Comprehensive coverage of the issues, methods, and art of valuing and pricing early-stage technologies To develop or not to develop; to license or not to license; what price will be a true reflection of the product's value from both the buyer's and seller's point of view? These questions are crucial to companies dependent on intellectual property-particularly technology companies, universities, and biotech companies. The risks associated with early-stage technology are high, and decisions must often be made years before any potential product will reach the market. In Early-Stage Technologies: Valuation and Pricing, Richard Razgaitis presents TR-R-A-DE(TM), a comprehensive approach to determining the future of new technologies based on technology rights, risk assignment, the art of deal-making, and deal economics. He considers the key components involved in a licensing transaction, offers a detailed presentation of six valuation methods for intellectual property, examines risk in both quantitative and qualitative terms, and explores the negotiation strategy and structuring of agreements that are the keys to the art of technology rights deal-making. Early-Stage Technologies is an indispensable tool for anyone involved in the development, valuation, and licensing of intellectual property, the most valuable resource and driving force of the information age.
This book contains the refereed proceedings of the 16th International Conference on Agile Software Development, XP 2015, held in Helsinki, Finland, in May 2015. While agile development has already become mainstream in industry, this field is still constantly evolving and continues to spur an enormous interest both in industry and academia. The XP conference series has always played, and continues to play, an important role in connecting the academic and practitioner communities, providing a forum for both formal and informal sharing and development of ideas, experiences, and opinions. The theme of XP 2015 "Delivering Value: Moving from Cyclic to Continuous Value Delivery" reflects the modern trend towards organizations that are simultaneously very efficient and flexible in software development and delivery. The 15 full and 7 short papers accepted for XP 2015 were selected from 44 submissions. All of the submitted papers went through a rigorous peer-review process. Additionally, 11 experience reports were selected from 45 proposals, and in each case the authors were shepherded by an experienced researcher.
Fundraising for venture capital investments have continued to increase in recent years. One crucial step in the investment process is the valuation of the target company. Investors are faced with the great challenge of valuing a young venture without a corporate or financial history, a firm customer relationship or even a business model, while still taking into account the tremendous growth potential. Especially the valuation of technology companies is a difficult and often subjective process. Motivated by these considerations, this dissertation details a design science research project, which aims to develop an artifact that improves the indication of value in early-stage technology venture valuation while enabling operationalizable and fair valuation. This approach ensures a more meaningful valuation and better applicability to early-stage technology ventures compared to traditional methods while supporting the deliberate reduction of information asymmetries between entrepreneurs and investors. Firm-specific characteristics and practical applicability are taken into account.
This book is a well written and handy source for readers. Additionally, it provides an overview of current issues relevant to the development of entrepreneurial policy, which is based on interesting case studies across a number of nations. . . Dessy Irawati, International Journal of Entrepreneurial Behaviour and Research What is new in the world is the need to understand business dynamics; the entry, exit and growth of firms in the economy. This dynamic firm structure, as opposed to the static firm structure that dominated past thinking, has spurred an outpouring of research. The heart of the issue is that while many have identified the importance of business dynamics (entry and exit) we have only recently taken a closer look at the ecological system in which some companies must die for others to thrive. Entrepreneurs are the predators of this system. Public policy in an entrepreneurial economy (dynamic) must limit the forces that prevent firm exit and foster the forces that promote firm entry. This book makes an important contribution to the debate. Zoltan J. Acs, George Mason University, US and Max Planck Institute of Economics, Germany This unique Handbook provides a solid foundation for essential study in the nascent field of entrepreneurship policy research. This foundation is initially developed via the exploration of two significant propositions underpinning the nature of entrepreneurship policy research. The first is that entrepreneurship has emerged as a bona fide focus of public policy, particularly with respect to economic growth and employment creation. The second is that neither scholars nor policy makers are presently equipped to understand the public policy role for entrepreneurship. The contributors experienced scholars, specialist researchers and dynamic policy makers thus grapple with novel questions of considerable policy relevance that few have previously posed. The Handbook therefore provides some of the first crucial, systematic analyses of important issues, and key questions to be raised in order to move entrepreneurship policy forward are also presented. Written by academics and practitioners drawing examples from both North America and Europe, this stimulating new Handbook is a prerequisite for students, scholars and practitioners in the incipient world of entrepreneurship policy.
