FRAIS GOUT

The era of the 4th industrial revolution where the value of intangible assets is maximized

The value of a listed company is determined by the stock market. In other words, the market capitalization of a company multiplied by the number of outstanding shares multiplied by the closing price of that day is the company's market value. However, the value of assets recorded in the commercial books of listed companies is generally well below the market capitalization.

Why? This is because it is an intangible asset that is difficult to record on the books and has no form. The value of intangible assets held by companies is increasing compared to the value of tangible assets such as real estate, equipment, inventory, cash, and securities that can be recorded in commercial books.

Ocean Tomo, an American company aiming to become an intellectual property merchant bank, analyzes and announces the ratio of intangible assets to tangible assets in the market capitalization of S&P 500 companies. The proportion of intangible assets in the market capitalization of S&P 500 companies was only 17% in 1975, but has gradually increased since then, reaching 80% in 2005 and 84% in 2015.

However, according to the 'Intangible Asset Market Value Study' report released by the company at the end of 2020, the proportion of intangible assets has risen to 90% in just five years. The report explains this sudden change as the impact of the COVID-19 pandemic, but the specific causal relationship has not been identified. According to the recent announcement by the Korean Intellectual Property Office, patent applications in the 4th industrial revolution fields such as digital healthcare, artificial intelligence (AI), autonomous driving, and Internet of Things (IoT) in 2020 increased by 11.2% compared to the previous year, even in the Corona era or Corona era It is undeniable that the size of intangible assets itself is growing due to several factors.

Intangible assets are called by several names. From an accounting and investment perspective, the term intellectual capital is more widely used. The 2019 Intangible Assets Financial Statement Impact Comparison Report released by the Ponemon Research Institute, a market research firm, estimates that the value of intangible assets of US companies is up to $25 trillion (about $29,700 trillion). . In addition to traditional intellectual property (patents, copyrights, trademarks, trade secrets, know-how), this report includes four items related to intellectual property such as brand, data, license, and good will in the calculation of intangible asset value. did.

The world of intangible assets is an unknown area that researchers have not fully explored yet. Although it is often misunderstood as if intellectual property is the whole of intangible assets, patents, copyrights, trademark rights, and trade secrets, etc., whose protection and utilization procedures are legally institutionalized, are especially called intellectual property. Intangible assets are a concept that encompasses numerous intangible resources that companies can utilize, such as human capital, innovative ideas, goodwill, information resources, business plans, and manufacturing processes, in addition to intellectual property.

Intangible Asset Value Determines the company's ability to utilize

However, depending on a number of factors, such as each company's ability to create and utilize intangible assets, and industry and market conditions, some intangible assets can become in fact useless resources and, in some cases, a source of enormous wealth.

British inventor Kane Kramer is a figure that some media introduces as the first developer of the MP3 player or the first developer of the iPod. In fact, Kramer and his friend James Campbell developed the first digital audio player in 1979. However, before the development of MP3 compression and decompression technology, the device, named IXI, could play music for only 3 minutes and 30 seconds.

British inventor Kane Kramer is a figure that some media introduces as the first developer of the MP3 player or the first developer of the iPod. In fact, Kramer and his friend James Campbell developed the first digital audio player in 1979. However, before the development of MP3 compression and decompression technology, the device, named IXI, could play music for only 3 minutes and 30 seconds.

The world's first MP3 player was developed by a Korean company called Digitalcast. The world's first MP3 player released by this company in partnership with Saehan Information System is 'MPMan F10'. This story will be introduced separately later.

Kramer's IXI was patented in several countries, but the prospect of commercialization was unclear even after time passed, and it was difficult for the company to afford the cost of maintaining the patent. Eventually, all patents for this technology expired due to non-payment of annuity in the late 1980s, and related intellectual property such as the technology and drawings entered the so-called public domain.

However, according to the British media Daily Mail, in 2008, Apple, which was in a patent dispute with a small company called Burst.com, requested Kramer as a witness. He spent 10 hours answering questions from Burst.com's attorneys during the deposition process for Apple. Apple attacked the validity of the Burst.com patent by claiming Kramer's IXI invention as prior art. It is not possible to confirm how much Kramer's testimony contributed to the process, but Apple's lawsuit was eventually settled with a non-litigation settlement.

