Patent Market 2015 – Buyers, Sellers & What Are They PayingErik Oliver
What is the current trend of the brokered patent market, and how can you as a buyer or seller exploit the current patent climate? We look into market pricing, litigation risks, NPE activity and more to help you decide your best patent options for 2015.
Secondary Patent Market: Buyers, Sellers, Pricing and TrendsErik Oliver
A presentation on the secondary market for patents, buying, selling, pricing, what lawyers need to know to establish a program, and what are the chances of winning with bought patents.
Every year, we carefully track the brokered patent packages for sale on the open market and provide insights into the comprehensive state of the market and how it is changing. 2014 has seen prices drop and the deal flow slow down but what does it mean for the future of the market? We present highlights from our annual report.
LES Silicon Valley - Patent Market OverviewErik Oliver
Review of current trends in the 2017 patent market, and who and what should you expect to see buying and selling IP. ROL Group delivers its answer based on our up-to-date analytics on the market.
Secondary Patent Market: Buyers, Sellers, Pricing and TrendsErik Oliver
This panel will discuss the current state of the secondary patent market, who’s buying, who’s selling, and at what price? It will look at what happens to patents after a sale, including the chance of winning on a bought patent. It will examine both standalone sales and the relatively invisible marketplace in which patents contribute significant value to a deal, including M&As, technology spinouts, JVs, tech-transfers, and exclusive field-of-use licenses.
Given the myriad of ways companies use to monetize their intellectual property how can you decide which approach you should take? ROL Group delves into this question by looking at the different types of monetization strategies available, and substantiates the monetization plan using real-world case studies.
Global IP Market Quick Update on the Secondary Market for PatentsErik Oliver
STATE OF AFFAIRS: THE GLOBAL IP MARKET
- 2019 Annual IP Market Data Preview
- Who’s Buying? Who’s Selling? And at What Price?
- Key Factors Impacting the Market
- Outlook for 2020 & Beyond: Still Cautiously Optimistic?
This document contains summaries of patent market data from 2011 to 2019:
- The total value of patents on the market increased from $6 billion in 2011 to over $16 billion in 2019. However, the amount sold has remained relatively steady around $8 billion while the amount unsold has increased.
- In 2018, there was a 30% drop in average asking price per patent asset, largely due to a drop in prices for packages of single patent assets. The average asking price of a US-issued patent was $176,000.
- The top patent sellers in 2018 included IBM, Intel, Sony, and Panasonic while the top buyers included Google, Samsung, Intel, and Uniloc.
Patent Market 2015 – Buyers, Sellers & What Are They PayingErik Oliver
What is the current trend of the brokered patent market, and how can you as a buyer or seller exploit the current patent climate? We look into market pricing, litigation risks, NPE activity and more to help you decide your best patent options for 2015.
Secondary Patent Market: Buyers, Sellers, Pricing and TrendsErik Oliver
A presentation on the secondary market for patents, buying, selling, pricing, what lawyers need to know to establish a program, and what are the chances of winning with bought patents.
Every year, we carefully track the brokered patent packages for sale on the open market and provide insights into the comprehensive state of the market and how it is changing. 2014 has seen prices drop and the deal flow slow down but what does it mean for the future of the market? We present highlights from our annual report.
LES Silicon Valley - Patent Market OverviewErik Oliver
Review of current trends in the 2017 patent market, and who and what should you expect to see buying and selling IP. ROL Group delivers its answer based on our up-to-date analytics on the market.
Secondary Patent Market: Buyers, Sellers, Pricing and TrendsErik Oliver
This panel will discuss the current state of the secondary patent market, who’s buying, who’s selling, and at what price? It will look at what happens to patents after a sale, including the chance of winning on a bought patent. It will examine both standalone sales and the relatively invisible marketplace in which patents contribute significant value to a deal, including M&As, technology spinouts, JVs, tech-transfers, and exclusive field-of-use licenses.
Given the myriad of ways companies use to monetize their intellectual property how can you decide which approach you should take? ROL Group delves into this question by looking at the different types of monetization strategies available, and substantiates the monetization plan using real-world case studies.
Global IP Market Quick Update on the Secondary Market for PatentsErik Oliver
STATE OF AFFAIRS: THE GLOBAL IP MARKET
- 2019 Annual IP Market Data Preview
- Who’s Buying? Who’s Selling? And at What Price?
