UTEN Portugal Training Week #2 – Valuation of Intangibles: Valuation of Licensing Opportunities and Early Stage Companies
Date: May 10-11, 2011
Place: UATEC, Aveiro
Co-organized by the UTEN Portugal Network and the Carnegie Mellon Portugal Program
Summary
The overwhelming value of most early-stage companies resides in their intellectual assets. However, most senior managers (of TTOs or early-stage companies) usually have no idea how to value their inventions or companies. The inability to value intangible assets puts universities and start-ups at a severe disadvantage when trying to monetize their discoveries through capital raises, licensing, joint-ventures or sales. This Training Week will include a two-day training workshop at University of Aveiro, on the 10th and 11th of May. The training will focus on the valuation of intangible assets since the inability to do so puts universities and start-ups at a severe disadvantage when trying to monetize their discoveries through capital raises, licensing, joint-ventures or sales. The two training days will be composed by three sessions, each with a hands-on training based on case studies to consolidate the learning process, namely:
session I – Valuation of Technology in University Licensing,
session II – Valuation of Early-Stage Companies, and
session III – Should the University own Equity in Start-ups?
Speakers:
 Tara Branstad Associate Director Center for Technology Transfer and Enterprise Creation (CTTEC), CMU |
 Barbara Carryer Adjunct Professor, Entrepreneurship Embedded Entrepreneur, Project Olympus Innovation Advisor, Institute for Social Innovation Carnegie Mellon University |
 Raymond F. Vennare President, CEO and Co-Founder of ThermalTherapeutic Systems |
Agenda
Tuesday, 10 May
Session I – Valuation of Technology in University Licensing
• Evaluation of technologies – what’s important in determining value?
• License structures
• Traditional (and non-traditional) Valuation models
• Use of “Fixed Price” deals for licenses and start-ups
Coffee Break
Session I – Practice (hands-on training)
Trainers’ case studies
• Technology valuation for licensing
• “Fixed price” license agreements
Lunch
Session I – Practice (cont.)
Session II – Valuation of Early-Stage Companies
• Key components in determining company valuation
• Valuation models
• Funders, Funding models and funding stages
• Role of non-equity funding and Convertible debt
Wednesday, 11 May
Session II – Practice (hands-on training)
Trainers’ case studies
• Valuation for investment
• Convertible debt investment
Coffee Break
Session III – Should the University own Equity in Start-ups?
• Models of university equity ownership, pros and cons, licensing and investment
• Premiums, discounts, anti-dilution and warrants
Lunch
Session III (cont)
• Shareholder agreements and other things you’ll be asked to sign
• Exits – what’s it worth?
Session III – Practice (hands-on training)
Trainers’ case studies
• Company valuation at acquisition
• TTO value of shares at exit
More information available at www.utenportugal.org .