In a press interview, Kramer complained that he had not been properly compensated by Apple, but there was no legal basis for Apple to compensate him. It is true that he developed a digital audio player called the IXI, and it is true that the first-generation design of the iPod looked similar to his IXI design, but all his rights were lost the moment he gave up the patent. Of course, even if they retained the rights at the time, the IXI patents expired when Apple released the iPod.

Facebook will change the company's name to "Meta" for the first time since its foundation in 2004.

Facebook founder and CEO Mark Zuckerberg unveiled his new mission, Metawa logo, at a keynote speech at the "Connect Conference" held online on October 28 (local time. He also showed off his avatar. The logo uses the shape of a mathematical symbol ()) meaning infinity to shape the capital letter "M" meaning meta.

Earlier in 2014, Facebook has prepared the foundation for the metabus (a world where reality and virtual are mixed), such as acquiring Oculus, a virtual reality (VR) company. In 2019, it launched a VR-based social media (SNS) platform called "Horizon" beta service. Facebook plans to change the name of Oculus, a VR headset, to Meta and transform Horizon into Metabus SNS. However, the name and company structure of existing applications (apps) such as Facebook are maintained.

Some in the information technology (IT) industry say that Facebook seems to intend to renew its position as a company that has been shaken by recent internal disclosures while sending a message externally that it will strengthen its metabus business.

7 leaderships that managers need.

First: Futurist.

Futurist means the role of "a future creator who preemptively presents the vision and goals of future businesses based on imagination and insight into the future and makes imagination a reality through bold attempts and long-term innovation." Larry Page and Sergey Brin, heads of Google's parent company Alphabet, established a secret research institute called "X Company." X Company continues to make efforts to predict the future and transform its imagination into reality by promoting a variety of projects, from moon exploration project Moonshot to Waymo, which is now so familiar to us in the field of autonomous driving.

Second: Digitalist

Digitalist refers to the role of "innovators who create new digital business models and values based on a broad understanding of innovative digital technologies, and create digital productivity and business performance." A case in point is the Dear and Company, which has grown into the world's largest agricultural machinery producer since its foundation in 1983. Dear & Company is changing the paradigm of agriculture itself by transforming agriculture, the primary industry, into a high-tech industry based on information and communication technology (ICT) convergence by establishing a data-based operating model.

Third: Investor

Investor means "a strategic investor who operates a business for future corporate value rather than short-term performance based on ownership like a founder and achieves organic and non-organic growth through effective investment in new opportunities." Softbank founder Sohn Jung-eui grew Softbank through mergers and acquisitions and investments. Since then, Chairman Sohn has been making all-out efforts to create future corporate value by creating a vision fund that operates more than $100 billion (about 12 trillion won) and investing in advanced future technologies and promising businesses.

Fourth: "Stratigist"

Strategy means "a strategist who quickly detects changes in the uncertain business environment, identifies expected problems and new opportunities to come up with alternatives, wisely overcomes crises, and links opportunities to success." Goldman Sachs, a leading investment bank on Wall Street in the U.S., announced its transition to a digital platform company in 2017 and expanded its IT workforce to about 9,000 people equivalent to the number of Facebook employees to establish a digital service collaboration system. In addition, through the open application interface (Open API) platform disclosure strategy, trading of key businesses such as stocks, foreign exchange, and bonds has been digitized into algorithms. Goldman Sachs has since turned into a company with an average annual return of more than 25% over the next seven years.

Fifth: Designer

Designer refers to the role of "designer and developer who directly plans differentiated products and services and innovates customer value based on creative ideas that maximize excellent insights and customer experience for the market and customers." Volebag, nicknamed Tesla in the clothing industry, is a unique company that aims for clothes from the future. Volleback has formed a thick fan base by steadily releasing products that are considered the best inventions selected by Time, such as "Solar Charged Jacket" in 2018 and "Full Metal Jacket" in 2020. Based on this, Bolleback has been growing more than 100% every year since its foundation in 2016.

