Intellectual Property: Licensing and Joint

Companies are increasingly looking to their intellectual property (patents, trademarks, formulas, copyrights, brand names, distributions systems, etc.) as a profit center. As they try to extract more value from their holdings, some of which have been left dormant for years, many are looking beyond their own core products to partnerships with outside industries. Now it its third edition, Intellectual Property: Licensing and Joint Venture Strategies provides the most up-to-date practical tools for evaluating the investment aspects of licensing and joint venture decisions, and discusses the legal, tax, and accounting practices and procedures related to such arrangements.

GORDON V. SMITH is President of AUS Consultants and has advised clients in valuation matters for almost 40 years. His assignments have included appraisals of nearly every type of tangible and intangible asset as well as consultations relative to royalty rates and the economic life of property. Clients have been many of the Fortune 500, as well as research and government institutions, regulatory bodies, and the US government. He has served as an expert witness on numerous occasions regarding valuations and valuation theory. RUSSELL L. PARR is Senior Vice President of the Valuation Services Group of AUS Consultants and expert at assessing the value of intellectual property and intangible assets. He advises clients about the value of patents, trademarks, copyrights, and other intangible assets to help accomplish strategic mergers, acquisitions, licensing transactions, and joint ventures.

Preface
Emergence of Intellectual Property Exploitation Strategies
Factors Driving Strategic Alliance: Time, Cost, and Risk
A Short History of Corporate Strategies
Legal Attitudes Enhance Value
Onward
Introduction to Exploitation Strategies
Some History
Enter Technological Change
Business Enterprise Model
Economics of Exploitation
Development of Intellectual Property
Source of Production Factors
Internal Strategies
The Entrepreneuring Corporation
Acquisition
External Strategies
Ownership Alliances
Other Liquidity Concerns
Establishing a Cross-ownership Alliance
Strategic Alliances_Rapid Technological Change
Summary
Introduction to the History and Economics of Legal Limits on Licensing Intellectual Property Rights
A Brief History of the Legal Limits on Licensing
The Economic Principles Underlying Legal Limits on Licensing Patent and Related Rights
The Basic Options of Intellectual Property Owners
The Law and the Basic Options of Intellectual Property Owners
Creating Industry Standards
Eastman Kodak
Apple Computer
Aluminum Corporation of America
Avoiding a Free-For-All
Free Access Can Still be Profitable
Economic Analysis of Exploitation_Underlying Theory
Underlying Theory
Essential Ingredients
Discounted Cash Flow
Application to Intellectual Property
When Specific Data is Unavailable
Summary
Economic Contributions of Intellectual Property
Intellectual Property Contributes Powerfully to Earnings
Intellectual Property Sustains Superior Earnings
Enhanced Profits and Intellectual Property
Investment Rates of Return Analysis
Discounted Cash Flow Analysis
Comparable License Transactions
Simplistic Rules of Thumb
Use of the 25% Rule in Valuing Intellectual Property
Introduction
History of the Rule
Explanation of the Rule
Illustration of the Rule
Application of the Rule
Justification for the Rule
Criticisms of the Rule
Empirical Test of the Rule
Conclusions
Determining a Royalty Rate_An Example
Description of the Patented Dermapulse Invention
Financial Review
Intellectual Property Economic Contribution
Analysis of Specific market Transactions
Conclusion
An Infringement Damages Analysis for Determining a Royalty Rate
Georgia-Pacific v. United States Plywood
Summary
Risks of Exploitation
Elements of Risk
Risk and Royalties
Intellectual Property Economic Life
Summary
Licensing Economics and Royalty Rates
Pricing the Alternatives
Licensing
Primary Economic Drivers
Secondary Economic Drivers
Evaluating the Net Present Value
Summary
Dealing with Early-Stage Intellectual Property
Early-stage Technology
Development Costs
Risk
Time
The DCF Mechanism
Using DCF as a Measuring Tool
Trademark Licensing
Trademark Royalties
Royalty Quantification
Licensing Internet Assets
Internet Background
Internet Economics
Internet Licensing
Licensing Negotiations and Agreements
Licensing Negotiations
Licensing Agreements
Critical Questions
Licensing-in Technology
Licensing-Out Technology
Conclusion
Another View of Licensing Strategies
Defensive Strategies
Cost Centers
Profit Centers
Integrated Management
Vi
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Intellectual Property: Licensing and Joint Venture Profit Strategies, 3rd Edition

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