Ocean Tomo Live Intellectual Property Auctions
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1 Ocean Tomo Live Intellectual Property Auctions
2 Auction Effects Created price transparency in the market Provided an alternative option to the small inventor/small company Enabled the ability for companies to sell IP with no Political Fall-Out Increased the sense of urgency to act in IP transactions 2
3 Public Auction Benefits SELLERS Forces corporations to acknowledge the patent owner There is a set date in which the transaction must take place No lengthy litigation BIDDERS/BUYERS Ability to remain anonymous Filter through the IP supply Simplified due diligence through online data room 3
4 Sample Past Sellers 4
5 Process for the Live IP Auction Model Submission of IP for sale Submit Review Bidder Registration IP Qualification by Ocean Tomo Acceptance of IP into Auction Seller Consignment Agreement Listing fee based on portfolio size and Reserve Amount Set Reserve Amount Seller Representations (ownership, encumbrances and other material factors) Information Submitted to Online Data Room Patent numbers and file histories Seller description of commercial relevance Chain of title information IP Sale Agreement (rights being sold) List of licenses or encumbrances Other due diligence materials Additional technology or know-how offered Availability of inventor consulting services Etc. Private Due Diligence Meetings IP Rights IP Rights Dollars LIVE IP AUCTION Dollars 5
6 Screening Factors Areas of Technology Digital Media, e-commerce/web Based Service, Telecommunications Claim Language Broad v. Narrow Independent v. Dependent Stick or a Carrot Determines demand Determines value Encumbrances Time Remaining in the IP Is it a center of technology? Forward Citations 6
7 Auction Catalogue Valuable resource for the buyers Contents include: Patent number Overview of the patent Available in hard copy or online 7
8 Auction Challenges Feedback from some of the buyers Set time for diligence Uncomfortable with auction format Delayed response (Corporation) What if a troll buys the patent? 8
9 The PLEC/TROLL How do companies protect themselves from the PLECs? Get rid of the we won t look policy Be proactive and not reactive Companies need to expand their portfolios, and utilize acquisition Companies must allocate designated funds for IP acquisition Desperately need slush funds for sub $1M purchases Corporations need an expedited review and streamlined decision making process to compete 9
10 Bidding BECOMING A BIDDER Registration/Agreement Qualification Bank Letter Guarantee LEVELS OF ANONYMITY Anonymous to auction participants Anonymous to auction company (law firm) Anonymous to marketplace post auction 10
11 The Auction is Live 11
12 Methods of Bidding In Person By Phone By Proxy or Agent By Absentee Bid 12
13 A Sample Lot Sale 13
14 Live IP Auctions to Present Ocean Tomo Auctions Conducted 7 live IP auctions to date Venues - San Francisco, Chicago, New York, London, Amsterdam Spring $3,030,000 Fall $7,400,000 Spring $11,400,000 Summer $8,400,000 Fall $11,600,000 Spring $19,600,000 Summer $12,600,000 Total transactions to date including post-auction Approximately $87M+ 14
15 Spring 2008 Current Auction Market April 6, 2008 San Francisco, CA 53/85 Lots sold 62% success rate of Lots sold 43/69 successful sellers Average Sale Price Per Lot- $370,368 Significant and Record Sale - $6,600,000 (Discovision) patent assets 15
16 Summer 2008 Current Auction Market June 26, 2008 Amsterdam 29/60 Lots sold 48% success rate of Lots sold Average Sale Price Per Lot- $437,036 Significant Sales Lot 7 - Digital Media - $2,414,104 ( 1,540,000) Lot 32 - Messaging - $1,681,251 ( 1,072,500). 16
17 Conclusions Strong forum for Corporations, Universities, and Private Inventors to monetize their Intellectual Property Need quality patents Benefits o Reasonable pricing o Strong technology area Established Market to Transact IP Fund R & D department Alternate to Litigation Process will continue to evolve 17
18 Auction Future To be held in global locations Will take on different forms and structures Expanding beyond simply patent assets trademarks, copyrights, domain names, other intangibles Increased corporate participation from European/Asian companies 18
19 Future Auctions Fall 2008 LIVE IP AUCTION October Chicago Spring 2009 LIVE IP AUCTION San Francisco Summer 2009 LIVE IP AUCTION Hong Kong 19
20 Contact Information Ragnar Olson Director Ocean Tomo Auctions, LLC 200 West Madison, 37 th Fl. Chicago, IL (312) Ph (312) Fx CHICAGO 200 West Madison 37 th Floor Chicago, IL (312) Ph (312) Fx DC METRO 7475 Wisconsin Ave. Suite 525 Bethesda, MD (240) Ph (301) Fx ORANGE COUNTY Von Karman Ave., Suite 600 Irvine, CA (949) Ph PALM BEACH 235 S. County Road Suite 1 Palm Beach, FL (561) Ph (561) Fx SAN FRANCISCO 101 Montgomery Street Suite 2100 San Francisco, CA (415) Ph (415) Fx 20
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