• The Journal of Society for e-Business Studies
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• v.23 no.1
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• pp.47-63
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• 2018

This study suggested quantitative models to calculate a royalty rate as an important input factor of the relief from royalty method which has the characteristics of income approach method and market approach method that are generally used in the valuation of intangible assets. This study built a royalty rate regression model by referring to the patent infringement damages cases based on royalties, i.e., by using the royalty rates as a dependent variable and the patent indexes of the corresponding patent right as independent variables. Then, a logistic regression model was constructed by referring to inter-partes review cases of patent rights, i.e. by using not-unpatentable results as a dependent variable and the patent indexes of the corresponding patent right as independent variables. A final royalty rate was calculated by matching the royalty rate from the royalty rate regression model with a not-unpatentable probability from the logistic regression model. The suggested royalty rate was compared with the royalty rate obtained by the traditional methods to check its reliability.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.63-104
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• 2004

Economists have long been involved in various studies, theoretical and empirical, on the economic gains from innovative activities and as their outcome, intellectual properties. In Korea, however, research in this field has experienced rather slow progress, partly due to the lack of data availability and the awareness of its importance. This study attempts to measure the economic impact of patents on market value of firms from a microeconomic point of view. Analyses are performed to examine the ex-ante market valuation of patent acquisition activities by investigating the effect of patent acquisitions on daily stock prices as well as on annual market values. The study on the effect of a disclosure of granted patents on daily stock prices reveals that the economic value of a firm's patent acquisition is fairly high. The study on listed firms also reveals that a firm's patent registration stock has a positive and statistically significant effect on its year-end market value. Therefore, it can be concluded that the analysis performed in this study supports the validity of Korea's current patent system. The result, however, does not guarantee the optimality of current system. Studies on various aspects of intellectual property should follow to shape the system into a socially optimal one.

• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.23-46
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• 2017

Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

• Journal of Korea Technology Innovation Society
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• v.15 no.2
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• pp.242-261
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• 2012

Early stages of technology valuation have been often overlooked or under-represented. The early stage technologies are even riskier due to their inadequacy of commercial development and market applicability. More than 95% of patents fail to earn any revenues so that the majority of patents were valueless. Technology transfers from laboratories at universities and research institutes to industrial firms have increased to acquire value from invented technologies. Technology transfer, a process of transferring discoveries and innovations resulted from research to commercial sectors, typically comprises several steps: disclosing the discoveries and innovations, i.e., intellectual property (IP), evaluating the IP's economic prospects, securing a patent, copyright or trademark for the IP, commercializing the technology through licensing, forming a joint venture, or selling. At each of those stages in the research and development of technology, the value of technology would play a very important role of making decision on the movement toward the next step, however, the financial value of technology is not easy to determine due to a great amount of uncertainty in the course of research and development, and commercialization. This paper refers to technology embodied as devices, equipment, software or processes primarily developed at public research institutions such as universities. Sometimes it is also as the result of externally financed projects contracted with industry. Nearly always technology developed at public research entities results in laboratory prototypes. When it is required to define the technology transfer contract terms for the license of the university patrimonial rights to external funding companies or other interested parties, a question arises: what is the monetary value? In this paper, we present a method for technology valuation based on the identification of specific value points related to its development. The final technology value must be within previously defined value limits. This paper consists of the review of issues related to technology transfer and commercialization, the identification of characteristics of technologies in the early stage of technology development, the formulation of framework of methods to value the early stage technologies, and the conclusion and implication of the previous review.

• Korean small business review
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• v.42 no.1
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• pp.19-41
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• 2020

In Korea, punitive damages were introduced in the 2011 Fair Transactions in Subcontracting Act(FTSA), and in 2019 the Patent Act, Trade Secret Protection Act(TSPA), Industrial Technology Protection Act(ITPA), and Mutually Beneficial Cooperation Act(MBCA). In punitive damages, the judgment of 'intentional' is especially important, and it is necessary to refer to US precedents since there is no accumulated case. Major Company can avoid intentional counseling through the advice of lawyers, but SMEs may have to punish punitive damages due to a lack of awareness of the system. In the case of TSPA, ITPA, FTSA, and MBCA, except for Patent Act, the provisions related to proof of damage have not been well maintained yet. Therefore, the data submission order system of these laws needs to be revised to the level of patent Act need to be. TSPA needs to be amended in the future to estimate the amount of the royalties in estimating the amount of damages so that it can receive the 'reasonably' estimated amount rather than the usual amount. On the other hand, ITPA, FTSA, and MBCA do not have any provisions for the estimation of damages. Besides, it is difficult to evaluate the technology value in the case of leakage or deodorization of new technologies. Therefore, valuation needs to be carried out by a credible institution along with the development of a model for calculating damages.

• Journal of Engineering Education Research
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• v.11 no.1
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• pp.101-116
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• 2008

As industrial society has changed to knowledge-based society, the needs for the intellectual property education in the engineering school is emphasized. Therefore graduate engineering school in USA, Europe, and Japan has strengthened intellectual property education. The curriculum has expanded from intellectual property introduction to business development using patent technology, valuation of intellectual property, intellectual property strategy and management. However, the intellectual property education in engineering school in Korea is in early stage. This study has surveyed the intellectual property education in major engineering school in USA, Europe and Japan, and compared it with the education in Korean engineering school. Finally, some recommendations are provided based on this study.

• Journal of Digital Convergence
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• v.14 no.3
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• pp.83-94
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• 2016

The objective of this paper is to examine the determinants of technology transfer for Small and Medium Enterprises. Based on IP-MARKET, KIPRIS, and Wintelips, we employ the logistic regression analysis using all data related with technology transfer in markets for intellectual property rights from 2008 through 2012. Our main results are as followings: (i)the more inventors the higher possibility; and (ii)the more claims and forwards the higher possibility of success in technology transfer in Small and Medium Enterprises.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.7
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• pp.2358-2370
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• 2010

This research aims to empirically analyze the factors that affect the success of technology marketing by Korean universities. The total of 207 universities which successfully made technology transfers from 2006 to 2008 was examined to test the nine hypotheses. For the purpose of testing the hypotheses, technology infrastructure (research costs and the number of SCIE papers), the compensation system for the patents (application and registration), the number of patents (application and registration), TLO staff (the number of people in charge of technology transfer and the job experience in industries), the compensation system for technology transfers (researchers and contributors), and attitudes of university management and industries were analyzed with structural equation methods to figure out their effects on the revenues of technology transfer. The results of this research are summarized as follows. First, technology infrastructures of universities were found to have positive effects on securing patents. As the university research costs in the field of science and technology are increases, the research capabilities are enhanced and this a larger number of researchers are conducted. Second, this research shows that compensation systems for patent application and registration in universities have motivated researchers to take out patents for the outputs of their research. Third, the number of patents universities possess was found to have a positive effect on technology transfer. An increase in the number of patents universities possess implies an increase in the diversity and excellence of the target technologies for transfer. Fourth, the number of patents universities possess turned out to have a positive effect on TLO staff. The number of experts in charge of technology transfer including technology dealers, valuation analysis and patent attorneys should be increased as target technologies for transfer increase according to the increase of patents possessed. Because the technologies are transferee from universities to businesses, businesses (job) experience of TLO staff in industries are also important. This research is meaningful because it has identified the factors affecting the results of technology transfer by employing structural equation methods. In particular, an official governmental survey data for the academic-industrial cooperation were analyzed systematically in terms of technology infrastructure, compensation systems related to patents, the number of patents, TLO staff, compensation systems for technology transfer, and attitudes of university management and industries. All these facts might could differentiate this study from the previous studies.