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IntellectualProperty
ValuationApril
20231SummaryI.
Introduction346II.
Why
you
should
care
about
intellectual
property
valuationIII.
Who
should
be
involved
in
the
evaluationI
V.
How
is
valuation
performed
?1.
Quantitative
approach2.
Qualitative
approach78101112V.
Selecting
the
right
methodVI.
Useful
Resources1
Thisfactsheetwas?rstpublishedinJune2013andupdatedin
April2023.I.
IntroductionIntellectual
property
(IP)
assets
such
as
patents,
trademarks,
copyrights
or
trade
secrets
areincreasingly
the
core
of
many
organisations
and
transactions.
Licensing
and
assignments
ofcorresponding
IP
rights
are
common,
and
the
use
of
these
types
of
assets
as
loan
security
hasgrown.
Hence
the
growing
importance
of
the
valuation
of
intangibles:
trading
an
asset
requiresknowingitsvalue.Several
methodologies
are
commonly
used
on
the
market
to
value
these
assets.
This
factsheet
will
explain
the
di?erent
methods,
and
examples
of
possible
use
scenarios
of
thesemethodologies
are
given.
Di?erent
tools
have
been
created
by
public
organisations
to
assistcompanies
in
performing
valuations.
These
free
tools
will
also
be
presented
in
this
document
tohelp
you
save
time
and
money.
However,
it
has
to
be
underlined
that
it
is
always
recommendedto
consult
an
IP
lawyer
or
IP
valuation
professional
to
ensure
that
the
right
method
is
chosenandappliedcorrectly.II.
Why
you
should
care
about
intellectual
property
valuationThe
valuation
of
IP
rights
is
part
of
good
IP
management
practices
within
an
organisation.Indeed,
knowing
the
economic
value
and
importance
of
your
organisation’s
IPrights
is
key
tothe
strategic
decisions
to
be
taken
on
your
assets.
Still,
it
also
facilitates
transactions
and
thecommercialisationofyourIP
rights.Therearemanybusinesssituationswherevaluationisrequired,suchas:a.
Valuation
ofacompanyforamerger,
acquisition,jointventureorbankruptcy:CompaniesareincreasinglybasedonintangibleassetsandinvestmentinR&Dandknowledge.
Asexpendituresinintangiblesrise,sodoestheshareofintangibleassetsinacompany’svalueandonthemarketasawhole2.
Therefore,toknowthevalueofacompany,
itisessentialtoknowthevalueofitsIP.b.
Technology
transfer,e.g.,assignmentorlicensingofIP
rights:Asinotherbusinesstransactions,organisationsnegotiatingagreementstosellorlicenseIP
rightscommonlyhavetoagreeonaprice.KnowingthevalueoftheIP
rightisessentialtoreachingsuchanagreementandensuringthepartiesengageinagooddeal.c.
Supportinsituationsofcon?ict,suchascourtproceedingsoralternativedisputeresolutionmechanisms(suchasarbitrationandmediation):Incon?ictscenarios,quantifyingdamagesisoftenanecessarystepoftheprocess.Therefore,thecorrectvaluationoftheIP
rightatstakeisessentialtoguaranteeafairrecoveryofthedamages.d.
Fundraisingthroughbankloansorventurecapital:ThevaluationoftheIP
tobeusedassecurityforbankloansortoattractventurecapitalandinvestorsisessential.Indeed,severalstudiesrevealthat,inparticular,owningpatentsandhavingproperIP
managementstructuresinplaceplaysacrucialroleinthedecisionofventurecapitalists3.e.
Assistinginternaldecision-making:Valuation
alsoplaysaroleindecisionsconcerningtheprotectionstrategiesandcountryselectionforregistrationofIP
rightsandcanassistorganisationsinidentifyingweaknessessuchasownershipuncertainties,whichmayhaveanimpactonthevalueoftheIP
andondecisionsfortheexploitationofsuchassets.2
ICC,HandbookonValuationofIntellectualProperty
Assets,20193
Kamiyama,S.,J.SheelanandC.Martinez(2006),“ValuationandExploitationofIntellectualProperty”,OECD,
TechnologyandIndustryWorkingPapers,2006/085,OECDPublishing.f.
