Valuation of University-Originated Technologies: A Predictive Analytics Approach

Experts have difficulty assessing the economic value of university-originated technologies due to the high level of uncertainty associated with the commercialization of early stage and basic technologies. This article proposes a random forest approach to the valuation of university-originated techno...

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Veröffentlicht in:IEEE transactions on engineering management Jg. 68; H. 6; S. 1813 - 1825
Hauptverfasser: Kim, Young-Choon, Ahn, Joon Mo, Kwon, Ohjin, Lee, Changyong
Format: Journal Article
Sprache:Englisch
Veröffentlicht: New York IEEE 01.12.2021
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Schlagworte:
Biological system modeling
Colleges & universities
Commercialization
Cost accounting
Decision trees
Economic analysis
Economics
Licenses
Licensing (technology)
Machine learning
Patent databases
Predictive analytics
publication databases
random forest
Technological change
Technological innovation
technology transaction databases
technology valuation
university-originated technologies
Valuation
United States > US
ISSN:0018-9391, 1558-0040
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Zusammenfassung:Experts have difficulty assessing the economic value of university-originated technologies due to the high level of uncertainty associated with the commercialization of early stage and basic technologies. This article proposes a random forest approach to the valuation of university-originated technologies that integrates monetary value and patent value models for technology valuation. First, a technological characteristics-value matrix was constructed after defining a total of 23 indicators from the U.S. Patent and Trademark and Scopus databases and extracting the value of university-originated technologies from technology transaction databases. Second, a random forest model, an ensemble machine learning model based on a multitude of decision trees, was employed to assess the economic value of university-originated technologies. Finally, the performance of our approach was assessed using quantitative metrics. A case study of the technologies registered in the Office of Technology Licensing of Stanford University confirms, with statistically significant outcomes, that our method is valuable as a complementary tool for the valuation of university-originated technologies.
Bibliographie:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
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ISSN:0018-9391
1558-0040
DOI:10.1109/TEM.2019.2938182