Harvard Case - Ocean Tomo: Building a Market for Intellectual Property
"Ocean Tomo: Building a Market for Intellectual Property" Harvard business case study is written by Andrei Hagiu, Peter A. Coles, Alison Berkley Wagonfeld. It deals with the challenges in the field of Strategy. The case study is 22 page(s) long and it was first published on : Sep 5, 2008
At Fern Fort University, we recommend Ocean Tomo pursue a multi-pronged growth strategy focused on expanding its market reach, diversifying its service offerings, and leveraging technology to enhance its value proposition. This strategy will enable Ocean Tomo to capitalize on the growing demand for intellectual property (IP) valuation and monetization services while establishing itself as a leading player in the global IP marketplace.
2. Background
Ocean Tomo is a pioneering company that established the first marketplace for intellectual property, aiming to unlock the value of intangible assets. The company offers a range of services, including IP valuation, brokerage, and advisory, catering to companies seeking to buy, sell, or license their IP assets. The case study highlights the company's early success in building a market for IP, but also the challenges it faces in scaling its business and achieving sustainable growth.
The main protagonists of the case study are:
- Peter C. Detkin: Founder and CEO of Ocean Tomo, a visionary entrepreneur who recognized the untapped potential of IP as a valuable asset class.
- Ocean Tomo's team: A group of experienced professionals in IP valuation, finance, and law, dedicated to creating a transparent and efficient market for IP.
3. Analysis of the Case Study
Porter's Five Forces:
- Threat of new entrants: Moderate. Barriers to entry include building a strong reputation, establishing a robust valuation methodology, and attracting a critical mass of buyers and sellers.
- Bargaining power of buyers: Moderate. Buyers have some bargaining power due to the availability of alternative IP sources and the potential for negotiation.
- Bargaining power of suppliers: Low. Suppliers are primarily individual IP holders, making their bargaining power limited.
- Threat of substitutes: High. Companies can choose alternative methods for monetizing their IP, such as licensing or internal development.
- Competitive rivalry: High. Ocean Tomo faces competition from traditional IP brokerage firms, financial institutions, and online marketplaces.
SWOT Analysis:
Strengths:
- First-mover advantage: Ocean Tomo pioneered the IP marketplace, establishing itself as a leading player.
- Strong team: The company boasts a team of experienced professionals with expertise in IP valuation, finance, and law.
- Unique value proposition: Ocean Tomo offers a comprehensive suite of services, including valuation, brokerage, and advisory, catering to diverse client needs.
- Brand recognition: Ocean Tomo has established a strong brand reputation in the IP market.
Weaknesses:
- Limited market reach: Ocean Tomo's focus on the US market limits its potential for growth.
- High operating costs: The company faces significant costs associated with maintaining its platform and supporting its services.
- Reliance on third-party providers: Ocean Tomo relies on external partners for certain aspects of its operations, which can create challenges in maintaining quality control.
Opportunities:
- Growing demand for IP valuation and monetization: The increasing importance of intangible assets is driving demand for IP services.
- Expanding into new markets: Ocean Tomo can leverage its expertise to enter new markets, including emerging economies with high IP growth potential.
- Developing new technologies: The company can leverage technology to improve its valuation methodology, automate processes, and enhance customer experience.
Threats:
- Competition from established players: Ocean Tomo faces competition from traditional IP brokerage firms and financial institutions.
- Regulatory changes: Changes in IP regulations can impact the company's operations and profitability.
- Economic downturn: A decline in economic activity can reduce demand for IP services.
Value Chain Analysis:
Ocean Tomo's value chain consists of the following key activities:
- Inbound logistics: Sourcing and verifying IP assets from sellers.
- Operations: Conducting IP valuation, marketing, and brokerage services.
- Outbound logistics: Facilitating the transfer of IP assets to buyers.
- Marketing and sales: Promoting Ocean Tomo's services to potential clients.
- Customer service: Providing support to clients throughout the IP transaction process.
Business Model Innovation:
Ocean Tomo's business model is based on disruptive innovation, creating a new market for IP valuation and monetization. The company's innovative approach to IP transactions has disrupted traditional methods and created a more transparent and efficient marketplace.
4. Recommendations
1. Expand Market Reach:
- Globalization strategy: Ocean Tomo should expand its operations into key emerging markets with high IP growth potential, such as China, India, and Brazil. This expansion can be achieved through strategic alliances, acquisitions, or establishing local offices.
- Market segmentation: The company should identify and target specific market segments with high IP valuation and monetization needs, such as technology companies, pharmaceutical companies, and universities.
2. Diversify Service Offerings:
- IP advisory services: Ocean Tomo should expand its service portfolio to include comprehensive IP advisory services, such as IP portfolio management, IP strategy development, and IP litigation support.
- Technology-based solutions: The company should develop and integrate technology-based solutions to enhance its valuation methodology, streamline its processes, and offer personalized customer experiences. This could include AI-powered valuation tools, online marketplaces, and data analytics platforms.
