European Investment Bank EIBURS Programme
Project “The Economic Valuation of Patents (EVPAT)” Department of Management University of Bologna
Federico Munari, University of Bologna
. www.evpat.net
EVPAT Project: objectives The EVPAT project aims to improve and validate analytic models for the assessment of the economic value of patents • The research activities investigated the issue of patent valuation at different levels of analysis and in different stages of firm life cycle. • The training and diffusion activities aimed to disclose the research results and raise awareness on the importance of the protection and exploitation of intellectual property rights.
The project was undertaken at the Department of Management of the University of Bologna www.evpat.net
EVPAT Project: research and diffusion activities (third year) Research Actitivies
Training and diffusion activities
1) Economic valuation of patents using 1) Summer School on “Economics and real options techniques Management of IPRs” 2) Patent portfolios and venture capital 2) Final Conference on “Measuring the investments value of IPRs” 3) Patents and Initial Public Offers
3) Master in Management of Intellectual Property Rights
4) Stock market valuation of patent 4) Seminars and workshop on IPRs portfolios
www.evpat.net
EVPAT Project: project website and book
• Project website www.evpat.unibo.it
• Munari, F. and Oriani, R. (editors) “The Economic Valuation of Patents. Methods and applications” to be published by Edward Elgar in 2010 www.evpat.net
EVPAT Project: results of selected research activities • Sereno (2009): method for the valuation of patents based on real-options logic and its application in the software Intellexto • Oriani and Leone (2009): licensing as a mechanism to finance young innovative companies; the higher the level of technical and market uncertainty, the higher the level of intial down-payment • Munari and Toschi (2009): academic spin-offs with more patents attract more VC financing; the type of business model and the existence of collaborations with industry also matter • Morricone, Munari, Oriani (2009): companies adopting licensebased business models experience higher underpricing at IPO, as a consequence of higher information asymmetries www.evpat.net
EVPAT project: software INTELLEXTO for the economic valuation of patents
www.evpat.net
EVPAT Project: implications for managers and policymakers The possession of patents facilitates the access to faster and more favorable funding for young-innovative companies Æ policy actions (i.e. reduced filing fees; subsidies) to favour high-quality patenting by young and innovative companies In the case of academic spin-offs, IPRs attributed to the company facilitate external financing Æ shift the focus of policy actions from spin-offs quantity to spin-offs quality Full IPR disclosure facilitates the attraction of external financing (i.e at IPO), in particular for license-based companies Mixed methods for the evaluation of patent portfolios (i.e rating systems + financial techniques) can be adopted also to favor the access to debt financing by SMEs Æ necessary to compare and validate methods under development in different European countries www.evpat.net
EVPAT Project: results of the training and diffusion activities (third year) 1) Final Conference EPIP Association (European Policy for Intellectual Property) “Measuring the value of IPRs”, (Bologna 24-25 September 2009) ●
90 scholars from all over the world
3) Summer School on the “Economics and Management of Intellectual Property Rights” (Bologna, 8-12 June 2009) ●
19 PhD students and post-doc participating, from several countries
3) Master in Management of Intellectual Property, University of Bologna ●
AY 2008/09, 20 participants, 3 EIB fellowships
www.evpat.net
EVPAT Project: research team Scientific directors 9Prof. Federico Munari, University of Bologna 9Prof. Raffaele Oriani, LUISS Guido Carli 9Prof. Maurizio Sobrero, University of Bologna 9Prof. Salvatore Torrisi, University of Bologna 9Laura Toschi, Post-doc, University of Bologna 9Isabella Leone, Post-doc, LUISS Guido Carli 9Enrico Forti, PhD Student, University of Bologna 9Simone Santoni, PhD Student, University of Bologna Two new post-doc positions created thanks to the EIBURS project: 9 Luigi Sereno, Post-doc, University of Bologna 9 Serena Morricone, Post-doc, University of Bologna www.evpat.net
