatya Harish
This document evaluates vendors that provide enterprise information archiving products and services. It discusses how archiving helps with e-discovery, compliance and reducing storage costs. The market includes archiving of email, files and other content. Vendors provide features like deduplication, retention management and basic e-discovery tools. The document places vendors in a Magic Quadrant based on their ability to execute and completeness of vision. It provides strengths and cautions for several vendors, including Autonomy, Bloomberg and C2C.
Securing Your "Crown Jewels": Do You Have What it Takes?IBM Security
Securing Your "Crown Jewels": Do You Have What it Takes to Go From Start to Finish?
Protecting Your Most Valuable Data: Organizations face many data protection challenges, but one of the biggest is identifying and prioritizing the 0.01% - 2% of the data that is most important to your organization's survival and success. IBM Data Security Services can help by providing you with a 5-stage strategy designed to ensure that your "Crown Jewels" are protected and kept safe from loss, hackers, and being compromised. Attend this session and learn about processes to identify and prioritize your critical data, and services available from IBM to protect it.
The document provides guidance on developing a trade secret protection plan (TSPP). It discusses conducting a trade secret audit to identify all potential trade secrets, including both tangible and intangible assets like customer relationships. It also recommends implementing security measures to protect current and expired intellectual property, as competitors may still seek to misappropriate older technologies. The document uses two examples of companies to illustrate why even well-established businesses should reevaluate their need for a formal TSPP.
Intangible assets, which account for up to 90% of a company's value, especially patents, which make up the largest proportion of these assets, are hardly ever utilized for corporate value creation despite their value. In this presentation, I introduce patent management solutions for the development of patents that can contribute to corporate value creation, using the latest digital technologies such as AI, blockchain, and Web 3.0. I also introduce measures to maximize the financial use of patent assets secured through such patent management. In particular, I will look into the domestic and overseas trends of STO (Security Token Offering), which have recently been gaining attention in S. Korea, and learn about strategies and methods for patent asset STO.
This document summarizes the key findings of a study on data security practices commissioned by Microsoft and RSA. The study found that while compliance-related data like customer information is important for companies to protect, proprietary company secrets and intellectual property are actually twice as valuable on average. However, companies devote equal portions of their security budgets to compliance as they do to protecting sensitive corporate information. Additionally, while accidental data leaks caused by employees are more common, intentional theft of secrets by employees or other parties can cost companies much more financially. The report recommends companies focus more on protecting their most valuable proprietary information rather than just compliance-related data.
- The net present value of the business's projected cash flows over 5 years is RM230,000. To generate a 24% return, the purchase price today should be RM230,000.
- Discounting the annual cash flows back using a 24% discount rate, the net present value is RM230,000. This indicates the maximum purchase price to achieve the targeted 24% return.
1) The document discusses how companies can gain competitive advantages through innovative uses of information technology (IT).
2) It argues that while IT is becoming more accessible and less of a strategic asset on its own, companies can still differentiate themselves by using IT in novel ways to solve business problems and create value for customers.
3) The document provides examples of how companies like Starbucks and Walmart have leveraged IT innovations to optimize operations and better satisfy customer needs and wants.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
The document discusses intellectual property (IP) analysis and patent mining. It defines intellectual property and the four main types: trademarks, patents, copyrights, and trade secrets. IP analysis is important for maintaining market leadership, determining technology protection strategies, and managing a company's IP portfolio. Effective patent mining requires cataloging a company's IP assets and exploring opportunities for partnering, licensing, and litigation to increase business value.
2001 triz and innovation asset managementJupira Silva
This document introduces a framework for Innovation Asset Management (IAM) to help organizations better manage their innovation assets. IAM is presented as a new approach that defines an IT solution for cataloging and leveraging a company's intellectual capital and know-how. The framework identifies key IAM activities like identifying assets, assessing their value in adding opportunities, specifying actions to increase usability and value, and reviewing impacts. IAM is discussed in the contexts of knowledge management, collaborative learning of best practices, and TRIZ for evaluating and transforming assets to generate new knowledge and intellectual property. An IAM system architecture is proposed to integrate these approaches and support the management of an organization's innovation assets over their lifecycle.
