VTT obtains a price tag for technology
VTT requires valuations, when commercially interesting technology is transferred as an investment to spin-off businesses. ”We make valuations with Boco IP, and our cooperation has gone very well,” says Timo Joutsenoja from VTT.
VTT Technical Research Centre of Finland requires valuations for patents especially in cases, where inventors have developed promising technology, which they would like to commercialize in a new business. In this case, VTT can transfer the intellectual property rights it owns as a capital contribution in the business being founded.
Spin-off investments are handled by a separate company, VTT Ventures Oy, whose portfolio includes a couple dozen businesses. 2–5 businesses seeking internationalization and growth are created yearly.
”In these spin-offs, the price of the technology must be accurate and the value must be real. We negotiate between the entrepreneurs and VTT from a common point of view and, at this time, the patent agency’s neutral point of view is of great value,” explains IPR Manager Timo Joutsenoja.
Flexible service helps the customer
According to Joutsenoja, in their valuations, Boco IP uses appropriate, suitably transparent methods, wherein it is known how the parameters affect the final value. The reports are also very thorough and well-prepared.
”Our cooperation with Boco has gone very well, and the service is exceptionally correct and friendly. In particular, their flexibility is great, because valuations typically come with very little warning and there is always a big hurry,” Joutsenoja says.
A valuation estimates to how great an extent the new business activities would be dependent on the technology developed by VTT. In complicated situations, there may be a need to evaluate – in addition to the transfer of patent ownerships – also the licensing agreements, software and the internal know-how of the research centre.