Intellectual Assets: Valuation and Capitalization

Intellectual Assets: Valuation and Capitalization

Intellectual Assets: Valuation and Capitalization

Intellectual Assets: Valuation and Capitalization

Synopsis

The emergence of the knowledge-based economy has raised concerns over several areas: the management of intellectual resources, valuation of intellectual capital; commercialisation of inventions; intellectual property valuation; efficiency of the utilisation of intellectual assets; promotion of innovation. Intellectual assets have great potential , yet investment will only flow where there are clear opportunities to build and recover future value. This conference set out to help identify the most important challenges faced by public and private sectors in this area.

Excerpt

A rising knowledge-based economy has posed challenges in all areas of human life, including acquisition, generation and dissemination of knowledge, organization of the innovation process and commercialisation of intellectual assets. New information and communication technologies allow closing the gap between invention and its utilization, between the inventor and investor. At the same time, a present patent system, designed in the industrial epoch, has loop-holes, which makes the existing protection of the rights of inventor extremely porous in the light of the capabilities of new technologies, and the inventor increasingly vulnerable, undermining his or her incentive to further innovate.

A situation in the area of the capitalization of intellectual assets is far from being conducive to the inventor. the valuation of intellectual assets is not properly standardized. Small and medium-sized venture companies are unable, due to a high price of valuation, benefit in full from their inventions and do not own enough investment resources to convert their own inventions into products.

Furthermore, small and medium-sized enterprises, operating under a constant financial pressure, do not have enough capacity to identify a right patent, which could lead to an enhancement of their products or the production of new ones. Those small and medium-sized companies, which succeeded to overcome this barrier, have grown into big businesses, employing thousands of workers, while providing consumers with new products and services.

Finally, companies, operating on the competitive edge, show that they have been winning because of their heavy investment in new technologies and products. At the same time, the value structure of new competitive services and products has increasingly shifted towards intangible (R&D) inputs. the value of some of the new products like those of Microsoft or Dell, for example, are a product of knowledge.

This growing role of innovative resources in generating new value poses a number of challenges facing the corporate sector, Governments and the society at large: how to evaluate the intangible contribution and, hence, corporate portfolio, how to stimulate innovating thinking, etc.?

It is obvious that the knowledge-based economy sets its own rules and conditions. To better understand the nature of this phenomenon and better prepare to meet its challenge, a longer and more focused dialogue is needed.

The challenge facing transition and emerging market economies is even greater. They have simultaneously to design new means to capitalize intellectual assets, which were inherited from the past, and to transform their institutional framework to ensure the sustainability of innovative activities.

In the light of the above, the unece decided to convey a meeting of high-level experts on valuation and capitalization of intellectual assets. Some interesting suggestions made by experts and successful solutions highlighted in their presentations are collected in the publication below. They show that countries of the region share the same concerns and are eager to learn from each . . .

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