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Korean speaker talks about technology valuation in Malaysia workshop

Recently, FFTC and the Malaysian Agricultural Research and Development Institute (MARDI) jointly organized and conducted the workshop entitled "Effective IP Protection and Commercialization Strategies for Agricultural Innovation.” 

One of the speakers, Mr. Hyung-Min Jung, team leader of the technology evaluation team, Foundation for Agriculture Technology Commercialization and Transfer (FACT) in Korea delivered a presentation entitled “Valuation, Transfer and Commercialization of Agricultural Technologies in Korea.”

The 38 year-old Mr. Jung is a graduate of the Seoul National University in 2001. His specialty is business and technology valuation and finance.  

FFTC sat down with Mr. Jung and asked him about his paper presentation.

Can you describe briefly the presentation you gave during the FFTC-MARDI Workshop? What was it all about?

My presentation was all about technology valuation. Technology valuation is a useful tool in technology transfer and commercialization. I also introduced the methodologies of valuation. In my paper, I wrote that approaches to technology valuation are generally divided into quantitative methods and qualitative methods. The former is an attempt to calculate the monetary value of the technology including patents and plant variety protection rights. The latter provides a value guide through the rating and scoring of an IP asset based on factors that can influence its value.

We’ve heard in your talk about the market approach to technology valuation. Can you further explain this?

Market based methods value a technology by looking at recent comparable transactions like licensing deal or a sale between independent parties. The terms and prices at which these deals are made within the same industrial sector will give a good indication on the value of the technology. Market-based methods include market price approaches and comparable royalty rate approaches. When we say value of a technology, we are talking about the ability of technology to generate income. 

Which among the presentations (aside from your own) do you feel was very relevant to your needs as a team leader of a technology evaluation team?

Mr. Akihiko Okuno's presentation was best for me because the legal precedents set in Japan may come to influence the South Korean judicial system in the future.

What else did you learn from the workshop?

I learned that the increasing importance of IP licensing in the agribusiness is a common thread throughout the Asian region. Governmental pressure to expand these business areas seems to be something participating nations have in common.

Can you tell us a little bit more about your organization, FACT?

FACT was established in September 2009. Since then, we have been regularly carrying out technology transfers. We were also designated as a technology valuation agency by a law in 2010. We have carried out technology valuations for interest subsidy, IP security, IP guarantee, venture capital. Also, we are going to start carrying out technology valuations for crowd-funding from next year.  I've been assessing and valuing technology for over six years since I joined the FACT.

Note:  To read and download Mr. Hyung-Min Jong’s full paper entitled “Effective IP Protection and Commercialization Strategies for Agricultural Innovation,” visit  http://ap.fftc.agnet.org
 

Mr. Hyung Min Jung, team leader of the technology evaluation team, Foundation for Agriculture Technology Commercialization Transfer or FACT delivers his presentation on “Valuation, Transfer and Commercialization of Agricultural Technologies in Korea.”