- Key Factors Impacting the Market
- Outlook for 2020 & Beyond: Still Cautiously Optimistic?
This document contains summaries of patent market data from 2011 to 2019:
- The total value of patents on the market increased from $6 billion in 2011 to over $16 billion in 2019. However, the amount sold has remained relatively steady around $8 billion while the amount unsold has increased.
- In 2018, there was a 30% drop in average asking price per patent asset, largely due to a drop in prices for packages of single patent assets. The average asking price of a US-issued patent was $176,000.
- The top patent sellers in 2018 included IBM, Intel, Sony, and Panasonic while the top buyers included Google, Samsung, Intel, and Uniloc.
Patent Market 2017: Buyers, Sellers, Motivations & Prices?Erik Oliver
This document summarizes LinkedIn's strategy to address its patent deficit and risks of patent assertions against it. It describes how LinkedIn analyzed its business ecosystem and identified potential patent risks from corporate asserters. It then details how LinkedIn addressed this challenge through increasing its organic patent filings, targeted patent purchases, and ongoing patent continuation practices. Charts show how these efforts grew LinkedIn's portfolio substantially over time to better match the size of likely asserters' portfolios and develop effective counter-assertion strategies.
Doing Patent Deals: Key Issues in a Challenging EnvironmentErik Oliver
ROL Group has compiled its data on the brokered patent market to help give a better understanding to associated risks of patents. We look at litigation, overall market trends and more to help you make informed decisions when buying or selling.
Helping Companies Buy, Sell and MonetizeErik Oliver
The document summarizes data from the patent market from 2011-2015. It finds that over $7 billion in patent deals have been tracked, with over 2,000 patent packages and 63,000 patent assets changing hands across 118 technology categories. Operating companies represent over 71% of patent sellers, though non-practicing entities' share of sales has risen from 11% to 16%. Major buyers include Intellectual Ventures, Apple, Google, and RPX. Average asking prices for patent assets and US patents have declined slightly to $189,000 and $276,000 respectively. The document introduces Kent Richardson, a partner at Richardson Oliver Law Group with 20 years of experience in patent monetization, analysis, and litigation strategy
Richardson Oliver - Counter Assertion Value Model - 20150611LIKent Richardson
1) The document presents a model for assessing patent risk and determining an optimal patent strategy and investment.
2) It identifies key risks from competitors, customers, suppliers, and corporate asserters. Risks are assessed based on potential dispute size, likelihood, and annual cost.
3) The model calculates how much of the risk can be mitigated through a patent program, and how much should be invested annually to address the remaining risk.
4) Focusing investments in overlapping technical areas can reduce costs versus pursuing each risk separately. The model helps determine an optimal patent strategy and spend.
APLI - Impact of the Patent Market 2016Erik Oliver
The document summarizes key trends in the patent market in 2016. It finds that asking prices for patents have stabilized compared to 2015, but sales rates for 2016 listings decreased significantly. Total transactions were also down from the previous year. Operating companies represented over 66% of patent sellers, down slightly from 2015, while NPEs increased their sales. NPE purchases decreased substantially, with Intellectual Ventures purchasing far fewer packages than the previous year. The document also analyzes litigation win rates, finding that operating companies outperform litigants generally and that organic patents owned by operating companies outperform patents they have acquired.
This document discusses the patent sales market, including:
- An overview of the secondary patent market where patent sellers can sell their patents to buyers.
- The patent market today sees over 1000 deals per year with over $11 billion in patent packages sold containing over 90,000 patent assets across 100 technology categories.
- Tips for corporations to successfully sell their patents, such as using internal resources to establish buy-in, understanding buyer needs, having a clear sales definition and process, and adjusting plans for market changes.
Buy, Sell, Hold? The Market for Patents and What It Can Tell usErik Oliver
Looking to get an understanding of the current product
landscape looks like for emerging tech in the U.S. and Internationally? In this presentation we’ll discuss what’s going on in the market right now, the implications of your IP decisions, and provide tips for navigating unique IP challenges.
