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3 151 alternative investment 1) 2)

4 152 NPE platform invention capital 3)

5 153 sale and license back 4)

6 154 5) 6) 7)

7 155 social welfare 8)

8 156 GDP 9) 10)

9 157 Patent Box Griffith EUROSTAT 11) OTC M&A 12)

10 158 13) Pro patent CAFC 14) TRIPS TRIPS 15) AIPA 16) BM Business Model Business Method SSB CAFC BM

11 159 ERISA prudent man Merger Wave Nasdaq National Market System M&A M&A

12 160 17) NVCA ERISA: Employee Retirement Income Security Act prudent man Financial Service Modernization Act The Bank Act of The Bank Holding Company Act of

13 161 18) direct and PCT national phase entries

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15 163 R&D R&D Inbal M&A IPO M&A M&A M&A IPO

16 164 GDP

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19 167 Barrie S., Riel M. and Wolfgang M., Social Diversity and the Creative Society of the 21st Century, The Creative Society of the 21st Centry, OECD, Griffith, R., Miller, H. and O Connel, M., Corporate Taxes and Intellectual Property: Simulating the Effect of Patent Boxes, Institute for Fiscal Studies, 2010 Hill, D. W., Global Enforcement & Exploitation of IP, Finnegan-Hosted Event; Speaking Engagement, IMD, World Competitiveness Yearbook, U.S. Department of Commerce, Intellectual Property and the U.S. Economy, WEF, The Global Competitiveness Report,

and O Connel, M., Corporate Taxes and Intellectual Property: Simulating the Effect of Patent Boxes, Institute for Fiscal Studies, 2010 Hill, D. W.

20 168 The Journal of Intellectual Property Vol.8 No.3 September 2013 A Study on IP Finance Revitalization - Focusing on the case of United States and Israel - Seong Sang Lee Abstract IP finance has the characteristics of both corporate finance and alternative investment. The market for IP finance with the characteristics of alternative investment is rapidly growing as the profit potential of IP investment has been re-evaluted in the midst of low general interest rates, liquidity improvement, development of IP financing techniques by institutional investors, growth of IP market, and growing number of high-end patent litigation cases. This study presents three conditions for revitalization of IP finance. First, the steady supply of IPs with the independent value and trade potential must be ensured, and the IP system that provides the institutional support must be established. Second, investment funds and investment institutions that invest in IP should be expanded. Third, efficient markets for IP transaction and exit transaction must be established. In this study, we examine the cases of US and Israel for the changes in the governmental policy and institution, and in the firms strategies relating to the three factors for the revitalization of IP finance and analyze the results. And then this study presents the high priority tasks to be undertaken for the revitalization of IP finance in terms of the change of direction in the means of IP protection and restoration, creation of bases for expanding the IP investment institutions.

21 Korea Institute of Intellectual Property Korean Intellectual Society 169 Keywords IP finance, IP protection, investment institution, exit market, alternative investment

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