Intellectual PropertyValuation, Exploitation, and Infringement Damages
A new edition of the trusted book on intellectual property Intellectual Property simplifies the process of attaching a dollar amount to intellectual property and intangible assets, be it for licensing, mergers and acquisitions, loan collateral, investment purposes, and determining infringement damages. Written by Russell L. Parr, an expert in the valuation/intellectual property field, this book comprehensively addresses IP Valuation, the Exploitation Strategies of Licensing and Joint Ventures, and determination of Infringement Damages. The author explains commonly used strategies for determining the value of intellectual property, as well as methods used to set royalty rates based on investment rates of returns. This book examines the business economics of strategies involving intellectual property licensing and joint ventures, provides analytical models that can be used to determine reasonable royalty rates for licensing and for determining fair equity splits in joint venture arrangements. Key concepts in this book are brought to life by presenting real-world examples of exploitation strategies being used by major corporations. Provides practical tools for and examines the business economics for determining the value intellectual property in licensing and joint venture decisions Presents analytical models for determining reasonable royalty rates for licensing and for determining fair equity splits in joint venture arrangements Provides a detailed discussion about determining intellectual property infringement damages focusing on lost profits and reasonable royalties.
About the Author xi Preface xiii Acknowledgments xvii PARTI INTRODUCTION 1 1 Intellectual Property Is the Foundation of Value 3 2 Intellectual Properties Defined 20 3 Intangible Assets Defined 40 4 Business Enterprise 54 PART II VALUATION 65 5 Valuation Principles 67 6 Cost Approach 75 7 Market Approach 87 8 Income Approach, Identifying Economic Benefit 95 9 Risk-Adjusted Income 113 10 Valuation Errors 130 11 Early-Stage Technology Valuation 142 12 Special Valuation Situations 155 PART III EXPLOITATION 175 13 Exploitation Strategies 177 14 More on Exploitation Strategies 187 15 Licensing, Negotiations, and Agreements 213 16 Royalty Rates for Licensing 237 17 Use of the 25% Rule in Valuing Intellectual Property 272 18 Determining a Royalty Rate—an Example 291 19 The Magnitude and Meaning of Royalty Misreporting 305 20 Patent Aggregators 313 21 University Licensing 326 22 Joint Ventures 338 23 Intellectual Property Audit and Management 352 24 Organizing for the Future 372 25 Transfer Pricing 384 PART IV INFRINGEMENT DAMAGES 401 26 Lost Profits 403 27 The Entire Market Value Rule 434 28 Royalty Rates and the Georgia-Pacific Factors 448 29 Evolving Patent Damages 471 30 Trademark, Copyright, and Trade Secret Damages 484 Appendix A Accounting 496 Appendix B Economic Benefit, Timing, and Pattern 507 Appendix C Royalty Rate Data 530 Appendix D Risk and Uncertainty 598 Index 619
RUSSELL L. PARR, CFA, ASA, is President of Intellectual Property Research Associates (www.ipresearch.com). He is an expert in determining the value of intellectual property. Mr. Parr's books about intellectual property value and management are published in Japanese, Korean, Italian, and English. He is dedicated to the development of comprehensive methods for accurately defining the value of intellectual property.
THE REVISED AND UPDATED COMPREHENSIVE GUIDE TO INTELLECTUAL PROPERTY The thoroughly revised fifth edition of Intellectual Property offers an accessible guide that simplifies the process of attaching a dollar value to a wide variety of intellectual properties and intangible assets such as patents, trademarks, copyrights, trade secrets, favorable contracts, licenses, and joint ventures. Comprehensive in scope, the text explores the relationship between intellectual property and intangible assets and the business enterprise in which they are exploited. This new book contains the tools needed for evaluating the investment aspects of licensing and joint venture decisions and the author discusses the legal, tax, and accounting practices and procedures related to such arrangements. In addition, the book provides analytical models that can be used to determine reasonable royalty rates for licensing, equity splits in joint venture arrangements and intellectual property infringement damages. The updated fifth edition contains information on the most recent thinking in the field and includes real world examples that clearly illustrate theoretical topics. The book's hypothetical case studies cover many of the nuances of valuation, licensing, and damages analysis. Most of the chapters in this book have been revised to reflect the accelerating importance of intellectual property for value creation. The text is designed to make the information easier to access by defining four major sections: Introduction, Valuation, Exploitation, and Infringement Damages. In today's marketplace 85% of the value of major corporations of all types is comprised of intellectual property and intangible assets. The updated fifth edition addresses the fact that intellectual property has become a critical factor to business decision-making. Quantifying the value of intellectual property is fundamental to activities such as licensing, acquisitions, joint ventures, divestitures, restructurings, and acquisitions.
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