Sixth: Communicator

Communicator means "a communicator who is always connected to stakeholders such as customers, shareholders, employees, and partners, clearly presents and shares visions, values, and goals, and can attract active support and voluntary participation from stakeholders to solve problems and maximize performance." Amazon founder Jeff Bezos, chairman of Amazon's board of directors, sends annual letters to shareholders to share the management principles and philosophy that lead Amazon. Through this process, he drew effective support from several stakeholders.

Seventh: Humanitarian

Revitalize the brand.

The world changes quickly. Consumers' tastes continue to change. These changes have a great influence on brands. Once popular brands fall into crisis, and once declining brands regain vitality. If a brand is judged to lose its power, there are two main choices. Whether to remove the brand and introduce another new brand that can replace it or revive the brand. Developing a new brand requires considerable investment and effort. Revitalization to revive declining brands is also not an easy task. But anyway, there are two options for product brands. Get rid of it and make a new one or revive it. Urban brands have different circumstances. There is only one option. You can't get rid of the city at all and introduce a new city. All that remains is brand reactivation.

The source of brand assets is largely composed of awareness and image. There are two sources of brand assets: awareness that tells how many people know the brand and how deep they are in their hearts and images that explain how people relate to the brand through what association they have with the brand. The way to reactivate a particular brand also results in modification of these two factors.

Expanding brand awareness and depth.

In the case of declining brands, what is problematic in terms of recognition is the breadth of recognition. Even if it is highly recognized, consumers often think of the brand only in certain situations. Therefore, letting consumers know that declining brands can be consumed more diversely than previously known or making them use them more often is a way to broaden brand awareness. For example, in the case of cereal brands, they persuade them that they can eat their products like snacks during the day, not just in the morning. One way is to develop a brand's new use. Arm & Hammer has created a new consumption behavior by presenting new uses such as deodorizing and whitening effects of its baking soda.

Improving the brand image.

Improving the brand image is to revitalize the brand through more fundamental changes. In order to improve the brand image, it is necessary to change the brand elements (naming, design, slogan, etc.) and position the brand anew. When changing brand elements, the most fundamental approach is to change the name. An example of a city brand is the change of the city name to Iksan after the Iri Station explosion in order not to continue to be called the name of a tragic event. A similar example is the change of the city name from Samcheonpo to Sacheon. Of course, both are exceptional cases. It is not easy to change the city name. In most cases, brand repository is performed to secure additional new customers without losing existing loyal customers. A case in point is the long-standing Bacchus campaign. It is continuously attempting to repository young people away from fatigue recovery drinks for older people. Urban brand revitalization strategies can be divided into brand reinforcement and repository.

Reinforcing

It is a strategy to strengthen the existing core value. The first way to revitalize the brand is to strengthen the 'width and depth of awareness'. The strategy is to maximize the charm of the city by further strengthening existing assets such as history, culture, and industrial factors that have represented the city.

Salzburg, Austria, is one of the cities that succeeded in branding by strengthening its existing core value. The existing asset was Mozart. The filming location of the movie Sound of Music was also in Salzburg. It was a city of Mozart and a city of sound of music. So, it was branded as the City of Music. The slogan was selected as the Stage of the World. Mozart was branded as a cultural and artistic city representing Europe, focusing on existing assets. The material of branding has greatly increased the contact point of focusing on music and Mozart and experiencing the brand. It has expanded cultural and artistic contents in various fields, centering on Mozart. Mozart's birthplace and statues were commercialized for tourism and sold exclusive products such as chocolate. The Salzburg Music Festival was held every year from late July to the end of August. It also developed a tour product for Sound of Music filming sites.

Salzburg, along with Vienna, the capital of Austria, shared the symbol of a city of world music, symbolizing Europe's representative cultural and artistic city. The core of the brand reinforcement strategy is that the material of the brand experience should be focused on one and the contact point of the brand experience should be spread in various ways. The principle of "narrow to widen" also applies here.

