Bewertung und Management von patentbasierten Unternehmen

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1 Bewertung und Management von patentbasierten Unternehmen WU Wien, IfU Dialog 16. Oktober 2014 Dr. Svenja Jarchow Prof. Dr. Gerhard Plasonig Center for Entrepreneurial and Financial Studies

2 Agenda 1. Introduction 2. Case Study 3. Valuation 2

3 The Center for Entrepreneurial and Financial Studies + 2 Managing directors and + >15 Scientific assistants Prof. Dr. Dr. Ann-Kristin Achleitner Chair in Entrepreneurial Finance, supported by the KfW Project Partners Prof. Dr. Christoph Kaserer Chair in Financial Management and Capital Markets The CEFS objectives: - State-of-the-art research and teaching in entrepreneurship and finance - Application-oriented research at the interface of science and practice - Foster interdisciplinary cooperation in entrepreneurship research at TUM - Joint research with similar faculties and centers of other universities 3

4 The Project Valuation and Management of IP-based Companies Teaching Case Case Study, Student Assignments, Teaching Note Research Paper Relevance of the topic: - Intellectual Property Rights (IPRs) are most significant mean to create value for entrepreneurs and their investors - Only rarely covered in research, especially when it comes to the valuation of young companies owning platform technologies - Advantage: Provision of authentic scenarios and data by the case study company Partner: 4

5 The Project Some companies build their business model on creating and selling innovation => R&D sellers No quick income generation => Need for external financial resources Funding is valuation driven => How can the company be valued? Valuation as business strategy => Valuation gives strategy a monetary basis 5

6 The Project The company: WoodWelding Innovative young company based on a model of technology licensing, R&D and consulting International, well-experienced management team Platform Technology 6

7 Agenda 1. Introduction 2. Case Study 3. Valuation 7

8 Focus Topic Focus of Research: Valuation of IP-based companies Intangibles Companies = companies that base their business model on the commercialization of intangible assets IP Exploitation Models IP-seller/ out-licensing vs. production Platform Technologies Central implications for IP commercialization Investment Exit Early stage investors' perspective 8

9 Assignment Student Assignments Goal: Students have to answer real life questions on basis of the case Strategic company decisions: Company structure Technology concept Market approach Exit strategies: General exit options Potential buyers/ investors Generating profits: Licensing model Long-term IP-strategies Future revenue sources Company valuation: Valuation reason & object Valuation methods Calculations 9

10 Investment criteria Company Management Investment Criteria Management Company Evaluation ê Experience of the management in ê Technology, IP exploitation ê Industry knowledge (platform technology!) ê Marketing ê Networking ê Exploitation of IP ê Where are the inventors? Market ê The platform technology opens various market opportunities which? ê Have market entries already been achieved? ê How are the market growth rates? ê Market entry barriers? Global or local? Technology ê Who owns the technology and how unique is it? ê Platform technology or focused market? ê Strong patent protection? ê Who has the technology knowledge? Still within the firm? Financials ê Debt or equity in the firm? ê Risk of limited patent life time and litigation ê Know-how and consulting as future revenue sources ê When will licensing bring royalties? 10

11 Agenda 1. Introduction 2. Case Study 3. Valuation 11

12 Research Paper Valuation of Platform Technology Based Intangibles Companies Focus on the valuation of intangibles companies in exit situations Special attention on platform-technology related IP Discussion of quantitative valuation methods 12

13 Commercialization Strategies Commercialization strategies for intangibles companies internal strategy mixed strategy Internal Commercialization existing business new business Partnership Joint Venture Strategic Partnership IP Sale License external strategies 13

14 Requirements for Valuation Intangible assets and property characteristics to be considered by valuation methods Context-dependency Riskiness Uniqueness / novelty Non-marketability Platform technology characteristics to be considered by valuation methods Scalability / flexibility 14

15 Discussion of Valuation Methods Quantitative Approaches Cost Market Income Advantage ê Objective, consistent ê Reliable historic costs ê Quick value calculation ê Practical approach, makes use of actually paid prices ê Variety of approaches (comp. companies, transactions etc.) ê Theoretically superior as focus on future cash flows (CF) ê Widely accepted and understood Disadvantage ê No correlation between cost and value ê Difficulty of defining and assigning costs ê Market comparables and data required ê Comparable prices may be tampered by strategic motives ê Requires subjective CF allocation ê Various assumptions are required which are limiting ê Relevant information is not always accessible Typical Use ê Only in limited circumstances like reporting of assets ê Important indicator of value, if relevant information exists ê In practice, sufficient information is rarely disclosed, therefore, rather used a a cross-check ê Primary valuation method if information of appropriate quality can be obtained ê Limiting assumptions need to be understood and if possible scenario analysis performed 15

16 Different Valuation Approaches DISCUSSSION OF VALUATION APPROACHES Intangible assets / IP characteristics Platform technology characteristics Contextdependency Uniqueness / novelty Riskiness Nonmarketability Scalability / flexibility COST APPROACH û û û ü û MARKET APPROACH INCOME APPROACH û û û û ü ü ü ü * ü full compliance medium compliance û no compliance * The tick for scalability / flexibility is largely based on the concept of the real options approach 16

17 Questions Further questions and remarks? 17

18 Contact Contact Information Dr. Svenja Jarchow Center for Entrepreneurial and Financial Studies TU München Arcisstrasse München Tel:

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