Secondary Patent Market: Buyers, Sellers, Pricing, and TrendsErik Oliver
Mr. Richardson presents findings and projections on the brokered and secondary patent market including who is buying/selling patents, how much are they are paying, what technologies are hot, and what are the trends. Mr. Richardson is a partner in the Richardson Oliver Law Group (ROL Group) and for the past five years has published widely read patent sales reports for Bloomberg and IAM Magazine. The ROL Group tracks pricing, technology areas, buyers, and sellers for over 4,000 deals covering 95,000 patent assets across.
What is the current trend of the brokered patent market, and how can you as a buyer or seller exploit the current patent climate? We look into market pricing, litigation risks, top buyers and more to help you decide your best patent options for 2015.
Monetization of IP - Santa Clara University School of LawErik Oliver
The document discusses various options for monetizing a company's intellectual property portfolio, including: 1) managing patents as an independent business unit to generate licensing revenue and cross-licenses; 2) direct licensing of patents to third parties for monetization; and 3) bundling and selling groups of core and non-core patents to generate short-term revenue. It also covers treating monetization as a sales activity requiring marketing, technical, and legal expertise and provides examples of factors that make some patents more valuable for monetization purposes, such as patent age, market size, and international coverage.
There exists an increasingly important IP information gap in financial disclosures in South Africa that is severely hampering business growth, cultural preservation and opportunity. The IP information gap exists across the business spectrum; large, medium and small businesses are affected. Whilst this is a global challenge, it is particularly acute in South Africa especially in the area of patents. South Africa's patent economy is woeful and stands in stark contrast to its capacity to innovate. It is extremely important to address this gap which starts with a concerted drive on IP education, self audits and the cultivation of an economy that understands the benefit of investing in IP to stimulate growth and further innovation, and also how to draft, use and interrogate an IP narrative in financial accounts effectively.
Increase Your Company's Value: Use the Value MultiplierOpenMatters
The document discusses how business models are disrupted by technological revolutions. It outlines four major revolutions: the Industrial Revolution, Services Revolution, Information Revolution, and current Digital Revolution. Each revolution shifts the focus of businesses and requires new financial and operating measures. The Digital Revolution in particular is built upon networks and relationships rather than assets. It favors models where many producers make and sell goods rather than centralized production models. However, the document notes most companies still lack readiness for digital transformation.
Have you ever wondered what it is you need to do to increase the valuation of your company to get the best payout when you exit? This panel will discuss many ways of upping your valuation and how to start the process in the early days as well as improving it in the latter days of the life of the company.
For example, adding high profile industry experienced people to your team, buying or developing really interesting patents, creating channels, a brand, relationships that matter. Other ways include increasing your customer base and creating products that fit the gaps which larger competitors possess. When an acquiring company looks at you, what constitutes your value drivers?
Join a distinguished panel comprising entrepreneurs and acquirers as well as financial experts who can give you an idea of how to best increase your company’s valuation.
Martal Consulting Group is a business development boutique that has operated globally since 2003, providing outsourced business development, company representation, tech transfer and IP commercialization, and startup capital raising. Martal has represented Israeli and Eurasian customers in North America, helping one Israeli startup raise $12M from a US VC and license an Israeli project's IP in the US for $1.5M upfront. As a test case, Martal was retained from 2004-2006 to identify technologies at 20 universities, then full-time from 2007-2012 to obtain grants, research collaborations, and sponsorships, leading a licensing team that discovered commercial outlets. This increased commercialization revenues over 1000% and venture capital raised for spin
Presented at Innovative Europe Conference in Gdansk, Poland, October 2014. Discusses 10 things that changed the world of intellectual property, and recent IP management trends.
This document provides guidance on developing an effective copyright strategy using a holistic approach to intellectual property portfolios. It recommends analyzing competitive patent data and the technology stage of patent applications to assess strategy and identify areas for focus. The document also outlines general and invention-specific criteria for building a tailored patent filing strategy, and stresses the importance of aligning intellectual property strategies with corporate mission, vision, and business objectives. Key roles in organizational models for intellectual asset management are also discussed.
As the Economy Closes Companies, Here’s a Patent Monetisation Primer - IAM Me...Erik Oliver
What do you do to monetise an IP portfolio when you don’t know where to start? That’s a question that patent portfolio managers might face when their executives want to know what the patent monetisation options are when a business winds down.