This document summarizes a discussion between three IP management experts in the aerospace and defense (A&D) industry. They discuss how IP management differs in A&D compared to other industries like wireless telecommunications. In A&D, IP issues are discussed privately rather than publicly due to proprietary information being the main currency rather than patents. The experts represent large A&D companies and describe their companies' IP management structures and objectives, which commonly involve centralized patent prosecution and business unit-level invention review committees.
This document provides an overview and introduction to intangible assets. It discusses the key types of intangible assets including marketing-related assets like trademarks and trade names, customer-related assets like customer lists and relationships, technology-based assets like patented technology and computer software, and contract-based assets like licenses and non-compete agreements. The document defines each type of intangible asset and provides examples to illustrate the different categories.
Intellectual property (IP) is an important business asset that can be leveraged for competitive advantage and increased profits. CEOs should understand their company's IP portfolio to properly direct business strategy. An IP audit identifies a company's patents, trademarks, and other IP rights so their value can be recognized. One company found its IP-protected products had 8% higher margins on average than non-protected products, showing the financial impact of IP. Understanding IP value allows companies to maximize returns from their innovation and creativity.
The document discusses leveraging intellectual property through capital markets by using IP as collateral for financing. Specifically, it outlines how IP owners can unlock value from their patents, trademarks, and other IP by securing loans using royalty income streams from licensed IP as collateral. This provides benefits like transferring risk, increasing returns through leverage, and accessing capital without equity dilution. The document describes the process, noting that lenders primarily focus on cash flow assets with consistent royalty streams from creditworthy licensees. It also discusses setting up separate entities to hold the IP and manage royalty escrow accounts to structure these transactions.
The Need for DLP now - A Clearswift White PaperBen Rothke
This white paper discusses the need for data loss prevention (DLP) solutions and provides guidance on implementing a DLP strategy. It notes that while companies secure physical assets like office supplies, data is often less protected. The paper outlines a multi-step approach to deploying DLP, including data discovery, classification, developing a DLP strategy involving multiple departments, addressing interim needs with secure gateways, and eventually selecting and testing DLP products. It emphasizes that DLP requires a long-term, systematic approach rather than being a quick fix, and should be integrated with other security and awareness practices.
Building a High Value Patent Portfolio: Where Strength Meets QualityErik Oliver
Join Gene Quinn, patent attorney and founder of IPWatchdog.com and Erik Reeves, Founder of AcclaimIP and CTO of Anaqua, and Kent Richardson for a free webinar discussion on building a portfolio versus buying patents, identifying gaps in your patent coverage, and unlocking the secrets of your own patent portfolio to identify needs.
Patent Quality Isn't the Question. Patent Value Is the Question.Erik Oliver
Why is patent value a better metric to use to set patent strategy? What sources of patent value can be identified for high technology companies? We review how patents are used and how they can be valued based upon their use.
Embark on the journey of Software and Technology Valuationconsoripconsulting
In the ever-evolving landscape of technology valuation, rely on CONSOR to bring clarity, expertise, and precision to the valuation process. Explore with us as we decode the complexities and provide a comprehensive understanding of the true worth of your software and technology-based assets. To get full info in detail visit us now.
G12.2012 magic quadrant for enterprise information archivingSatya Harish
This document evaluates vendors that provide enterprise information archiving products and services. It discusses how archiving helps with e-discovery, compliance and reducing storage costs. The market includes archiving of email, files and other content. Vendors provide features like deduplication, retention management and basic e-discovery tools. The document places vendors in a Magic Quadrant based on their ability to execute and completeness of vision. It provides strengths and cautions for several vendors, including Autonomy, Bloomberg and C2C.
Securing Your "Crown Jewels": Do You Have What it Takes?IBM Security
Securing Your "Crown Jewels": Do You Have What it Takes to Go From Start to Finish?
Protecting Your Most Valuable Data: Organizations face many data protection challenges, but one of the biggest is identifying and prioritizing the 0.01% - 2% of the data that is most important to your organization's survival and success. IBM Data Security Services can help by providing you with a 5-stage strategy designed to ensure that your "Crown Jewels" are protected and kept safe from loss, hackers, and being compromised. Attend this session and learn about processes to identify and prioritize your critical data, and services available from IBM to protect it.