3. Leverage Technology:
- Digital transformation strategy: Ocean Tomo should embrace digital transformation to enhance its efficiency, scalability, and customer experience. This includes implementing cloud-based solutions, automating processes, and leveraging data analytics to gain insights into market trends and client needs.
- Social media and content marketing: The company should leverage social media platforms and content marketing to build brand awareness, engage with potential clients, and establish thought leadership in the IP space.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Ocean Tomo's strengths, weaknesses, opportunities, and threats. They align with the company's mission to unlock the value of intangible assets and are consistent with its core competencies in IP valuation, brokerage, and advisory.
External Customers and Internal Clients:
The recommendations consider the needs of both external customers (buyers and sellers of IP) and internal clients (Ocean Tomo's employees). By expanding market reach and diversifying service offerings, Ocean Tomo can attract a wider range of clients and create new opportunities for its employees.
Competitors:
The recommendations are designed to differentiate Ocean Tomo from its competitors by leveraging its unique strengths, such as its first-mover advantage, strong team, and innovative business model. By embracing technology and expanding its market reach, Ocean Tomo can create a competitive advantage in the rapidly evolving IP market.
Attractiveness:
The recommendations are expected to enhance Ocean Tomo's financial performance by increasing revenue, improving efficiency, and reducing costs. The company can measure the success of its strategy through metrics such as market share, customer satisfaction, and profitability.
Assumptions:
The recommendations are based on the assumption that the demand for IP valuation and monetization services will continue to grow, and that Ocean Tomo can successfully adapt its business model to meet the evolving needs of its clients.
6. Conclusion
By pursuing a multi-pronged growth strategy focused on expanding its market reach, diversifying its service offerings, and leveraging technology, Ocean Tomo can capitalize on the growing demand for IP services and establish itself as a leading player in the global IP marketplace. This strategy will enable the company to achieve sustainable growth, increase profitability, and solidify its position as a pioneer in the field of intellectual property.
7. Discussion
Alternatives not selected:
- Horizontal integration: Merging with or acquiring a competitor could provide Ocean Tomo with immediate market share and access to new resources. However, this strategy carries significant risks, including integration challenges and potential regulatory scrutiny.
- Vertical integration: Acquiring IP assets or developing its own valuation technology could give Ocean Tomo more control over its value chain. However, this strategy requires significant capital investment and expertise in managing IP assets.
Risks and Key Assumptions:
- Economic uncertainty: A decline in economic activity could negatively impact demand for IP services.
- Competition: New entrants and established players could erode Ocean Tomo's market share.
- Regulatory changes: Changes in IP regulations could impact the company's operations and profitability.
- Technology disruption: Emerging technologies could disrupt Ocean Tomo's business model.
Options Grid:
| Option | Advantages | Disadvantages | Risks |
|---|---|---|---|
| Expand Market Reach | Increased revenue, market share, and brand awareness | Higher operating costs, potential cultural challenges | Economic downturn, competition, regulatory changes |
| Diversify Service Offerings | Increased revenue streams, enhanced customer value | Higher operating costs, potential for cannibalization | Competition, technology disruption, regulatory changes |
| Leverage Technology | Improved efficiency, scalability, and customer experience | High initial investment, potential for technological obsolescence | Competition, cybersecurity threats, data privacy concerns |
8. Next Steps
Timeline:
- Year 1: Develop a detailed globalization strategy, identify target markets, and establish a presence in at least one new market.
- Year 2: Launch new IP advisory services and develop technology-based solutions to enhance the company's offerings.
- Year 3: Implement a comprehensive digital transformation strategy, leveraging cloud-based solutions, automation, and data analytics.
Key Milestones:
- Q1: Conduct a thorough market analysis to identify potential target markets for expansion.
- Q2: Develop a detailed business plan for entering a new market, including financial projections and risk assessments.
- Q3: Secure funding and resources for market expansion and service diversification.
- Q4: Launch initial operations in a new market and begin developing new technology-based solutions.
By taking these steps, Ocean Tomo can successfully execute its growth strategy and establish itself as a leading player in the global IP marketplace.
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Case Description
Ocean Tomo's management team sought to turn the company into the leading intermediary for intellectual property. Despite its increasingly important role in the global marketplace, IP remained a notoriously illiquid asset--difficult to value, harder to trade, and often underutilized by owners. CEO Jim Malackowski and his colleagues hoped to capitalize on this inefficiency by designing and operating innovative marketplaces for intellectual property. After a successful live IP auction in the spring of 2008 (62% of 85 offered lots were sold for a total of $19.6 million), Ocean Tomo had to decide which of its five business lines to emphasize. Indeed, from its inception, Ocean Tomo had been designed as a "one-stop shop" for IP services, with five inter-related lines of business. Which of these services provided the largest market opportunity for Ocean Tomo? How should the company allocate its scarce resources (it had not sought outside funding yet) in order to get the most leverage going forward?
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