narendra bhatta hl
TRANSCRIPT
ICAI-SIRC-BANGALORE 6 July 2011
Overview of IPR- A CA's Perspective 1
An overview of IPR – CA’s perspective
NARENDRA BHATTA HL
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Protected Knowledge is Wealth, Protected Knowledge is Power.
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Overview of IPR- A CA's Perspective 2
WHAT IS THE RELEVANCE OF IPR TO A CHARTERED ACCOUNTANT ?
Each registered/unregistered IP has a different scope and
value:
Copyrights have a long but limited validity time, say
100yrs)
IP like Trademarks are perpetual
Patents and Designs have limited validity of 20 and
15 s
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15yrs
Plant varieties too have a limited validity of
maximum of 15yrs
Geographical Indicators doesn’t have a time bar
WHAT IS THE RELEVANCE OF IPR TO A CHARTERED ACCOUNTANT ?
Each of these IP can be traded:
Sale of goods, Transfer of Know-how, Grant of
Licenses, setting up of Joint Ventures, mergers
and acquisitions, FDIs
Any Traded commodity should be valued to ensure a
proper and justified trade, hence it is of paramount
impo tance to nde stand the economics of IP
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importance to understand the economics of IP
development & life cycles and its related technical aspects
including IP portfolio Management Matrix to do justice to
economic –financial accounting valuations.
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Overview of IPR- A CA's Perspective 3
The logical steps for achieving the
understanding and evaluation of IPR:understanding and evaluation of IPR:
IP AUDIT
&
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IP VALUATION
In order to perform an IP Audit andsubsequently value the IP audited, there is aneed to understand the nuances of IPacquisition. Let us begin this journey:Contents:
What is Property?
History of IPR
Forms of IPR
Indian Scenario
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Concerns of IP
IP Audit
IP Valuation
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Property is an interest enforceable at law.
The Institution Of property predates even the‘St t ’ St t i t i t h th i
WHAT IS PROPERTY?
‘State’. States comes into existence when there is“harvestable surplus” of wealth.
The harvestable surplus of the society is taken awayby the State by its power to tax.
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As a Quid Pro Quo for payment of taxes by thecitizen, the State undertakes the obligation ofensuring respect and observance of private propertyrights.
Millions of years ago, humans evolved from hunter gatherers to agriculturists.
This is the first attempt of humans to apply technology for producing his basic needs
TOOLS OF WEALTH CREATION
for producing his basic needs.
Hence land symbolized wealth, till the end of the 19th century.
Thereafter, ‘TRADE’ became an important wealth
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Thereafter, TRADE became an important wealth creating tool.
Increased ‘TRADE’ made ‘manufacturing’ the best tool for wealth creation
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Survey of Wealthy Indians
1950 -1970 :- Former KINGS, ZAMINDARS, LAND LORDS, TATAS,BIRLAS/Jamnalal Bajaj (all these j j (
people inherited their wealth).
1970-1990:- Dhirubhai Ambani……., Nusli Wadia, TVS, TTK, Dr.Reddy (Reddy Labs), Ranbaxy, Piramal
(this group focused on achieving global quality at Indian prices on basic technologies)….
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1990-2000:- Mr.Azim Premji/Shiv Nadar, GururajDeshpande/ Mr.Narayana Murthy/Jagadish/Sameer
Bhatia/Ms.Kiran Mazumdar Shaw (the last group are all products of the technological revolution)
International History of IPR 1604:-
HISTORY OF IPR SYSTEM
yStatute of Monopolies,(U.K)-more anattempt to restrict the powers of theCrown to grant monopolies, than agenuine desire to protect Literary,Artistic Sculptural or Technological
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Artistic, Sculptural or TechnologicalWorks.
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1861- Berne Convention on the Protection of Copyrights
1882-Paris Convention on the Protection of Industrial
International History of IPR
Property.
BIRPI- A Private organization for the Protection of IP
1957-Birth of WIPO, which became Repository organization for these Treaties.