The document provides guidance on developing a trade secret protection plan (TSPP). It discusses conducting a trade secret audit to identify all potential trade secrets, including both tangible and intangible assets like customer relationships. It also recommends implementing security measures to protect current and expired intellectual property, as competitors may still seek to misappropriate older technologies. The document uses two examples of companies to illustrate why even well-established businesses should reevaluate their need for a formal TSPP.
Intangible assets, which account for up to 90% of a company's value, especially patents, which make up the largest proportion of these assets, are hardly ever utilized for corporate value creation despite their value. In this presentation, I introduce patent management solutions for the development of patents that can contribute to corporate value creation, using the latest digital technologies such as AI, blockchain, and Web 3.0. I also introduce measures to maximize the financial use of patent assets secured through such patent management. In particular, I will look into the domestic and overseas trends of STO (Security Token Offering), which have recently been gaining attention in S. Korea, and learn about strategies and methods for patent asset STO.
This document summarizes the key findings of a study on data security practices commissioned by Microsoft and RSA. The study found that while compliance-related data like customer information is important for companies to protect, proprietary company secrets and intellectual property are actually twice as valuable on average. However, companies devote equal portions of their security budgets to compliance as they do to protecting sensitive corporate information. Additionally, while accidental data leaks caused by employees are more common, intentional theft of secrets by employees or other parties can cost companies much more financially. The report recommends companies focus more on protecting their most valuable proprietary information rather than just compliance-related data.
- The net present value of the business's projected cash flows over 5 years is RM230,000. To generate a 24% return, the purchase price today should be RM230,000.
- Discounting the annual cash flows back using a 24% discount rate, the net present value is RM230,000. This indicates the maximum purchase price to achieve the targeted 24% return.
1) The document discusses how companies can gain competitive advantages through innovative uses of information technology (IT).
2) It argues that while IT is becoming more accessible and less of a strategic asset on its own, companies can still differentiate themselves by using IT in novel ways to solve business problems and create value for customers.
3) The document provides examples of how companies like Starbucks and Walmart have leveraged IT innovations to optimize operations and better satisfy customer needs and wants.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
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Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
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Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
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Context is Critical
1. by Daryl Martin and David C. Drews
n part one of this three-part series, we discussed the
concept of intellectual property used as collateral for
securitization and lending. We stated that intellectual
capital is more readily available for strategic use than
ever before. Whether the IP owner is interested in a
straightforward loan using valuable trademarks and
customer lists as collateral, or in securitizing the
royalty payments associated with licensed assets, there
(Continued on page 24)
22 THE SECURED LENDER
2. are options available today that will help to reduce risk, value of the intangibles. These factors differ from one
increase return and provide flexibility for resourceful scenario to the next and the same asset will have different
owners of intellectual property. values when viewed in the context of a large corporation, a
In part two, we bring forward a discussion of the joint venture, or a company going through reorganization.
critical factors affecting the value of the intangible-asset
portfolio. When considering the value of intellectual Asset identification
property used as collateral for lending or securitization, it An important part of identifying the valuation context is
is important to understand that the value of these assets the determination of which assets are to be included in the
will vary depending on the context of the valuation. In fact, analysis. Patents, trademarks and copyrights are the usual
the context is the single most important determinant of focus. However, other intangibles can have a significant
value. For example, the value of a trademark or other impact on the firm’s success. Among these are slogans,
intangible asset is likely to be worth more to a large manu- characters, packaging design, non-compete clauses,
facturer in a relevant industry than to a small business proprietary sales methods, effective customer lists, trade
entrepreneur just starting out. secrets and formulae.