This book is designed to simplify the process of attaching a dollar amount to intangible assets, be it for licensing, mergers and acquisitions, loan collateral, or investment purposes. It provides practical tools for evaluating the investment aspects of licensing and joint venture decisions, and discusses the legal, tax, and accounting practices and procedures related to such arrangements; examines the business economics of strategies involving intellectual property licensing and joint ventures; and provides analytical models that can be used to determine reasonable royalty rates for licensing and for determining fair equity splits in joint venture arrangements.
Inhaltsangabe:Abstract: In recent years the issue of early stage investment in new technology based firms has drawn considerable attention. Its relevance emerges from the rise of high technology industries in the global economy. As competition in established, mature industries all over the world is ever increasing, the importance of keeping up and increasing the speed of innovation to ensure competitiveness of companies and national wealth is widely recognized. Innovation may concern products or processes. It refers to the development of new proprietary knowledge, i. e. technology, which is embodied in marketable products or services. In as far as the added private knowledge increases the utility of a product to the customers, it adds value. Unless the new features of a product are matched by competitors, a company may earn innovation rents. Thus proprietary knowledge attained through innovation is an important source of strategic advantage. In a competitive, dynamic market, however innovation rents are not sustainable. Competitors will attempt to match and exceed the innovation advantage. This may be achieved by imitation or by adding other or more innovative features. Whereas following the product life cycle model initial growth may be steep and rents may be high for the first mover, imitators competing on price and other rivals competing on innovations, may inflate the monopolistic power of the proprietary knowledge. Striving to maintain and increase market shares and profitability, companies thus have a strong incentive to keep innovating. For new technology-based firms the importance of proprietary knowledge is particularly pronounced. These start-ups operate in a hostile competitive environment, characterized by high uncertainty, offering the potential for rapid growth and high profits on the upside, but also the substantial threat of incurring deep losses on the downside. Whereas large companies generally possess a diversified product portfolio and a host of strategic assets, small companies will need to compete on a single new product or service and the determination of its management team. Politicians, worried by high unemployment and budget deficits, lately fell in love with the high-technology start-ups for their ability to create jobs and ensure future tax revenues. New technology-based firms are drivers of structural change in the economy in that they are among the first to enter new high growth potential industries. For [...]
An essential guide to understanding the dynamics of a startup's board of directors Let's face it, as founders and entrepreneurs, you have a lot on your plate—getting to your minimum viable product, developing customer interaction, hiring team members, and managing the accounts/books. Sooner or later, you have a board of directors, three to five (or even seven) Type A personalities who seek your attention and at times will tell you what to do. While you might be hesitant to form a board, establishing an objective outside group is essential for startups, especially to keep you on track, call you out when you flail, and in some cases, save you from yourself. In Startup Boards, Brad Feld—a Boulder, Colorado-based entrepreneur turned-venture capitalist—shares his experience in this area by talking about the importance of having the right board members on your team and how to manage them well. Along the way, he shares valuable insights on various aspects of the board, including how they can support you, help you understand your startup's milestones and get to them faster, and hold you accountable. Details the process of choosing board members, including interviewing many people, checking references, and remembering that there should be no fear in rejecting a wrong fit Explores the importance of running great meetings, mixing social time with business time, and much more Recommends being a board member yourself at some other organization so you see the other side of the equation Engaging and informative, Startup Boards is a practical guide to one of the most important pieces of the startup puzzle.
Companies are increasingly looking to their intellectual property (patents, trademarks, formulas, copyrights, brand names, distributions systems, etc.) as a profit center. As they try to extract more value from their holdings, some of which have been left dormant for years, many are looking beyond their own core products to partnerships with outside industries. Now it its third edition, Intellectual Property: Licensing and Joint Venture Strategies provides the most up-to-date practical tools for evaluating the investment aspects of licensing and joint venture decisions, and discusses the legal, tax, and accounting practices and procedures related to such arrangements.