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1994-WIPO became a specialized Agency of U.N
WTO –TRIPS Agreement
FORMS OF IPR
TrademarksPatents
IPR
Copyright
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Designs
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Example
Design
Trademark Patent
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INTELLECTUAL PROPERTY SYSTEM[INDUSTRIAL PROPERTY SYSTEM]
ALL THESE RIGHTS CONFER SOME KIND OF MONOPOLY HENCE THEY MUST NOT ONLY BE STRICTLY
CLASSICAL IPR: FIRST GENERATION IPR
MONOPOLY.HENCE THEY MUST NOT ONLY BE STRICTLY JUSTIFIED BUT ALSO STRICTLY CONSTRUED
• COMMON LAW RIGHTS
• REGISTRATION NOT COMPULSORY
• STATUTORY RIGHTS• REGISTRATION IS
MANDATORY• PATENTSCOMPULSORY
• COPYRIGHTS-enjoy inherent protection
• TRADEMARKS
• PATENTS• DESIGNS
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COPYRIGHTS
This protects Literary & Artistic works, M i D S (b h
IPR- For Protecting Knowledge
Creation of knowledge-This is primarily
t t d b C i ht Movies,Dramas, Songs (both lyrics & the musical composition),Books, Films,Computer Software etc.
DURATION: Depends on the type E.g. Films: 50 years
protected by Copyright System.
Requirement are- (a) originality (b) reduction into a tangible form.
l dtype E.g. Films: 50 yearsBooks: lifetime of the author &
60 years thereafter.
• Registration is optional6th July 2011
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Originality under copyright law means the work owes its origin to the author. It is different from novelty.
PATENTS
Application of created knowledge to produce useful results-This is primarily
d b S
All inventions that have commercial applications, except those that are
protected by Patent System
Requirements are Novelty, Utility, non-obviousness and statutory subject matter.
Utility means that the
excluded from patentability.
DURATION:20 years from the date of Application.
Utility means that the invention is capable of industrial application
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Registration is compulsory
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Rationale Behind Patent Protection Disclosure theory:
This enables the inventor to Incentive theory:
Patents add fuel to the fire of This enables the inventor to disclose his invention to public ,instead of keeping it a trade secret.
After the expiry of the monopoly period any
Patents add fuel to the fire of genius-Abe Lincoln
Creation of technology is highly capital & risk intensive. Patent monopoly is a just reward.
Every invention improves monopoly period, any interested person can use the Specification for replicating the invention
Every invention improves quality of life. Patent provides a chance to convert an inventive concept into commercial success.
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TRADEMARKS DESIGNS
This is for marks that areapplied to goods in
To concepts that enhance the aesthetic value of the
IPR - For Protecting Goods
pp gtrade. It is intended toconvey to the purchaserthe origin of goods & anassurance that the goodsbearing the mark are ofthe same quality.
D ti I fi it
goods as opposed to functional features.
Duration: Two terms Duration: Infinite
Registration optional
10years and 5 years
Registration compulsory
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What can be registered as a trademark?
• Slogans –
• Taglines –
• Sound – Airtel, Yahoo, ICICI, Intel, Harley Davidson
S ll b thi? f ?• Smell – agarbathi?, perfumes?
• Shape – cocacola bottle
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1. Geographical Indicator
Protection available for goods that have a specific geographical
origin and possesses qualities or reputation due to that place of
i i
New Generation IPR
origin.
This is an IPR held by a group of people and it cannot be freely
transferred for money.
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There must be a specific link between the products and original
place of protection). Geographical indicator can be perpetual.
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REGISTERED GI’s from North Karnataka
GI No GI Category
•20 Bidriware Handicraft
•71 Hadagali Jasmine Agriculture
•76 Ilkal Sarees Handicraft
•61 Navalgund Durries Handicraft
•62 Karnataka Bronze ware Handicraft
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•80 Dharwad Pedha Foodstuff
•134 Sandur Lambani Embroidery Handicraft
•129 Byadagi Chilli Agriculture
2. Plant Varieties registration:A new variety of an existing species, if it discloses a new characteristic, which is beneficial, the same can be protected under the Act
New generation IPR:- (contd..)
under the Act.
For it to qualify for protection it must have(a)novelty(b)distinctiveness(c)uniformity and (d)stability
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(d)stability
Indian Law also protects the rights of the farmer to use the seeds of the new variety without any restriction from the registered owner. The period of protection depends on the type of the plant.
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New generation IPR
3. Semi conductor chips:-These are the back bone of all electronic products. Registration of the chip is compulsory for availing legal
i protection.
The criteria for protection is(a) Original (b) Inherently distinctive (c) Not commercially exploited either in India or abroad.
The period of protection is 10 years from the date of registration or commercial exploitation whichever is earlier.
