The Intellectual Property Marketplace: Emerging Transaction and Investment Vehicles*

Malackowski, J. E., Cardoza, K., Gray, C., & Conroy, R. (2007). The Intellectual Property Marketplace: Emerging Transaction and Investment Vehicles. Licensing Journal, 27(2), 1-11. **

==notes by yinung==

p. 9 提到以證券交易的概念來「發行IP」,以專業評估決定發行「授權數量」(例如100 million units over
five years),然後 IP 擁有的公司再決定釋出多少授權數目, 每個授權(例如 70 million units at three cents a unit),由市場進行交易

IP 交易係由  or litigation 之壓力下所形成; 其交易成本很大,交易完成時間需 6-18 個月

… the historic IP marketplace, there are a number of key conclusions. First, the market was primarily motivated by the threat of patent enforcement or litigation. Second, there were very high transaction costs associated with transferring IP rights. .. it often takes 6 to 18 months to complete a deal, and this comes at significant costs.

第一次 Ocean Tomo 的 IP auction in San Francisco, April 2006.

1200 patent 中有 430 項列入拍賣,分成 78 lots, 400 人出席,交易金額 8.5 m 美元; 44 % 成交 (一般汽車拍賣成交率約 1/3 ` 1/2),此外還有 off the floor 交易

第二次 auction 成交金額 2.39 m

Should I sell or should I license 賣斷還是授權?


over the last 30 years the labor and industrial economy has been supplanted by the knowledge economy.


In 1975, more than 80 percent of the US market’s value was composed of tangible assets: factories, machines, and inventory. Now in 2006, less then 20 percent of the market’s value is composed of tangible assets, with the 80 percent balance associated with intangible assets.

Ocean Tomo 300 指數 in 2006

On September 13, 2006, Ocean Tomo launched the Ocean Tomo 300™ Patent Index—the first equity index based on the value of corporate IP.

… First published on May 26, 1896, the Dow Jones Industrial Average (DJIA), created by Wall Street Journal editor and Dow Jones & Company founder Charles Dow, represented the average of 12 stocks from various important US industries. … Nasdaq began trading on February 8, 1971
… On March 4, 1957, a broad, real-time stock market index, the Standard & Poor’s 500 (S&P 500) was introduced.


patent enforcement

patent trolls

(refer to them more appropriately as Patent Licensing and Enforcement Companies or “P-LECs”)



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