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===Market for Technology===[http://www.hbs.edu/businesshistory/Documents/BHR870102.pdf Patent Alchemy: The Market for Technology in US History] by Naomi R. Lamoreaux, Kenneth L. Sokoloff, and Dhanoos Sutthiphisal::*"there is actually nothing new about the practice of extracting economic value from patents by selling off or licensing the rights. During most periods of US history, it was as common for inventors to profit from their creativity in this way as by starting their own firms or working as salaried employees in R&D labs. Indeed, the ability to find buyers quickly for patents was an important driver of inventive activity during the late nineteenth and early twentieth centuries, when patenting rates in the United States were at historic highs." (Page 4)*According to Carlos Serrano. Carlos J. Serrano, “The Dynamics of the Transfer and Renewal of Patents,” RAND Journal of Economics 41 (Winter 2010): 686–708 [http://onlinelibrary.wiley.com/doi/10.1111/j.1756-2171.2010.00117.x/full Link]::*12.4 percent of patents obtained in last two decades of 20th century were sold:*Another Serrano paper cited in above Lamoreaux et al, quote from Lamaoreaux:::*"Using data on renewals, Serrano calculated that patents that were sold were on average about three times more valuable than those that were not" (Lamoreaux 35):*Estimating the Gains from Trade in the Market for Innovation: Evidence from the Transfer of Patents,” NBER Working Paper 17304 (Aug. 2011). [http://www.nber.org/papers/w17304 Link]::*"In our analysis, the value at age one of a traded patent ($159, 466) is about three times the value at age one of a non-traded patent ($50, 507) (all values are in 2003 US dollars), and about 23% of the patents are traded at least once over their life cycle. The value at age one of a patent was estimated at ($74, 684)." (2011 Serrano Page 4)::*"We find that about 50% percent of the patents had gains from trade below $3 416, and these patents accounted for only 37 percent of the total value of the gains from trade. At the same time, the top 10% of the patents with the highest gains from trade (gains from trade higher or equal than $30 970 per patent) accounted for about 70 percent of the total value of the gains from trade. Furthermore, we demonstrate that the top one percent of the patents represented about 25% of the total gains from trade." (2011 Serrano Page 5)::* look at page 8 of this paper, equation for calculating value of holding a patent. "A Model of the Transfer of the Ownership of Patents"
Market of Ideas Research Notes (view source)
Revision as of 17:50, 28 September 2016
, 17:50, 28 September 2016no edit summary
*approximately 2.5m active patents available to participate in the market for ideas today
===Market for Technology===
[http://www.hbs.edu/businesshistory/Documents/BHR870102.pdf Patent Alchemy: The Market for Technology in US History] by Naomi R. Lamoreaux, Kenneth L. Sokoloff, and Dhanoos Sutthiphisal
::*"there is actually nothing new about the practice of extracting economic value from patents by selling off or licensing the rights. During most periods of US history, it was as common for inventors to profit from their creativity in this way as by starting their own firms or working as salaried employees in R&D labs. Indeed, the ability to find buyers quickly for patents was an important driver of inventive activity during the late nineteenth and early twentieth centuries, when patenting rates in the United States were at historic highs." (Page 4)
*According to Carlos Serrano. Carlos J. Serrano, “The Dynamics of the Transfer and Renewal of Patents,” RAND Journal of Economics 41 (Winter 2010): 686–708 [http://onlinelibrary.wiley.com/doi/10.1111/j.1756-2171.2010.00117.x/full Link]
::*12.4 percent of patents obtained in last two decades of 20th century were sold
:*Another Serrano paper cited in above Lamoreaux et al, quote from Lamaoreaux:
::*"Using data on renewals, Serrano calculated that patents that were sold were on average about three times more valuable than those that were not" (Lamoreaux 35)
:*Estimating the Gains from Trade in the Market for Innovation: Evidence from the Transfer of Patents,” NBER Working Paper 17304 (Aug. 2011). [http://www.nber.org/papers/w17304 Link]
::*"In our analysis, the value at age one of a traded patent ($159, 466) is about three times the value at age one of a non-traded patent ($50, 507) (all values are in 2003 US dollars), and about 23% of the patents are traded at least once over their life cycle. The value at age one of a patent was estimated at ($74, 684)." (2011 Serrano Page 4)
::*"We find that about 50% percent of the patents had gains from trade below $3 416, and these patents accounted for only 37 percent of the total value of the gains from trade. At the same time, the top 10% of the patents with the highest gains from trade (gains from trade higher or equal than $30 970 per patent) accounted for about 70 percent of the total value of the gains from trade. Furthermore, we demonstrate that the top one percent of the patents represented about 25% of the total gains from trade." (2011 Serrano Page 5)
::* look at page 8 of this paper, equation for calculating value of holding a patent. "A Model of the Transfer of the Ownership of Patents"
===General Patent Licensing===
*"at any given time, over about 95% of patents are unlicensed and over about 97% of patents are generating no royalties"
:: [https://books.google.com/books?id=rESRFPqSKzQC&q=unlicensed#v=snippet&q=unlicensed&f=false From Ideas to Assets: Investing Wisely in Intellectual Property Page 332]
*"Nationwide, an estimated $120 billion is generated each year from patent licenses, up from $15 billion in 1990." As of 2002, [http://www.m-cam.com/news/patents-pending "Patents Pending", Megan Barnett June 10 2002]
===University Licensing===
::*
*Another IBM Report [https://www.ibm.com/ibm/files/S376023B46442F89/building_a_new_ip_marketplace-report.pdf Building A New IP Marketplace report]
::*“In 200 , the number of patent applications we received continued to grow at a rapid pace. Our of ce office now receives many patent applications on CD-ROM, containing millions of pages of data. In short, the volume and complexity of patent applications continues to outpace current capacity to examine them. The result is a pending— and growing— application backlog of historic proportions.”
:::Jon W. Dudas Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office USPTO 2005 Annual Report
::*“Obviously, one thing a market does is to determine prices. With patents or patent licenses, this is reasonably tricky. Patent rights are options on an uncertain future. We ought to seek some guidance from how options markets operate.”
:::Frederic M. Scherer Harvard University
== Patent Valuation ==
