From Ideas to Assets: Investing Wisely in Intellectual Property (Intellectual Property-General, Law, Accounting & Finance, Management, Licensing, Special Topics)

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In the information age, intellectual property rights such as patents, copyrights, and trademarks are among companies' most valuable assets. Today, managers and investors in a wide variety of industries need to understand the fundamentals of intellectual property rights in order to make informed decisions about the companies they run and the investments they hold.

From Ideas to Assets provides a detailed overview of what intellectual property assets are and how they work - and what you need to know about them to succeed today's competitive business environment. It offers techniques for valuing intellectual property and discusses ways to help you maximize returns and discern performance variables.

The 25 expert contributors to this volume approach the subject from the varied perspectives of shareholders, managers, analysts, accountants, advisors, and other professionals. Original tables, graphs, and statistics related to intellectual property returns and performance indices are included to clarify important legal and accounting concepts. This easy-to-read guide covers strategies for businesses in various industries, including the financial and manufacturing sectors. This is not a textbook or a stock-picking manual. From Ideas to Assets is a focused resource that provides diverse audiences with valuable guidance on the IP basics they need to know.

From Ideas to Assets: Investing Wisely in Intellectual Property (Intellectual Property-General, Law, Accounting & Finance, Management, Licensing, Special Topics) Review

Many of the articles in this collection haven't withstood the test of time -- a mere three years.

The reason is an unrealistic view of patents and other IP as financial assets, without any regard for where their value comes from. In industry, for example, a naked patent license (i.e., without accopmpanying know-how) usually only has defensive value against a possble lawsuit. It has little enabling value for someone who wants to learn how to practice the invention.

However, this bit of reality doesn't prevent some authors from fantasizing about stock exchange-style markets for IP. These haven't materialized. Similarly, most (perhaps all) of the Internet-based IP exchanges that sprung up during the dot-com era have failed to survive to the present, at least under their original business model.

Another area that's way beyond reality is the discussion of securitization of IP assets. The original deal of this type -- the famous "Bowie Bonds" deal of 1997 -- was downgraded to junk status in late 2004. In 1997 who knew about Internet file-sharing?

Nonetheless, in 2002 one of the authors in this book claimed that there would be $500 BILLION of these securitization deals by 2005. (You might need to look on the Internet for this, I don't think it's in the book: search for Licent Capital, and you'll find this prediction quoted in an article by Deloitte & Touche, among other places.)

The actual market in late 2004, was around 0.1% of the prediction -- and actually less, since the market was comprised mainly of purchases (i.e. assignments) of royalty streams, not securitization. Moreover, that activity was mainly in the biopharma area. If you think this is less risky than David Bowie royalties, just recall the withdrawal of Vioxx and certain other painkillers from the market earlier in 2005.

Finally, if you do buy this book, just try this experiment (especially regarding Part 4, the most financially-oriented section): try finding the homepages of the various authors' companies. Good luck!

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