A phenomenon concerning all companies not listed SMEs included

Intellectual property is creative value: this statement may seem provocative to all those for which intellectual property is characterized by its procedures and costs. Yet, this is the theme of the intangible assets of the company had chosen the organizers (the Inpi, CET, "Les Echos" conferences and the Senate) for the first edition of the Paris talks on industrial property which brought together, on 18 and 19 May last, experts in industrial property, financial experts, economic officials and policies from all over Europe.

Value, it is for a company, transform into a competitive advantage efforts of creativity, to exploit them and make profitable them. The mark is a growth lever to retain customers and maintaining the income of the company. The patent, he plays an increasing role in a model for innovation that increasingly relies on the interaction of different technologies that can be developed on the basis of intellectual property rights respected.

Value, it is also evaluating the financial value of these intangible assets, which involves methods that can differ strongly depending on the phase of the lifecycle of the company that holds and the sector of activity in which it operates. Industrial property has become an essential component of the value of the company. Since 15 years, for many companies, the difference between book value and market value (taking into account intangible assets) has become very important. Intellectual property represents the largest share of this gap: 75-90 of the market capitalization of listed companies consists of intangible assets such as patents, trademarks and know-how. A phenomenon concerning all companies not listed, SMEs included.

The value of the brand is most recognized as each year of consulting firms publish rankings on the basis of relatively convergent assessments. They put in the lead, at the global level, brands Coca-Cola and Microsoft, about $ 60 billion. The first French brand, Louis Vuitton, is estimated between 16 and 20 billion. For portfolios of patents, the financial evaluation is generally more difficult and requires access to internal data. The news to handle however regularly draw attention to the high value of some patents: thus Sanofi-Aventis share is appreciated in a trading session, March 22, 2006, 8.4 (an increase of capitalization EUR 8.5 billion) to the announcement of an agreement with the Canadian company Apotex, which is committed to not commercialize anticoagulant Plavix generic before September 2011.

Although companies are more concerned in addition to know the value of their intellectual property rights to manage as other assets, this assessment is not a common practice in French companies. It takes place mainly at critical phases, such as a merger-acquisition operation or transmission of business, or "accidental" way, for example where a problem of infringement is likely to infringe the trademark.

The revision of accounting standards (IFRS), entered into force on 1 January 2005 for listed companies, is beginning to change perceptions. The valuation of intangible assets is no longer an exercise for a few specialists of banks. Financial directions, accounting experts, financial analysts, fund managers and investors therefore need practical methods and tools to make these assessments. In business, the challenge is to converge the skills: need to break the "industrial property" function so that it is closer operational, financial and marketing officials.

The State has a duty to anticipate the substantive changes that affect the mechanisms of wealth creation. The emergence of the intangible economy deserves to be analysed in both depth and with a strategic vision, including with respect to intellectual property. This is the purpose of the mission recently entrusted to Maurice Lévy, Chairman of the Publicis group, by the Minister of economy, finance and industry. The Inpi makes its contribution to the consideration of these issues. It is to make available all and in the best conditions for access all the information available, which are essential both for the technological and competitive intelligence for the evaluation of intangible assets. More than ever, the industrial property is a strategic, both defensive and offensive weapon. The message of the Inpi to businesses is clear: growing up with industrial property.