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INDIAN LEGAL REGIME OF IPR Indian Patents and Designs Act 1911(now repealed)
Copyright Act 1957 [No. 14 of 1957]
Trade & Merchandise marks Act,1957(now repealed and l d b d k [ f ])
, ( preplaced by Trademarks Act, 1999 [No.47 of 1999])
Patents Act,1970 [No. 39 of 1970]
The Geographical Indications of Goods (Registration and Protection) Act, 1999
Designs Act 2000 [No 16 of 2000]
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Designs Act 2000 [No. 16 of 2000]
The Semiconductor Integrated Circuits Layout-design Act, 2000 [No. 37 Of 2000]
The Protection of Plant Varieties of Farmers Right Act, 2001 [No. 53 of 2001]
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Comprehensive Approach to the Protection of Intellectual Property:-
Suppose you invent a pen-* Register a Patent for the technology* Design for the appearance * Trade Mark for its brand & * Copyright for the accompanying literature
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Then you will be in a position to comprehensively cover your invention by IP rights.
CONCERNS OF IP:This analysis clarifies the relevance of intellectualProperties to wide range of business and society, withthe following groups having primary interest in IP:•Promoters and shareholders—IP investments are associated with excessive cost ofcapital. Excessive cost of capital hinders investment andgrowth. Promoters and shareholders are interested inmechanisms aimed at reducing the excess cost ofcapital.*Capital market regulators. —Research documents the existence differences ininformation about organizations between corporate
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information about organizations between corporateinsiders and outsiders in IP intensive companies. Thatmay lead to consequences such as systematic losses tothe less informed persons and thin volume of trade,which the regulators want to check.
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CONCERNS OF IP:
*Accounting standard boards. —The lack of understanding of IP and its relevance toaccounting and need to compulsorily account for IP inthe annual audits and reports. Formation of standardsfor IP auditing and valuation
*Policymakers. —In key areas, such as the assessment of fiscal policy(e.g., R&D tax incentives) supporting innovation,optimal protection of IP .A thorough examination of theattributes of IP and specific harmful consequences
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attributes of IP and specific harmful consequencesrelated to intellectual Properties should be concernedabout.
IP AUDIT
“What keeps me awake at night are the Intangibles....its the
intangibles that are the hardest thing for a competitor to imitate.
You can get airplanes, you can get ticket counter space, you can get
tugs, you can get baggage conveyors. But the spirit of Southwest is
the most difficult thing to emulate”.....
Herb Kelleher, founder of Southwest Airlines, quoted in” THE
INVISIBLE ADVANTAGE” by Jonathan Low & Pam Cohen
© HL NARENDRA BHATTA
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Why Conduct an IP Audit?
To create an IP policy that accurately reflects institutional
assets and needs
To highlight existing IP practices and make adjustments
accordingly
For the sheer joy of inventory: what do you have? Where
did it come from?
To trigger and facilitate creative projects using foundTo trigger and facilitate creative projects using found
“assets”
To monitor compliance (for your use of third party IP and
vice versa)
When to Conduct an IP Audit?
Prior to any business dealing or new project
With introduction of new rights or change in law/statutes.
Need for development/reassessment of IP policies.
As result of law suit.
Prior to ValuationPrior to Valuation.
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➲ Misconception
➲ Needed by
companies
• Reality
• Virtually every business relies on a
broad array of intellectual property
assets in today's information
developingcomplex
industrial patents, or
those that rely
heavily on
economy
• The assets are no longer stored in the
research and development
department.heavily on
sophisticated trade
secrets.
• Every area of the corporation is
involved in the use of intellectual
property, including human resources,
IT, marketing, sales, and research.6th July 2011 39ICAI-
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➲ Misconception
IP audits are valuation
tools, designed
exclusively to
• Reality
• While the use of the IP audit is
critical when the balance sheet
fails to tell the complete storyy
recalculate the dollar
amounts assigned (or
not assigned) to
intangible assets
fails to tell the complete story,
this is only one of many times
the IP audit should be used
• audits are designed to identifyintangible assets those opportunities to exploit
assets being under-utilized
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➲ Misconception
IP audits are valuation
tools, designed
exclusively to
• Reality
• to identify those areas where
funds are being spent
unnecessarilyy
recalculate the dollar
amounts assigned (or
not assigned) to
intangible assets
unnecessarily
• to correct situations where
legal or financial liability may
be developing as a result ofintangible assets misuse of the intellectual
property owned by third
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Key steps to an audit:
1. Identification
2. Ownership
3. Legal protection
4. Liability assesment
5. Recording
6. Valuation of Intellectual property
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1. Identification:Involves identifying, describing and defining the intangible assets:
1. Assets created by the company/institution/organization
All registered intellectual property
Any potential intellectual property
Staff know-how, NDAs, CDAs
Data subject to privacy or security agreements, whether by contract or bylegal requirement
2. Assets acquired without an express license
Use of competitor's trademarks in advertising
Incidental photocopying, e-mail
Employee data and client data
3. Assets used by the company under a contract or license Software, equipment licences
2 Ownership:It is essential to establish who or what entity owns the intellectual property
and to what extent.