Foraccountingandtaxationpurposes.Organisationsarerequiredtoreportontheirassets,includingtheirintangibleassets.Valuation
is,therefore,anecessarystep,aswellasinsituationsoftaxplanninginvolvingIP.De?ning
the
objectives
and
context
of
the
valuation
is
essential
since
it
determines
the
strategyand
the
type
of
valuation
method(s)
that
should
be
used.
Hence,
this
is
the
?rst
step
to
takewhenperformingavaluation.III.
Who
should
be
involved
in
the
valuationIP
valuation
can
be
performed
in-house
or
outsourced
to
a
professional
entity.
If
performedin-house,organisationsmustbeawarethatthisshouldbeateame?ortinvolvingseveralsta?memberswithlegal,technical,?nancial,marketingandstrategicexpertise.Tip:
if
engaging
with
the
services
of
an
external
entity
to
perfom
the
valuation
of
yourintellectual
property,
do
not
forget
to
have
con?dentiality
obligations
in
place
to
protectyour
business
infrmationSeveral
national
IP
o?ces
in
the
European
Union
and
other
public
organisations
have
createdfree
tools
to
assist
particular
SMEs
in
performing
basic
valuation
in-house.
Here
are
twoexamples:√IPscoreIPscore
is
a
unique
evaluation
tool
developed
by
the
European
Patent
O?ce
(EPO)
to
evaluatepatents
and
technological
development
comprehensively.
It
is
a
simple,
user-friendly
tool
thatcanbeusedbyallcompaniesthathaveaportfolioofpatentsanddevelopmentprojects4.Itprovides:?basisforidentifyingtheconditionsthatcreatevalueforthepatentordevelopmentproject.A
strongevaluationpro?le,withtriedandtestedassessmentfactorsandnewreports,providesacomprehensiveevaluationofthevariousconditionsdeterminingthevalueofapatentordevelopmentproject.?basisforassessmentandvaluationofthepatentordevelopmentproject.
A
quantitative?nancialmoduleworksouta?nancialforecastanddeterminesthe?nancialorderofmagnitudeintheoverallqualitativeevaluation.√IP
Panorama2.0IP
PANORAMA
2.0
was
developed
jointly
by
the
Korean
Intellectual
Property
O?ce
(KIPO),
theKorea
Invention
PromotionAssociation
(KIPA),
and
the
World
Intellectual
Property
Organization(WIPO).
It
consists
of
a
set
of
e-learning
modules
(20
hours),
one
dedicated
to
the
valuation
ofIP
assets5.Itprovidesinformationontopicssuchas:????therelevanceofIP
andIP
rightstoabusiness;di?erentformsofIP
andIP
rights;formulatingyourIP
strategy;andgrowingandscalingbusinessthroughongoingIP
managementandutilisation.4
TheIPscoreisavailableattheEuropeanPatentO?ce:
/searching-for-patents/business/ipscore.html5
TheIP
Panorama2.0isavailableattheWorldIntellectualPropertyO?ce:/academy/en/news/2022/news_0029.htmlIV.
How
is
the
valuation
performed???Organisations
use
di?erent
approaches
to
IP
valuation.
Generally,
these
approaches
aredividedintotwocategories:quantitativeandqualitativevaluation.While
the
quantitative
approach
relies
on
numerical
and
measurable
data
to
calculate
theeconomic
value
of
IP,
the
qualitative
approach
focuses
on
the
analysis
of
the
characteristics(suchasthelegalstrengthofthepatent)andusesofIP6.Severalmethodologiesareusedwithinthequantitativeapproach,buttheycangenerallybegroupedintofourmethods7:1.
cost-basedmethod;2.
market-basedmethod;3.
income-basedmethod;and4.
option-basedmethod.6
Lagrost,C.,D.Martin,C.DuboisandS.Quazzotti(2010),“Intellectualpropertyvaluation:howtoapproachtheselectionofanappropriatevaluationmethod”,JournalofIntellectualCapital,vol.11
n.4,EmeraldGroupPublishingLimited.7
Flignor,P.,
D.Orozco“Intangible
Asset&IntellectualPropertyValuation:
A
MultidisciplinaryPerspective”,20061.Quantitativeapproach1.1Cost-basedmethodThismethodassumesthatthereisadirectrelationbetweenthecostsexpendedonthedevelopmentofIP
anditseconomicvalue.Di?erenttechniquesareusedtomeasurecosts,suchas:i.
