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BVR's Guide to Intellectual Property Valuation
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BVR’s Guide to Intellectual Property Valuation is the definitive source for building credible and defensible IP value conclusions. Leading expert Michael Pellegrino delivers real-world case studies of intellectual property (IP) valuations in each of the primary categories. This practical, hands-on guide presents an objective framework for conducting due diligence of IP rights, performing legal analysis, and correlating the impacts of IP rights on value.
Highlights of the Guide include:
- Court case library
Comprehensive archive of current and past abstracts and full text of court case opinions from key cases that involve IP valuation.
- Practical guidance on creating an IP valuation report
Includes report boilerplate requirements, royalty rate analysis, demand analysis and guidance on presenting the most reliable statistics
Table of Contents
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- Chapter 4: Applied Valuation Approaches
- The Cost Approach
- The Market Approach
- The Income Approach
- The Assignment / Approach Match
- Historical Valuation Date
- Are Incremental Benefits Determinable?
- Exhibit: Four Sample Valuation Exhibits
- Is There a Value Proposition?
- Accounting for the Useful Life
- Exhibit: Three Useful Life Exhibits Included
- Accounting for Risk
- Exhibit: Discount Rate Relationship to Market Multiple
- Accounting for Time
- Exhibit: The Simplified Life of a Patented Product in the Market
- Attributable Considerations
- Common Pitfalls of the Various Approaches
- Cost Does Not Equal Value
- The Fallacies of Comparabiilty
- Do IP Comparables Exist?
- Does the Market Really Understand IP Valuation?
- The Portfolio Effect
- Survivorship Biases
- Survivorship Biases on Market Valuations
- Uncertainty
- Daubert Considerations
- Testable Valuation Method
- Peer Review and Publication
- Acceptable Rate of Error and Maintenance of Standards
- Scientific Community Acceptance
- Reconciling Several Valuation Approaches
- Exhibit: Value Continuum
- Chapter 5: Performing General Due Diligence
- Performing Initial interviews
- Analyzing Historical Financials
- Understanding the IP
- Technical Understanding
- Sustainable Competitive Advantages
- Functional Realization
- Infringement Risks
- Useful Life Analysis
- Exhibit: Determining the Useful Life for an IP
- Estimating a Trademark’s Economic Life
- Exihibit: Regression Sensitivity for Present Value of Brand/B6
- Estimating a Copyright’s Economic Life
- Exhibit: Sample Valuation Model
- Estimating a Trade Secret’s Economic Life
- Survivor Curves and Mortality Models
- Exhibit: Sample Survivor Curve
- Verifying IP Ownership
- Commissioning Independent IP Counsel Review
- Record Keeping
- Reversionary Rights
- Executed Contracts?
- Contract Administration
- Shop Rights and the Employed-to-Invent Doctrine
- Design-Around Risk
- Infringement Detection
- Reviewing Enforcement History and Ability
- Economic Incentives to Fight?
- Enforcement Lapses
- Potential Infringers
- Performing Market Analysis
- Market Adoption
- Exhibit: Two sample valuation models include
- Copyrighted Book
- Patented Technology
- Exhibit: Fisher-Pry Model
- Exhibit: VMWare Market Adoption Curve
- Market Acceptance
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- Chapter 6: Patent-Specific Due Diligence
- The Invention Status
- The Current Art
- Exhibit: 15 Highest and 15 Lowest Associated Number of Patent Applications Based on Original Patent Classifications
- Patent Utility
- Exhibit: Ranking of Various Lawn Mowers Against the Patented Invention
- Patent Quality
- Exhibit: Factors, and Rationales for Considering Those Factors, as they Relate to Patent Quality
- Patent Age
- The Administrative House
- Blocking Patents
- Freedom-to-Operate Search
- Declaratory Judgment of Non-infringement
- tatus of Active Administrative or Legal Actions
- Re-examinations
- Exhibit: Ex parte and inter partes re-examinations from the USPTO’s FY2007 Performance and Accountability Report
- Declaratory Judgments of Invalidity or Unenforceability
- Infringement Actions
- Outstanding Contractual Provisions Affecting Value
- Chapter 7: Copyright-Specific Due Diligence
- Nature of Copyrighted Material
- Verifying the Nature of Rights of Value
- Administrative Issues That Can Impair Copyright Value
- Registration
- Factual Works
- Fair Use Value Erosion
- Work Made for Hire
- Copyright Notice
- Ease of Duplication
- Mechanical Rights for Nondramatic Musical Works
- Termination of Transfers
- Public Domain
- Visual Artists Rights Act of 1990
- Special Considerations for Computer Software
- Easier to Avoid Infringing Activity
- Disclosure
- The Rule of Doubt
- Special Considerations for Semi-conductor Designs or Masks
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- Chapter 8: Trademark Analysis
- Trademark Due Diligence
- History and Creation of the Trademark
- Verify the Trademark Registration
- Exhibit: Generalized Trademark Classes
- The Administrative House
- Maintenance Fees
- Owner of Record
- Pending Trademark Challenges
- Continued Use
- Public Notice
- Durability
- Incontestability
- Interference
- Standards of Use
- Trademark Strength
- Dilution
- Counterfeit Risk
- Market Dynamism
- Fair Use Value Impacts
- Chapter 9: Trade Secret Analysis
- Exhibit: Demonstrates a 12-month shift in market adoption and the value that the trade secret creates
- Trade Secret Value Sources
- Trade Secret Floor Value
- Exhibit: Sample Valuation Model
- Factors that Prolong Trade Secret Value
- Factors that Kill Trade Secrets
- Litigation Effects
- Inadvertent Disclosures
- Trade Secret Agreement Terms
- Publication as Patent or Copyright
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- Chapter 10: Risk Analysis and the Discount Rate
- Exhibit: Discount Rate on $1M annuity
- An IP Cost of Capital Estimation Model
- Target Rate of Return
- Holding Period
- Exhibit: Cost of Capital / Holding Period Formula
- Exhibit: Holding Period and Required Rate of Return
- Success Rates
- Exhibit: Success Rate on Cost of Capital
- Target Rates
- Exhibit: Cost of Capital Based on Target Return
- Investment Expenses
- Exhibit: Multiple Formulas Included
- What About Empirical Evidence of Support?
- Model Extensions
- Exhibit: Cash Flows and Required Rate of Return
- Back to the Roots
- Real-World Examples
- Public Company
- Venture Capitalist
- Chapter 11: Auditor’s Guide to the IP Valuation Report
- Analyzing the Analyst
- Analyzing the Due Diligence
- Report Boilerplate
- Economic Conditions and Nature of the Industry
- IP Utility
- Government Protections
- Functional Realization
- Demand Analysis
- Financial History
- Chronology
- Royalty Rate Analysis
- Income Approach Using Reasonable Royalty Method
- Consideration of Cost Approach
- Use of Market Methods for IP Valuation
- Use of Valid and Reliable Inferential Statistics
- Repeatability
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