het belang van ip voor venture capital backed bedrijven ... het belang van ip voor venture capital...

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  • Het belang van IP voor Venture Capital Backed bedrijven

    Marc Lambrechts, Capricorn Venture Partners

    24 april 2018 Arnold & Siedsma – IP Congress 2018

  • Your speaker today : Marc Lambrechts

    • R&D in microsystems and PhD on biosensors @ KU Leuven

    • industrial R&D experience @ Terumo Europe

    • RTD programme management experience @ IWT

    • + 20 years experience in venture capital

    @ Capricorn Venture Partners

    • technology fusion as special area of interest

     digital healthcare, big data, IoT as current focus

    2 IP Congress 2018

  • Capricorn Venture Partners

    • Founded in 1993, independent • + € 450 million under

    management • 20 people organisation, based

    in Leuven, Belgium • Licensed asset manager –

    AIFMD compliant • Consistent strategy : focus on

    global, innovative technology companies with European roots

    IP Congress 2018 3

  • My first “patent” experience as PhD student

    IP Congress 2018 4

  • The Venture Capital model

    IP Congress 2018 5

    IP knowledge experience

    + proof of concept

    business plan +

    market customers ..

    entrepreneurs team

    investors

    € € € € € € € € € € € € € € € €

  • IP strategy includes more than patents

    • Trademarks

    • Website

    • Trade Secrets

    • Contractual IP

    • Employment and assignment of invention agreements

    • Consultancy contracts

    • Contracts with suppliers and customers

    • License agreements

    • Your network

    IP Congress 2018 6

  • Some question on IP and patents

    • Define and challenge your IP strategy!

    • Protection or freedom to operate?

    • Does a patent has value without the associated business?

    • Are you prepared for a patent due diligence by a US law firm in view of a $ xxx million acquisition?

    • Any change of control clauses in your contracts with customers, suppliers, license agreements

    • Possibilities to protect software

    • Should I apply for patent protection in China

    • Is a license model a valid business model?

    IP Congress 2018 7

  • 8

    Choosing the business model

    Leo Baekeland on the IP license business model

    "I firmly intended to escape the recurrence of business occupations, as in my Velox days. So I planned, instead of manufacturing myself, to grant licenses to established manufacturing concerns, especially experienced in plastics.

    But I soon was confronted with a repetition of my former experience with Velox: that it was very difficult to teach new methods to men who had acquired routine in older processes. The preparation of the new resinoid and its molding compositions, which to me seemed very simple, appeared either very difficult or needlessly complicated to others.

    Reluctantly I had to start manufacturing the raw materials in a sufficiently advanced stage so that the users had only to complete the operation of molding and polymerization.“ See also ”The Baekeland story - Lessons for today’s ventures in new materials” http://be.linkedin.com/in/marclambrechts

    IP Congress 2018 8

    http://be.linkedin.com/in/marclambrechts

  • Importance of patents

    • Patents are important in any phase of a VC investment !

    • As an information source for deal selection

    • Before making an investment

    • During the investment period

    • At exit (most likely via M&A transaction)

    IP Congress 2018 9

  • Patent database = information source

    IP Congress 2018 10

  • Importance of patents

    • Patents are important in any phase of a VC investment ! • As an information source for deal selection • Before making an investment

    o Strong and clean IP (  co-ownership, right of first refusal, inventor rights, …)

    o Full ownership of patent(s) by the company remains the preferred model!

    o Exclusive license with transfer rights and right/obligation to defend source IP?

    o FTO - Freedom to operate is key

    • During the investment period • At exit (most likely via M&A transaction)

    IP Congress 2018 11

  • FTO – hybrid drive trains

    Source : Ambercite – Griffith Hack http://www.ambercite.com/downloads/ambercite_hybrid_car_report.pdf

    IP Congress 2018 12

  • FTO – hybrid drive trains

    Source : Ambercite – Griffith Hack http://www.ambercite.com/downloads/ambercite_hybrid_car_report.pdf

    IP Congress 2018 13

  • First patent for hybrid

    14 IP Congress 2018

  • Importance of patents

    • Patents are important in any phase of a VC investment ! • As an information source for deal selection • Before making an investment • During the investment period

    o Expand and strengthen the IP position by own R&D, partnerships, …

    o Create a unique IP fingerprint addressing a sizeable market o Patent maps and landscapes as tool o IP bundling opportunities o IP agreements with R&D centre(s)

    • At exit (most likely via M&A transaction)

    IP Congress 2018 15

  • Patent mapping

    IP Congress 2018 Source : www.patanalyse.com

    16

  • Patents as information source – metal foams

    IP Congress 2018 17

    Source : Simon Dewulf http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/

    The competitors of my clients can be prospects!

    http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-how-can-ip-help-hr-rd-sales-and-marketing-production-finance-purchase-ceo-or-owner/ http://www.innovationmanagement.se/2014/04/03/for-all-departments-ho