Reproductioncostmethod:Estimationsareperformedbygatheringallcostsassociatedwithpurchasingordevelopingareplicaoftheintellectualpropertyundervaluation.ii.
Replacementcostmethod:EstimationsareperformedbasedonthecoststhatwouldbespenttoobtainanequivalentIP
assetwithsimilaruseorfunction.Inbothmethods,weconsidertoday’sprice,i.e.,theexpendituresasofthevaluationdateandnotthehistoricalcostswhenthesewereactuallyincurred8.Costsoftwosortsshouldbeincluded:a.
directexpenditures,suchascostsofmaterials,labourandmanagement;andb.
opportunitycostsrelatingtothelostpro?tsduetodelaysinthemarketentranceorinvestmentopportunitieslosttodeveloptheasset9.1.2Market-basedmethodThemarket-basedvaluationmethodreliesonestimatingvaluebasedonsimilarmarkettransactions(e.g.,similarlicenceagreements)ofcomparableIP
rights.Giventhatoftentheassetvaluatedisunique,thecomparisonisperformedintermsofutility,
technologicalspeci?cityandproperty,
alsoconsideringthemarket‘sperceptionoftheasset.Dataoncomparableorsimilartransactionsmaybeaccessedinthefollowingsources:a.
annualcompanyreportsb.
specialisedonlinedatabasesandservicessuchas:?RoyaltySource-IntellectualPropertyValuationandLicensing:www.royaltysource.com;????Royaltystat:KnowledgeExpress:https://knowledge.expressktMINE:;etc.c.
frompublicationsandorganisationsdedicatedtolicensingandroyalties,suchastheLicensingExecutivesSociety:/d.
incourtdecisionsconcerningdamages8
Drews,D.,”TheCost
ApproachtoIP
Valuation:ItsUsesandLimitations”,IP
MetricsIntellectualPropertyValuation,2001.9
Flignor,P.,
D.Orozco“Intangible
Asset&IntellectualPropertyValuation:
A
MultidisciplinaryPerspective”,20061.3Income-basedmethodThismethodtendstobethemostfrequentlyused10.Itisbasedontheprinciplethatthevalueofanassetisintrinsictothe(expected)income?owsitgenerates.
Aftertheincomeisestimated,theresultisdiscountedbyanappropriatediscountfactortoadjustittothepresentcircumstances,thusdeterminingtheIP‘scurrentvalue.Therearedi?erentmethodsofcalculationofthefuturecash?ows,suchas:i.Discountedcash?owmethod:
Thismethodaimstoestimatefuturecash?ows,whichareprojectedandlaterdiscountedbyapplyinganappropriatediscountfactor.
Theprimarysourceofinformationtoestimatethecash?owsisgenerallythecompany’sbusinessplanthatexploitsorintendstoexploittheasset.ii.Relief-from-royaltymethod:Inthismethod,thevalueoftheassetisconsideredasthevalueoftheroyaltypaymentsfromwhichthecompanyisrelievedduetoitsownershipoftheasset.Hence,theappropriateroyaltyratemustbedetermined,allowingtheestimationofthefutureroyaltyincomestream.
A
discountrateisappliedtodeterminethepresentvalueoftheasset.1.4Option-basedmethodDi?erentlyfromtheothermethods,theoptionmethodologytakesintoconsiderationtheoptionsandopportunitiesrelatedtotheinvestment11.Itreliesonoptionpricingmodels(e.g.,Black-Scholes)forstockoptionstoachieveavaluationofagivenIP
asset.10
ICC,HandbookonValuationofIntellectualProperty
Assets,201911
Kamara,
A.,“Introductiontorealoptions”,CFOForum,2002.2.QualitativeapproachThismethod,alsocommonlyreferredtoasevaluation,doesnotrelyonanalyticaldata.Infact,thevaluationinthismethodisperformedbyanalysingdi?erentindicatorstoratetheIPright,i.e.,determiningitsimportance.TheindicatorscoveralltheaspectsthatcanimpactanIP
asset’svalue,includinglegalaspects,thetechnologyleveloftheinnovation,marketdetailsandcompanyorganisation.Themethodiscommonlyimplementedthroughaquestionnairecomprisingallthesecriteria.Examplesofquestionsincludedinsuchquestionnairescan
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