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IP, IP Asset, Patent

When CFO’s Are On Board, You Know The IP Asset Class Has A Real Future

 

Becton Dickinson made a surprising announcement today.  From the press release:

David V. Elkins, 44, Executive Vice President and Chief Financial Officer, has informed the Company of his plans to pursue an entrepreneurial opportunity at Round Rock Research, LLC, a technology licensing company, serving as its CFO.

Yes, that Round Rock Research.  The one formed by John Desmarais, with patents that Micron still holds an interest in.  On his reasons for the move, Elkins is quoted in the press release as saying:

While my decision to leave was difficult, this new entrepreneurial opportunity is something that makes sense for me and my family.  This will give me an opportunity to work with a long-time friend at Round Rock as its CFO and help the company execute its growth strategy. 

Elkins received approximately $1.5 – $3 M per year in total compensation between 2009-2011 while at BD, including over half a million each year in salary and bonuses.  Thus, getting Elkins interested enough to leave that security behind, in pursuit of an “entrepreneurial opportunity”, speaks highly of his interest in the Round Rock business model and the asset class generally.  As the son of a former CFO, I remember first-hand how deliberate, conservative and calculating the bean-counter types tend to be, so bagging one from a Fortune 500 company sends a clear message about the financial future of IP-based business models.

 

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Discussion

2 thoughts on “When CFO’s Are On Board, You Know The IP Asset Class Has A Real Future

  1. Interesting news but not entirely surprising. I have consistently said that IP strategy belongs in the C-suite and not in the IP department. This is just a logial extension – someone from the C-suite seeing his future in the IP business.

    Posted by Raymond Hegarty, Managing Director, Intellectual Ventures | October 11, 2012, 5:41 am
    • Excellent comment. For the most part I agree. Having a legal background helps in many respects, but some of the best IP strategists I have known were not patent attorneys (and in some cases not attorneys at all).

      Posted by Patrick | October 11, 2012, 7:09 am

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