Autonomous Trucking Innovator TuSimple Reveals its Patent Strategy - IAM Medi...Erik Oliver
How do you set and execute a patent strategy for a high-growth, pre-revenue, technology company? That was the challenge the TuSimple team faced soon after the company was founded in 2015.
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1) The document presents a model for assessing patent risk and determining an optimal patent strategy and investment.
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The document summarizes key trends in the patent market in 2016. It finds that asking prices for patents have stabilized compared to 2015, but sales rates for 2016 listings decreased significantly. Total transactions were also down from the previous year. Operating companies represented over 66% of patent sellers, down slightly from 2015, while NPEs increased their sales. NPE purchases decreased substantially, with Intellectual Ventures purchasing far fewer packages than the previous year. The document also analyzes litigation win rates, finding that operating companies outperform litigants generally and that organic patents owned by operating companies outperform patents they have acquired.
This document discusses the patent sales market, including:
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The document discusses various options for monetizing a company's intellectual property portfolio, including: 1) managing patents as an independent business unit to generate licensing revenue and cross-licenses; 2) direct licensing of patents to third parties for monetization; and 3) bundling and selling groups of core and non-core patents to generate short-term revenue. It also covers treating monetization as a sales activity requiring marketing, technical, and legal expertise and provides examples of factors that make some patents more valuable for monetization purposes, such as patent age, market size, and international coverage.
There exists an increasingly important IP information gap in financial disclosures in South Africa that is severely hampering business growth, cultural preservation and opportunity. The IP information gap exists across the business spectrum; large, medium and small businesses are affected. Whilst this is a global challenge, it is particularly acute in South Africa especially in the area of patents. South Africa's patent economy is woeful and stands in stark contrast to its capacity to innovate. It is extremely important to address this gap which starts with a concerted drive on IP education, self audits and the cultivation of an economy that understands the benefit of investing in IP to stimulate growth and further innovation, and also how to draft, use and interrogate an IP narrative in financial accounts effectively.
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The document discusses how business models are disrupted by technological revolutions. It outlines four major revolutions: the Industrial Revolution, Services Revolution, Information Revolution, and current Digital Revolution. Each revolution shifts the focus of businesses and requires new financial and operating measures. The Digital Revolution in particular is built upon networks and relationships rather than assets. It favors models where many producers make and sell goods rather than centralized production models. However, the document notes most companies still lack readiness for digital transformation.
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For example, adding high profile industry experienced people to your team, buying or developing really interesting patents, creating channels, a brand, relationships that matter. Other ways include increasing your customer base and creating products that fit the gaps which larger competitors possess. When an acquiring company looks at you, what constitutes your value drivers?
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Patent Market 2016 – Importance of Aggregators to Manage Risk and Market Data
1. Business Sense • IP MattersBusiness Sense • IP Matters 1
Patent Market 2016 –
Importance of Aggregators to
Manage Risk and Market Data
Erik Oliver, Kent Richardson &
Michael Costa
November 17, 2016
Contact Information:
+1 (650) 967-6555
info@richardsonoliver.com
Copyright 2015 ROL
2. Business Sense • IP Matters
Case Study: Why Trade in Patents?