Intellectual property is not a finite asset in the way When considering the context of the analysis, it
that tangible assets are. When a manufacturing plant is makes sense to view these assets in terms of their relation
purchased and used according to its capacity, no additional to one another. For example, the intangible assets utilized
value can be extracted from the asset. Similarly, one in the marketing process may be more accurately valued as
cannot sell the same plant over and over again. an integrated package of assets rather than as stand-alone
In contrast, intellectual property has no such assets. This is because related assets tend to reinforce
limitations. A corporate brand can be applied to as many each other in the marketplace. With marketing assets, the
products and as many units of those products as the overall package may consist of the brand name, logo and
corporation can produce. In a similar fashion, a patent worldwide trademark registrations, secondary trademarks
contains no limitation on the number of products featuring and logos, trade dress, Websites, and any other assets that
the invention or units of those products that can be contribute to the promotion of the company, the brand or
produced over the patent’s useful life. Consequently, large the products.
corporations can extract tremendous value from intellec- This bundling approach applies to all forms of
tual property because they can typically produce, sell and intellectual property, whether the focus is technology such
distribute substantially more products than a small as patents, trade secrets and formulae, or knowledge and
entrepreneur. skills assets such as proprietary training manuals, operat-
Large manufacturers typically possess more of the ing procedures or customer lists. Whatever package is
complementary factors required to unlock the potential deemed most appropriate for the immediate context, the
value of the intellectual property. These factors include bundling technique provides a solid foundation for a
assets such as a skilled work force, abundant capital, an realistic valuation exercise. Listed below are the most
effective marketing program and proven distribution common bundles of intangibles assets contained within a
channels, among others. The presence or absence of any corporation’s IP portfolio: the marketing bundle, the
one of these factors can have a significant impact on the technical bundle and the information technology bundle.
Marketing Bundle Technical Bundle IT Bundle
Primary Trademark Key Patents Operating Systems
Corporate Name and Logo Trade Secrets Enterprise Solutions
Marketing Umbrella Formulae Custom Applications
Sub-brand Names Packaging Technology Data Warehouse
Worldwide Trademark Registrations Manufacturing Technology Data Mining
Copyrights Product Specifications Mailing Lists
Secondary Trademarks Product Shapes and Sizes Domain Names / URL’s
Packaging Design Proprietary Test Results Third Party Software Tools
Trade Dress Technical Designs Certifications
Product Names Drawings, Manuals Source Code
24 THE SECURED LENDER
3. Valuation context
The assets included in these bundles, along with the
complementary factors, are not the only aspects of the
context in which the intellectual property must be viewed.
The current status and reasonable prospects for the owner/
user of the property also must be considered when
evaluating the value of the intangibles to potentially be
used as collateral. Whether the company is a going
concern or is undergoing reorganization will have a
substantial impact on the IP value. Also, if the assets are to
be sold, can they be marketed under an orderly disposal
scenario, or is the context one in which the assets are to be
liquidated immediately? Each factor will likely lead to a
different outcome for the valuation analysis.
If a going concern, the value of the IP is determined
by the ability of the intellectual property assets to capture
market share and command premium pricing in the
marketplace. These characteristics will depend upon the
competitive nature of the industry and the company’s The decline in asset values associated with a forced
relative competitive status, as well upon the existence of liquidation are well documented and easily understood.
the complementary factors outlined above. The IP value in Lesser known is the extent of the decline that will be
this situation is the price most likely to be achieved in an experienced by the intellectual property in a liquidation
scenario. From experience, we have seen that assets that
can be used in more than one industry, such as desks and
trucks, tend to have a smaller liquidation discount than
Daryl Martin is assets that are industry- or manufacturing-process specific.
of While this will depend on the competitive aspects in place
David C. Drews is founder and president
of IP etrics LLC in San Diego, CA.
orderly disposition of the assets, one in which a fair price is He can be reached at 858-538-1533 or
negotiated between unaffiliated parties that are under no ddrews@ipmetrics.net.
compulsion to act.
If the company is financially distressed, however, the
value of the intellectual property will be negatively
affected, even in an orderly disposition situation. The at the time, generally assets with more bidders will receive a
company’s resources are restricted to a greater extent than relatively higher portion of their “going concern” value than
normal and the company may feel compelled to accept a those with a smaller field of interested parties. The same
lower price than it would in a more normal operating holds true for intellectual property. In general, higher bidder
environment. interest translates into smaller liquidation discounts.