Repositioning

It is a strategy to increase the potential of existing brand assets by interpreting existing assets differently and applying the interpretation to substantive improvement. Therefore, it induces consumers to strongly think of new associations, words, and sentences about existing assets. It is a strategy that draws new awareness by activating potential value. It is to find the value that the city has potentially held, activate it according to the trend of the times, and repository it as a new core value.

There is a successful case of urban branding that repositories potential values. Germany's Essen region, where the Ruhr River, a tributary of the Rhine River, flows, is a place where coal, steel, and Chinese chemicals are concentrated. Zollverein, the northern coal mining city of Essen, has always been an industrial center in Germany since coal mining began. In the 1980s, as coal mines became less economical, many coal mines were closed. The vitality of the city has disappeared, and only environmental pollution and unemployment problems remain. The world's largest coal mine, which produced 1 million tons of coal per year, was closed, and the remaining buildings were just scraps of scrap metal, making the city atmosphere even more gloomy.

To invest in profitable real estate?

Unfortunately, not a few people are investing in the wrong direction because they are swept away by the atmosphere without sufficient prior review, even though it takes a large amount of money to purchase profitable real estate. Of course, such hasty investment is a phenomenon that occurs because I do not have the right investment principles that fit my body. Let's look at some basic principles that should be considered in advance when investing in profitable real estate.

1. Let's avoid hasty "Awesome".

When making investment activities, the top priority is not speed, but direction. In other words, it is more important to pick up proper sales than to be swept away by the surrounding atmosphere. If investors lose their direction and only want a hasty hit, they are likely to be misled by fraudulent sales advertisements that guarantee unrealistically high returns. Looking at the advertisement phrases of the once popular pre-sale hotel (aka profit-guaranteed hotel), there are often somewhat irresponsible and unrealistic words such as guaranteeing a rental return of more than 10% per year, a fixed return of 12% per year, and principal and high returns, which were only fraudulent bait. If an investor who has lost his direction is misled by fraudulent bait tactics and decides to make a wrong investment, he will suffer not only financial losses but also considerable mental damage in the future. Unfortunately, even some pre-sale hotels, which have barely escaped the deficit, have been hit hard by the prolonged COVID-19 incident, which has caused legal disputes with numerous investors who have not been paid profits on time.

2. "Three Elements of Investment". Make priorities.

I have to make an investment strategy that fits my body. In general, the three factors of investment refer to profitability, currency exchange, and safety. Investors prioritize these three factors when choosing profitable real estate, which generally varies depending on the investor's investment propensity and the size and age of assets they hold. The risk-seeking type, the lower the investor's asset size, the lower the investor's age group, the more profitable and cashable the investor's investment tendency, the smaller the investor's asset size, and the higher the investor's age group.

3. Stick to the principles that suit your purpose.

Principles suitable for investment purposes must be adhered to. For example, young investors in their 20s and 30s who want to roll extra money for financial technology purposes will be an attractive investment destination if profitability and currency are better. On the other hand, investors in their 50s and 60s who are about to retire need to consider safety and currency exchange first rather than profitability that is just around the corner. If you invest in fraudulent sales hastily due to too high return on investment, this is likely to lead to investment failure, which could turn your second life into an unbearable hard life after retirement. In addition, real estate investments prepared for retirees should be approached with the expectation of stable rental income to ensure smooth cash flow rather than a speculative approach aimed at a large sale margin. It seems somewhat reckless for a person on the verge of retirement to invest in real estate only for profits from the sale.

4. Identify the characteristics of the investment destination.

You should accurately identify the characteristics of each type of profitable real estate and choose an investment destination suitable for you. Representative types of profitable real estate include shopping malls, small buildings, officetels, knowledge industry centers, and small apartments, each of which has its own characteristics, strengths and weaknesses.

First of all, shopping malls are relatively easy to manage rental and can receive rent regularly every month, but if the economic recession is prolonged, commercial districts are vulnerable, and tenants' business slump continues, they are not free from overdue rent or vacancy. In particular, in the case of new pre-sale shopping malls, not only must the market price and rental market price be thoroughly investigated, but also the high price compared to the market price must be checked.