• OurCo’s revenue grew very quickly (from
$<50M to >> $1B) in the course of a few
years
• Successful IPO
• Revenue continues to grow
• Almost no patents (< 50)
• Patents were not pursued and were not a
strategic focus
• OurCo faced the risk of defending against
significant patent assertions
• NPEs (IV, small NPEs)
• Corporate patent asserters (Microsoft,
IBM…)
The story of OurCo – the challenge
Example Companies With
Similar Challenges
Copyright 2015 ROL
4. Business Sense • IP Matters
Case Study: Actionable Results
Prepared Counter-assertion Strategy
Company Pre-Program
Strategy
Today’s Strategy
Company1 Assumed Low Risk Business Relationship
Company2 Assumed Low Risk Business Relationship
Company3 Assumed Low Risk Business Relationship
Company4 Assumed Low Risk Business Relationship
Company5 Assumed Low Risk Business Relationship
Company6 Unknown Risk Key Patents Identified
Company7 High Risk Key Patents Identified
Company8 High Risk EOUs Created
Company9 High Risk EOUs Created
Company10 Unknown Risk EOUs Created
Company11 Unknown Risk EOUs Created
•Actionable response strategies for licensing approaches were created for companies of
concern
•Facilitated by targeted buying to build playbooks with EOUs on companies of concerns
•Targeted buying makes our portfolio relevant to licensing negotiations; comparable
proportion to the asserter’s organic portfolio in many instances
Playbooks
4
Asserting Company's 2003
Organic Filings
OurCo's 2013 Targeted
Buying
# of Patents
Targeted Buying
Not applicable to current negotiation
Valuable to current negotiation
5. Business Sense • IP Matters
2016 Market Overview
• Asking prices have stabilized
• Sales are down
• Sales rates of 2016 listings decreased significantly
• Total transactions also down, but less so
• Brokered market down to $165M from $233M last year
Market trends
• New sources have expanded buying opportunities
• IAM Market and IP3
New places to buy
• NPEs pulling back from the market
• Purchases by corporations have exceeded NPE purchases
• Even Intellectual Ventures (IV) is affected
• IV no longer buys the most: RPX is the new buying leader
• Alice crushed much of the fintech patent market and impacted software package sales rates
Negative patent decisions having impact
• Litigation risk from sold packages is much higher than previously reported (better source data)
• Reconsider your risk models
• Reconsider membership in defensive aggregators
Litigation
5Copyright 2016 ROL
8. Business Sense • IP Matters
Market Context
8
• Since 2011 we have tracked $7.5B brokered and $3.7B non-brokered patent packages
• Over 3,700 packages with 90,000 patent assets
• Over 100 technology categories represented across hardware, software, communications; including
automotive-specific categories
Robust market - Over $11B of patent deals tracked
• 772 packages, over 11,000 assets
• IAM market accounts for increased packages - More places for buyers to look for packages
• Number of sales and sales rate may be dropping
• Takeaway: Monitoring the market enables cost effective risk mitigation
2016 market robust, but...
Copyright 2016 ROL
$0
$2
$4
$6
$8
$10
$12
$14
Cumulative sum of asking prices ($B) - brokered and private market
Cum Sum Asking Price (Entire Market) Cum Sum Total Asking Price (Sold)
Predicted Cum Sum Asking Price (Entire Market) Predicted Cum Sum Total Asking Price (Sold)
11. Business Sense • IP Matters
0%
5%
10%
15%
20%
25%
30%
35%
40%
<1 <2 <3 <4 <5 <6
Cumulate % Sold
Time from Package Listing Date to Sale Date (years)
Cumulative sales by years from package listing date
2011
2013
2014
Predicted 2015
Market Context: Sales Rates Are Down
11
•Represents the percentage of patent packages sold (as recorded in the US Patent & Trademark
Office assignment records)
•Sales rates remain down sharply from 2009, with estimated 2014 packages slightly higher
•Packages sell in the first two years à sales data lags listing data by about 2 years
Sales rates are down – Good time to be a buyer
Copyright 2016 ROL
• Source Richardson Oliver Law Group LLP, 2016 Brokered Market Report
12. Business Sense • IP Matters
Market Context: Sales per Quarter
12
0
5
10
15
20
25
30
35
40
45
50
2014-Q1 2014-Q2 2014-Q3 2014-Q4 2015-Q1 2015-Q2 2015-Q3 2015-Q4 2016-Q1 2016-Q2
# of Packages Sold in Quarter
Actual and projected sales by sales quarter
Actual Projected
Average +/- 1 StDev
• ~190 new packages listed each quarter
• ~25-41 sales per quarter (average ± 1 stdev)
• Sales drivers: EOUs, fit to market needs
Sales per quarter
Copyright 2016 ROL
14. Business Sense • IP Matters
Market Context: 2016 Pricing Stabilization
14
Asking Prices ($K) 2016 2015
Per Asset Per US Patent Per Asset Per US Patent
Average $197.32 $271.44 $190.31 $273.60