3 Legal Protection:
Developing and recording strategies on how to best protect any
unregistered intellectual property
What sort of intellectual property applications should be pursued to
maintain a competitive advantage for the business.
Provide guidance on protecting in-house know how and to protect trade
secrets.
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4. Liability Assessment:Consideration of any liabilities or risks associated with the intellectual
property identified, including the likes of:
Are there ownership risks and liabilities?
What are the documentation/record keeping standards like?
What risks are involved with trade secrets/know how?
Key personnel liabilities?
Potential or existing litigation/opposition issues.Potential or existing litigation/opposition issues.
Are there any obligations or encumbrances on the intellectual property?
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5. Recording:Personnel surveys and direct observation
Comprehensive, written analysis: Identified assets catalogued;
reassessment of assets and level of protection
Create and implement a response plan.
6. Valuation of Intellectual Property:It is important to put a dollar figure on a piece of IP.
The relative value of a piece of IP gained from an understanding of where
the IP fits in with the IP owned by competitors.y p
Review of freedom to operate(FTO) issues given competitors positions.
Rationalisation of the portfolio that are not aligned with the current and/or
future commercial direction of the business
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Deliverables resulting from an audit:
A Qualitative Intellectual Property Benchmarking Report
Identify shortcomings
Highlight acceptable or current industry standard
intellectual property practices
Provide recommendations
all intended to help senior-level executives shape a
corporate-wide Intellectual Property Best Practices
program.
A CASE STUDY
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•Jet Airways is the country's second-largest international airline after Air India and the largest domestic airline, along with Jetlite.
• Incorporated as an air taxi operator on 1 April 1992.
• Started Indian commercial airline operations on 5 May 1993 with a fleet of 4 Boeing 737-300 aircraft.
•In January 1994, a change in the law enabled Jet Airways to apply for scheduled airline status which was granted on 4
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apply for scheduled airline status, which was granted on 4 January 1995.
•Began international operations to Sri Lanka in March 2004. •August 2008 it was fully integrated as Jet Airways.
A listed company, 80% of its stock is controlled by Naresh Goyal through his ownership of Jet’s parent company, Tailwinds.
Naresh Goyal already owned Jetair (Private) Limited, set up Jet Airways as a full-service scheduled
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full-service scheduled airline to compete against state-owned Indian Airlines
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The brand “Jet Airways” was that the trademark was notregistered in name of the company rather it was registered inname of the company Jet Enterprises Pvt.Ltd (JEPL) of whichNaresh Goyal was the promoter.For public subscription of the shares of Jet Airways, thecompany came out with an with an initial public offeringcompany came out with an with an initial public offering(IPO) on February 18, 2005.
Inspite of making significant amendments to its Red HerringProspectus following comments from SEBI and investors, amajor block to IPO was Ownership of brand name with Jet
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j pEnterprises.
The non-ownership of Jet Airways brand was listed as a riskfactor in the airline’s draft prospectus — post IPO.
Jet Airways and JEPL entered into a Common Law Agreementand Registered User Agreement.
Under the Registered User Agreement, Jet Airways arerequired to pay Jet Enterprises license fees on a quarterly basis
l l d i h f ll icalculated in the following manner:• 0.20% of our revenue up to Rs.11,500 million;• 0.15% of our revenue in excess of Rs.11,500 millionup to Rs.23,000 million; and• 0.10% of our revenue in excess of Rs.23,000 million
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The Registered User Agreement and the Common LawAgreement are valid for a period of fifteen (15) years,commencing October 2000, and are renewable at the option ofJEPL for a further period of ten years
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Foreign Investors and promoters felt that the Registered UserAgreement was inappropriate and could be of more risk to JetAirways.Suggested that the Trademarks “Jet Airways” be bought in thename of the Company Jet Airways from JEPL and itspromoters.
Jet Airways, bought back the 'right, title and interest' in the"Jet Airways“ trademark from JEPL for
a one time fee of $7 million or around Rs 30 44
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a one-time fee of $7 million or around Rs 30.44crore
Listed are a number of Facts concerning company value and reasons why an IP Audit should be made.
