Methods and Applications
New Horizons in Intellectual Property series
Edited by Federico Munari and Raffaele Oriani
Federico Munari, Raffaele Oriani BOOK OVERVIEW In the knowledge-based economy, intellectual property rights – and patents in particular – lie at the very heart of firms’ strategies for value creation. Academic studies from several domains – for example economics, management, finance and accounting – and managerial practice have extensively documented how patents are having an increasing prominence for firms’ decision-making and performance. Patents do not play the only role of legal instruments any longer, but have rather become business tools which are strategically exploited by firms for profit and competitive advantage. The increase in the number of patents filed worldwide over the last two decades and the growth of markets for technologies convincingly confirm this trend. In this context, however, the rigorous assessment of the economic value of patents and the identification of patent value drivers still represent key challenges for inventors, entrepreneurs, managers and external investors. Indeed, in spite of the growing awareness of the role of patents for innovation development and business success, the issue of patent valuation is still affected by several specific problems, linked to the lack of generally accepted methodologies for the valuation, the difficulties of understanding the potential commercial value of the underlying technologies, the high level of uncertainties characterizing the valuation and the need to involve a combination of economic, legal and technical considerations. These problems make it hard to determine the value of specific patents and of entire patent portfolios and the overall contribution of patents to a firm value in the different stages of its...