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M
J
Technology
Management
Journal
Ju
u ne 2004
Technology Valuation
The Market Comparables Method
By Mildred A. Hastbacka, Ph.D.
Director, TIAX LLC
ABSTRACT:
This is the third in a series of articles
addressing how the R&D organizations
in the US are implementing key elements
of the "high performance business model."
The HPB model integrates Strategy (S),
Processes (P), Resources (R), and
Organization (O) to deliver high performance business results.
This third article continues our focus on
"P", Processes, and treats a critical business
process: Technology Valuation. We provide
an introduction to three commonly used
technology valuation processes, present
the advantages and disadvantages of
each, and treat in some detail a sound
and versatile valuation methodology
particularly efficient for large folios of
technologies: the ValuGridTM market
comparables method.
M AJOR M ETHODS
T ECHNOLOGY
FOR
V ALUING
Transaction-specific details
Cost
Market
Income
Page 2
Cost
Cost Approach: Values technology on basis of the cost
expended to create/develop it:
Simple (conceptually)
Opportunity cost?
Value of speed?
Advantage
Disadvantage
Market
Market Approach: Considers recent transactions involving the
transfer of ownership of similar technology:
Advantage
Disadvantage
Income
Income Approach: Captures the value-in-use of technology
Advantage
Disadvantage
Page 3
E FFECTIVE
AND
E FFICIENT A PPROACH
15 Acorn Park
Cambridge, Massachusetts
02140-2390
Tel: (617) 498-5000
www.TIAXLLC.com
Page 4
Situation
Challenge
Solution
Technology Stage
0.5%
3%
0.5% Aging
3%
5%
Mature
Market Position
Growth
5%
32
Weak
Tenable
15%
21 35
6, 22a
4, 10, 23
9, 31
24
33
7
Favorable
22c
22b
34
37
36
2
Strong
Leader
3%
4%
5%
Portfolio No. 1996 Sales Portfolio No. 1996 Sales Portfolio No. 1996 Sales Portfolio No. 1996 Sales
1
10
9
10
33
23
3
10
21
20
10
20
24
28
5
60
35
21
31
21
7
90
6
8
32
8
34
7
22a
10
4
10
37
61
23
10
Total Sales*
69
Total Sales*
86
Total Sales*
51
Total Sales*
228
Annual Royalty
0.69
Annual Royalty
2.58
Annual Royalty
2.04
Annual Royalty
11.4
8%
9%
10%
Portfolio No. 1996 Sales Portfolio No. 1996 Sales Portfolio No. 1996 Sales
22C
5
22B
11
2
30
37
32
Total Sales*
Annual Royalty
0.40
Total Sales*
Annual Royalty
43
3.87
Total Sales*
Annual Royalty
3.0
512
23.98
5%