This unique volume describes advances in the field of mechanochemistry, in particular the scaling up of mechanochemical processes. Scalable techniques employed to carry out solvent-free synthesis are evaluated. Comparability to continuous flow chemistry, the current industrial benchmark for continuous efficient chemical synthesis, is presented.The book concludes that mechanochemical synthesis can be scaled up into a continuous, sustainable process. It demonstrates that large-scale mechanochemistry can meet industrial demands, especially in the pharmaceutical industry. Features Mechanochemistry is rapidly developing as a multidisciplinary science on the borderline between chemistry, materials science and environmental science This unique text focuses on mechanochemistry with the ability to scale up and illustrates how mechanochemical synthesis is no longer an obstacle This timely book highlights recent advancements describing what can be achieved in chemical synthesis Mechanochemistry enables the synthesis of multiple polymorphic crystalline forms in the production of drugs in the form of tablets or granules in capsules
Praise for Financial Valuation "This Second Edition addresses virtually all of the recent hot topics in business valuation, and there are many of them since the first edition. Most chapters are updated with new material, including, especially, the Duff & Phelps Risk Premium Report as an alternative to Ibbotson's risk premium data. As with the first edition, the authors are very well-known and provide incisive analysis." --Shannon Pratt, CFA, FASA, MCBA, CM&AA, CEO, Shannon Pratt Valuations, LLC "Though the first edition of Mr. Hitchner's book was excellent in all regards, this Second Edition squarely puts Hitchner and his team of authors at the top of the list of authorities in the field of business valuation. Few publications on the subject even come close to the book's thorough coverage of the topic, but equally impressive is the clarity with which Hitchner depicts and explains highly complex subject matters. So impressed with Financial Valuation Applications and Models, the National Association of Certified Valuation Analysts has developed a three-day course based upon this book entitled, 'Advanced Valuation and Case Study Workshop,' which is now a cornerstone training program for our organization." --Parnell Black, MBA, CPA, CVA, Chief Executive Officer, NACVA "This book is a valuable resource for every BV library. It has material not covered in other BV books and this Second Edition has much more information than the first. Financial Valuation Applications and Models is the primary textbook for AICPA's business valuation education and it covers most of the topics on the test for the AICPA's Accredited in Business Valuation (ABV) credential. Its thirty authors are nationally respected practitioners who have written this book for practitioners. Many of the authors are current or former members of the AICPA Business Valuation Committee and the AICPA BV Hall of Fame." --Michael A. Crain, CPA/ABV, ASA, CFA, CFE, Chair, AICPA Business Valuation Committee, Managing Director, The Financial Valuation Group "This book has a tremendous wealth of information that all valuation analysts must have in their libraries. From those just starting their careers to the most experienced practitioner, all valuation analysts will benefit from the invaluable information, ranging from fundamental practices to the most innovative economic and valuation ideas of today." --Scott R. Saltzman, CPA, CVA, ASA, DABFA, Managing Member, Saltzman LLC; President, National Association of Certified Valuation Analysts Coauthors: Mel H. Abraham, R. James Alerding, Terry Jacoby Allen, Larry R. Cook, Michael A. Crain, Don M. Drysdale, Robert E. Duffy, Edward J. Dupke, Nancy J. Fannon, John R. Gilbert, Chris Hamilton, Thomas E. Hilton, James R. Hitchner, Steven D. Hyden, Gregory S. Koonsman, Mark G. Kucik, Eva M. Lang, Derald L. Lyons, Michael J. Mard, Harold G. Martin Jr., Michael Mattson, Edward F. Moran Jr., Raymond E. Moran, James S. Rigby Jr., Ronald L. Seigneur, Robin E. Taylor, Linda B. Trugman, Samuel Y. Wessinger, Don Wisehart, and Kevin R. Yeanoplos