In 1993 IBM made US$10 Billion from licensing non-coretechnologies which would otherwise not have been used. In the EUthe average value of a patent is worth 500,000 Euros. In Europe 36%of patents are not usedof patents are not used.
Honeywell International uses a separate company HoneywellIntellectual Properties Inc, to manage it’s IP portfolio. Recently, itlicensed its LCD technology to competitors such as Sanyo, LGC,Philips, and Chungwa Picture Tubes.
In 2002, Korea exported technology worth US$0.6 Billion andimported technology worth US$2.7 Billion through licensing, R & Dsharing and Joint Ventures.
US company Texas Instruments earns more from licensing its unusedPatent rights than from its products.
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AMORTIZATIONA recognised intangible asset shall be amortized overits useful life to the reporting entity unless that life isdetermined to be indefinite.If an intangible asset has a finite useful life, but theprecise length of that life is not known thatprecise length of that life is not known, thatintangibles asset shall be amortized over the bestestimate of its useful life.The method of amortization shall reflect the patternin which the economic benefits of the intangiblesasset are consumed or otherwise used up.f
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If that pattern cannot be reliably determined, astraight-line amortization method shall be used.An intangibles asset shall not be written down or offin the period of acquisition unless it becomesimpaired during that period.
The amount of an intangibles asset to beamortized shall be the amount initially assignedto that asset less any residual value.
AMORTIZATION
The residual value of an intangible asset shall beassumed to be zero unless at the end of its usefullife to the entity the asset is expected to continueto have a useful life to another entity and
(a) the reporting entity has a commitment from a thirdparty to purchase the asset at the end of its useful
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party to purchase the asset at the end of its usefullife or
(b) the residual value can not be determined byreference to an exchange transaction in an existingmarket for that asset and that market is expectedto exist at the end of the asset’s useful life.
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Table 1 – An Example of a Provisional IP Audit
IP VALUATIONWhen you measure what you are speaking
about and express it in numbers, you know
something about it, but when you cannot (or do
not) measure it, when you cannot (or do not)
express it in numbers, then your knowledge is
of a meager and unsatisfactory kind.
Sir William Thompson, Lord Kelvin (1824-1907)
© HL NARENDRA BHATTA6th July 2011 58ICAI- BANGALORE/INTELLOCOPIA/BHATTA
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What is IP Valuation?
The Foundation of IP valuation analysis consists of
four building blocks, each with an associated
question:
Purpose – Why are we valuing the asset?
Description – What is the asset?
Premise – How will the asset be used?
Standard – Who is the assumed buyer of the asset?
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What is IP Valuation?
Value is the representation of all future benefits of ownership,d i t i l tcompressed into a single payment.
IP Valuation is attaching a value to the intangible assets.
Value does not exist in the abstract and must be addressedwithin the context of time, place, potential owners and potentialuses.
Why focus on Intangibles?Valuation provides:
Better understanding of non financial assets and their importance
in company's value creation.
Better internal management of intangible assets
Starting point for internal measurement system that can be used to
track performance and improvements over time
Establish link between inputs, processes, the build of the
intangible assets and company performance.
Insights to assist management to make intelligent trade off
decisions with regards to investments.
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Intangible assets are of 2 types:
Identifiable Unidentifiable
Patents, copyrights, Trade secrets and Goodwill, Reputation,
Know how Trademarks and Brand names Management teamKnow how, Trademarks and Brand names Management team,
Distributor networks &
Trained workforce.
Exist by virtue of protection Constitute remaining value
afforded by law of business and important
during merger and
acquisition
Properties of IP AssetsTo have value, the assets must be:
identifiable from other assets of business
able to produce on-going benefits for the business
protected and not free in public domain
transferable from a seller to a buyer
For some valuation IP assets can be grouped into a single assetg p g
example: a copyright to workbook which describes a chemical
process is worthless without also having rights to the patent
protecting the same process
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IP characteristics and valuation
IP characteristics and valuation
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Parameters for valuation
What is the IP to be valued?
For whom is the valuation being done?g
What is the purpose of valuation?
The date of valuation.
What valuation method is appropriate to
circumstances?
Reasons for IP Valuation
• Corporate valuation for stakeholders
• M & A's
• Management buy out or buy in
• Privatization of public entity.
