State of the art analysis, IP valuation, benchmarking and methodology identification
This WP provides the general methodological framework based on an in-depth global survey of the state-of-the-art in valorisation of intellectual assets. On the one hand intellectual asset and IP-valuation still is in its infancy. On the other hand supranational institutions (eg OECD, EC), governments, standard setters, financial professionals as well as corporates came up with a variety of business cases in the last 20 years. This rich portfolio of novel approaches reaches from new concepts of accounting, disclosure and financial analysis to securitisation of royalties and new forms of intermediaries that could provide certain niche services in a newly developed Single Market for intellectual assets. All these approaches and entities will be thoroughly collected and analysed. Their strength and weaknesses will be tested and described against the backdrop of stakeholder's needs.
Based on this digested collection of optionally useful valorisation concepts from Asia, Europe and The Americas the next step aims at carving out those approaches which seem most suitable with regard to the specific situation in SEE countries. In the end the project team will come up with a consolidated beta version of a valuation framework for intellectual assets and IP respectively. This novel set of valorisation instruments will also take into account the most recent insights in understanding corporate value creation and innovation processes, adressing for instance regime shifts to open-innovation-type "economic ecosystems".
Through the project the EVLIA-team will capitalize on its transnational and global network of practitioners and experts in the field culminating in a high-level international workshop to spark innovative approaches and their European and even global dissemination. Finally local working groups will facilitate the transition of the beta version of the valuation framework to a consolidated set of valorisation instruments that can be presented to the EU and SEE Authorities.
SUMMARY OF THE WP3 ACTIVITIES
In the first half of the project the initial task in WP3 was to provide a general methodological approach for the project as foundation for the development of the valorization blueprint for IP and intangible assets (IA) in the course of the EVLIA process.
In a main step of research an analysis of the status-quo of valorization of IP and intangible assets in practice on a worldwide level as well as with a specific focus on SEE was performed. Based on an online survey of business-cases in SMEs, corporations as well as intermediaries and financial industry in the SEE-countries of the EVLIA consortium 37 cases of business transactions could be collected as input provided by all the partners based on the questionnaire prepared by ECONOMICA. Although the phase of data collection lasted for more than six months still the number of identified business cases is quite limited which obviously reflects the current situation in the market of IP/IA based business transactions in Europe. The online survey also included an insight in legal framework conditions in SEE countries of the EVLIA consortium as far as data was available. Furthermore a description of valorization instruments used in practice with their strengths and weaknesses was part of the analysis. All these findings were compiled and comprehensively described in the ‘Global Survey’.
Based on this global survey of valorization practice in business transactions a roadmap in the form of a three tier model was designed as basis for further methodology development to be tested in the pilot phase of EVLIA. The finally suggested goal from this perspective should be an Integrated Valorization Standard for Intangible Assets (IVIA) on EU level which goes beyond IP addressing a multitude of intangible assets of a company.
Parallel to these research and analysis activities WP3 contributed to dissemination and discussion with stakeholders beyond the EVLIA partner consortium. As initial step WP3 provided a framework for the first round of local working group meetings to inform the respective stakeholders in all countries of the project consortium about the goals and rationale of EVLIA and to invite stakeholders for further involvement. Secondly WP3 was responsible for preparation of the EVLIA transnational expert workshop which featured outstanding experts in the field from academia, financial industry, government as well as from the European Commission itself. Amongst others Prof. Loumioti from University of Southern California/Los Angeles as well as Dr. Rollwagen from Deutsche Bank Research contributed to the event.
Finally a set of Key Performance Indicators (KPIs) for the evaluation of the performance of the methodology/tools adopted for the economic and financial evaluation of intangible assets was prepared to be used by the EVLIA Evaluation Committee Members.