When a company’s resources are restricted, it may Although there are many exceptions, technology
not have full access to manufacturing capabilities because assets such as patents, formulae and trade secrets gener-
of the lack of credit from contract manufacturers. It may ally hold their value better than marketing assets such as
not have the marketing and distribution resources available trademarks and brand bundles. The reason for the financial
during more successful times. It may not be able to price distress may also have an impact on the value of the IP. For
its products appropriately, thereby resulting in lower profit example, if the financial distress is caused by out-of-control
margins than normal. Or it may not be able to provide the expenses, the value of the IP will likely be higher than if the
necessary level of support for its existing customer base. financial distress is caused by a reduction in sales. Whether
These severe consequences can jeopardize a company’s the target market is businesses or consumers also tends to
competitive advantage, thereby resulting in lower sales make a difference in the impact on IP value. Businesses tend
volumes and lower margins. All of these events can have a to rely more on their last interaction with the company while
significant impact on the value of the associated intellec-
tual property. (Continued on page 26)
SEPTEMBER/OCTOBER, 2005 25
4. among others. Once the
CASE STUDY #1 - Acquisition/Bankruptcy (Rental Car Company)* consulting firm went through
Description Going-Concern Liquidation the valuation process, it was
Trademark Assets $325M $63M able to establish going-concern
Franchise Rights 82M 14M value, which was in excess of
$450 million, versus liquida-
Reservation System 38M 4M tion value, which was just under
Customer Databases 5M 2M $85 million.* See the Case
Airport Concession Rights 12M 0 Study #1 table.
TOTAL VALUE $462M $83M The next case study
involves a major film manufac-
turing company and the
valuation of its trademark and
CASE STUDY #2 – Bankruptcy/Reorganization (Major Film Company)* brand assets. In addition, the
Description Orderly Disposal Liquidation consulting firm valued the
Total Technology Asset Value $15.3 – 19.5M $3.7 – 4.3M patents and technology assets
within the company, which
Total Brand Asset Value $30.8 – 45.2M $6.7 – 7.8M
included 800+ patents within 52
NET VALUE (after all hard costs) $46.1 – 64.7M $10.4 - 12.1M clusters, 30,000+ proprietary
molecules, instant digital
printing technology and
various patent licenses. The
CASE STUDY #3 – Liquidation/Asset Sale*
value of the assets took place
Company: Fiber optics company during the company’s Chapter
Context: Liquidation of subsidiary 11 reorganization and the
Cause: Massive potential tax benefit focus of the work was to
determine whether the value of
Components: Eight independent fiber optics patent bundles
the assets would be substan-
Multiple trademarks tially greater in an orderly
Valuation Approach: Components of value, liquidation value disposal, as opposed to an
Going-Concern Liquidation immediate liquidation. The
value of the trademark and
TOTAL VALUE >$5.0M <$250,000
brand assets required knowl-
edge of possible acquirers and
competitors. As seen in the
a consumer’s good first impression will often provide more Case Study #2, the orderly-disposal values for the assets
breathing room for the troubled company. were in the $46 million-to-$65 million range, whereas the
All of these examples are matters of degree. The liquidation values were between $10 million and $12
actual discount associated with forced liquidation will million.* See the Case Study #2 table for additional
depend upon the specific factors associated with each information. Note that the values shown in Case Study #2
case. were net of hard costs of liquidation or disposal.
In the final case study, the consulting firm was asked
Case studies to identify all of the intellectual property with value, to
Let’s look at three different case studies, as well as the identify acquirers, and to sell the assets for a large fiber
underlying cause and environment in which the intangible optics company in the midst of liquidating one of its
assets are being valued. In each case there were different subsidiaries. Working on a very tight time schedule, staff
reasons for the undertaking of the valuation. In the first had to perform all of the valuation and disposition tasks
case study, the company was in the midst of reorganization prior to the end of the then-current calendar year. As a
resulting from severe cash-flow difficulties and was result, the consulting firm moved swiftly to identify and
entertaining offers to be acquired by one of its competi- value the trademarks and other brand assets and also to
tors. The company was looking to secure $100 million of identify the group of technology assets with value. In
interim funding to cover its short-term cash needs during liquidating these assets for the parent company, the goal
the acquisition period. The assets identified in the due- was simple: Dispose of the assets as quickly as possible,
diligence phase included trademark assets, franchise
agreements, reservation systems and customer databases, (Continued on page 96)
26 THE SECURED LENDER