• Fund raising
• IPO
• Financial reportingFinancial reporting
• Assignment or acquisition
• Licensing in or out
• Investment
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Existing use Value to the owner underthe existing marketing,operational andfinancial strategies.This ignores unexecuted
l d l
Licence Agreements, Merger/Acquisitons, Financial reporting, Litigationplans to develop patents
in new areasLitigation
Market Amount that would bepaid by a willing but notanxious, buyer to a
Licence Agreements, Merger/Acquisitons, , y
willing, but notanxious, selleradequately informed andacting in an open market
Transfer Pricing
Liquidation Assumes that theintangible assets are not
operating as part ofi d th t
Security for Debt Finances
Methods of valuation
Market value of the company LESS the tangibleassetsassets
Cost based( Historical and Replacement cost)
Comparable Market valuations
E i be efit eth dEconomic benefits method
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Overview of IPR- A CA's Perspective 33
Market value Principle:
Value estimated from net tangible assets
Process:Process:
Obtain net tangible assets from company balance sheet
Account for the market capitalization
Valuation of IP assets estimated by deducting net tangible assets
f k i li ifrom market capitalization
Result:
Valuation of IP assets as a collective entity
Case study:
Ford motor company brand example
Over 5300 US patents and well known brand
Summary of balance sheet of Ford:Summary of balance sheet of Ford:
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Overview of IPR- A CA's Perspective 34
Cost based
Principle of substitution: Value of asset estimated on basis to construct a
similar asset at current prices
Process: Identify historical costs of developing intangible assetProcess: Identify historical costs of developing intangible asset
Adjust for time value of money
Add an appropriate rate of return to calculate
developer's profit
Result: Cost of replacing the intangibleResult: Cost of replacing the intangible
Mainly 2 types: Historical cost method
Replacement method
Historical cost:
Case study: If researchers spent(F) $100,000 p.a. on a project for 2
yrs and if the time cost of money is 7% p.a then the historical
valuation is
200,000 + {(100,000x 0.07) + (200,000x0.07)}= $221,000
Replacement cost: Cost to replace the asset to develop a new one
Case study: In the above case if the failure rate was 40% and the
reasonable risk premium is 1.67 and the valuation would be
$221,000 x 1.67 = $369,070
In other words unless the team is confident that the project would
yield a return of $369,070, a investment in the project should not
be done
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Overview of IPR- A CA's Perspective 35
Comparable markets
Principle:Estimate value of intangible asset based on market prices of comparable intangible assetsgcase study:
Company Brand value Market capitalizationToyota $18.8bn (11%)
Mercedes $21.1bn (40%)Honda $15.2bn (46%)
Volkswagen $7.8bn (66%)At what brand value and at what percentage of market capitalization
would Ford be traded?An individual valuation of Ford shows it is valued at $36.4bn and has a
market capitalization of 75%
Economic benefits methodPrinciple: In order to have a value an IP asset must
produce a net economic benefit during its life.
Benefit from asset over lifetime must exceed cost.
Process: Life cycle costing:(Net present value[NPV] or
Discounted Cash flow[DCF]. Calculate
The cost of design, R&D, marketing, production and
distribution
The life of product or process
The life of associated IP and
The timing and quantum of income return
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Case study
l f lExample of Valuation: Purpose Financial Reporting:
Dr.Reddy’s Lab
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Example of Valuation… cont’d
Example of Valuation….cont’d
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Example of Valuation….cont’d
Example of Valuation…..cont’d
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Example of Valuation…. Cont’d
Example of Valuation….. cont’d
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Overview of IPR- A CA's Perspective 41
DisclaimerVIEWS EXPRESSED AND ERRORS, IF ANY ARE ATTRIBUTABLE TO THE
AUTHOR –IF YOU RELY ON THE ABOVE VIEWS WITHOUT A PERSONALIZED
OPINION, AND IF YOU HAVE BENEFITS, YOU ARE FREE TO KEEP ITFOR YOURSELF WITHOUT EVEN AN ACKNOWLEDGEMENT !!
IF YOU RELY ON THE ABOVE VIEWS, SOME OF WHICH MAY HAVEALTERED INTERPRETATION, SUFFER LOSES AND YOU SUE ME FORNEGLIGENCE, I RESERVE not only MY RIGHTS TO RECOVER COSTS(!)but also raise new bill on you for relying upon these views!!
This presentation is primary meant for instructional use and not forC i l P bli ti Th hi f th TM & i ht d
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Commercial Publication. The ownership of the TM & copyrightedmaterial (especially cartoons) appearing in the presentation is dulyacknowledged. There is no infringement of rights in any regard.
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