Min $16.67 $36.11 $17.24 $183.82
Max $750 $1000 $925 $1000
StdDev $177.44 $217.53 $181.14 $243.54
NumData 431 416 440 431
•Pricing has stabilized – and is taken more seriously by buyers
•Prices are almost exactly the same as last year
•Standard deviations are smaller
•But, sales rate of 2016 listings is significantly below that of a comparable period last year
•Prices vary substantially by package size
Market pricing
Copyright 2016 ROL
15. Business Sense • IP Matters
Marketing EOUs: Why They Matter
15
Per Asset 2016 Per asset with EOU
2016
% difference between EOU
packages and general market +27%
Average $197.32 $251.12
Median $150.00 $166.67
Min $16.67 $19.61
Max $750.00 $925.00
StdDev $177.44 $225.07
NumData 431 200
•EOUs drive pricing premiums: +27%
•Packages with EOUs are +50% more likely to sell
•Combined benefit 91% increase in expected monetization value
•Per asset prices may obscure underlying pricing dynamics, mix of value drivers and
additional patents to reach a mutually acceptable price point and obscure value driver
patents
•We typically recommend a package with 3-5 families (typically 10-20 assets) with 1-2
value driver families with EOUs
•Pricing sweet spot for a package is $250K-2M
EOU marketing benefits
Combine
with better
sales
Per Asset
2016
Pricing premium +27%
Increased sales rate +50%
91% Monetization Premium
Copyright 2016 ROL
20. Business Sense • IP Matters
Litigation Analysis: First Litigation
Has Litigation (2012-
2016 market year
packages)
Has IPR (2014-2015
market year packages)
Package
Type
Prior to
listing date
After
listing date
Prior to
listing date
After
listing date
Sold
packages
5.4% 10.2% 0.0% 3.0%
All
packages
3.8% 3.5% 0.0% 1.4%
20
•10.2% of sold packages are litigated
•Previous litigations also increase likelihood of sale
•Model at package level: often have to buy the full package and cannot cherry pick
•Per patent litigation risk: all patents: 0.8%; sold patents: 1.2%
Litigation
•Monitoring the patent market for sales allows for strategic/preemptive IPRs
IPRs
•However, risk is significantly more concentrated in the sold packages
•Defensive aggregator value may be greater than anticipated
•Pursue licenses (or license on transfer) before an OpCo starts listing its portfolio
Both sold and unsold packages are litigated post listing
Copyright 2016 ROL
21. Business Sense • IP Matters
Q0 Overall
NPE 96% 86%
OpCo 4% 14%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% of Litigations
Distributions of OpCo vs NPE Litigations
0%
20%
40%
60%
80%
100%
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Cumulative % of NPE Litigations
Quarters from Sale Date
Cumulative distribution of time from sale to
filing date for each case for litigated packages
NPE Plaintiff
Litigation Analysis: Sold, All Litigations Timing
21
•NPE’s account for vast majority of litigated cases
•NPE’s file quickly, and file multiple cases
•Half of NPE litigations filed within 6 months of
sale
•Operating companies buy for future risk
•>50% of OpCo litigations are filed more than 18
months after the sale
For litigated sold packages
Copyright 2016 ROL
0%
20%
40%
60%
80%
100%
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Cumulative % of OpCo Litigations
Quarters from Sale Date
OpCo Plantiff
* Plaintiffs were analyzed, OpCo’s were identified; all other entities are classified as NPE’s for this analysis
50% of
Litigations
50% of
Litigations
Time
22. Business Sense • IP Matters
2016 Market Conclusions
• Asking prices have stabilized, sales are down
• Brokered market down to $165M from $233M last year
• New places to buy
• IAM Market and IP3
Good time to be a buyer
• Purchases by corporations have exceeded NPE purchases
• IV is down, unlikely out
• Reasonable to assume that remaining NPE’s are more sophisticated
• Litigation risk from sold packages is much higher than previously reported (better
source data)
• NPE litigation
• Reconsider your risk models
• Reconsider membership in defensive aggregators
NPE is down, but new litigation data shows much greater risk
22Copyright 2016 ROL
23. Business Sense • IP Matters Copyright 2015 ROL 23
BUSINESS SENSE • IP MATTERS
ROL Group has over 60 years of IP strategy and execution
experience. We ask the business questions first. We
blend in-house and large law firm experience to create
clear steps for success.
We guide companies through unique IP challenges—like
buying and selling patents, developing licensing
programs, defending against patent assertions, and
creating a value-driven IP portfolio. We give direction to
businesses that share our passion for new ideas, creative
problem solving and forward motion.
Contact Information:
+1 (650) 967-6555
info@richardsonoliver.com