On the other hand, small buildings favored by wealthy people are representative profitable real estate that has benefited the most over the past few years. However, if the vacancy continues to increase in the aftermath of the economic recession and the government's loan regulations on rental businesses are tightened, polarization between popular sales and unpopular sales (Gangnam buildings vs. Gangnam buildings, high-yield buildings vs. low-yield buildings) is expected to intensify.

Officetels are commercial real estate that is not included in the number of houses, but can actually be used like residential real estate, so relatively stable rent can be expected. However, as aging progresses, rents also fall rapidly.

Meanwhile, in the case of the Knowledge Industry Center, which has been fully established as a niche product in recent years, investment demand is steady due to its relatively low supply price and high tax benefits compared to general offices. Above all, it is attractive that the tenant is a corporate company and can sign a long-term contract. However, as supply has increased rapidly in recent years and yields have been falling, it seems inevitable to distinguish between good and bad. Access to subway stations (station areas) is the most important investment point because it is easy for executives and employees of tenant companies to commute to and from work.

Korea Drama Mr. Queen (2020)

In the present day, Jang Bong Hwan works as a chef at the President's Blue House. He has a free spirit, but his spirit somehow finds its way into the body of Queen Kim So Yong in the Joseon period.

King Cheol Jong has secrets. He seems like a figurehead, who is gentle and easygoing. In fact, he hides his strong aspects. Queen Sunwon is the late King Sunjo’s wife. She wields the true power in the country and, thus, relegates King Cheol Jong as just a figurehead. Kim Jwa Geun is Queen Sunwon’s younger brother. He is extremely ambitious.

Korea Drama Run On (2020)

A love story between Ki Sun-Gyeom and Oh Mi-Joo.

Ki Sun-Gyeom was once a popular sprinter for the national team. Due to a case, he quit the sport. He then begins to work as a sports agent. Meanwhile, Oh Mi-Joo writes subtitle translations for movies. She was thrilled when she first see her name as a translator during the end credits. She meets Ki Sun-Gyeom, who just quit being a sprinter. She feels they were destined to meet.

Seo Dan-Ah is the CEO of a sports agency. She is the only child of a man who runs the Seomyung Group. Because of her gender, she is pushed back on the list of potential successors to the Seomyung Group. She lives fiercely to take back what originally belonged to her. Lee Young-Hwa then appears in her life. He is a university student, majoring in art. He likes movies and croquis drawing.

Korea Drama Lovestruck in the City (2020)

Will tell the story of the realistic dating lives of young people fighting to survive in a hectic city.

Park Chae Won, an honest and overly passionate architect who loves the city streets. After a woman that he calls the “camera thief” steals his heart one summer night and then disappears, he is unable to get over her.

Lee Eun Oh, a freelance marketer who spontaneously decides to adopt a false identity in an unfamiliar place. She accidentally ends up falling in love with Park Chae Won while posing as the free-spirited Yoon Sun Ah.

Korea Drama Phoenix (2020)

Ji Eun is the daughter of a wealthy chaebol family. She is bright, humorous, beautiful, and smart. Ji Eun meets Se Hoon, who runs a small furniture workshop. Unlike Ji Eun, Se Hoon comes from a poor family background. He was once the top student at a prestigious university, but he had to drop out due to his sick mother. Nevertheless, Ji Eun falls deeply in love with Se Hoon. She confesses her feelings to him. Se Hoon is also in love with Ji Eun, but he turns her down due to the extreme differences in their backgrounds. Eventually, Se Hoon is unable to bury his feelings any longer and they decide to marry. Ji Eun's father constantly interferes in their marriage and Se Hoon becomes tired of his father-in-law's meddling. Making things worse, Ji Eun experiences a miscarriage. She leaves Se Hoon shortly afterward.

10 years later, their lives have changed drastically. Ji Eun works as a housemaid and she struggles to support her family. She is also burdened by the debt left behind by her late father.

Meanwhile, Se Hoon as William Jang runs the successful U.S. cosmetic company Cosmetic Cherokee. He returns to South Korea.

Man in a Veil (2020)A man has the intelligence of a 7-year-old due to an accident. Han Yoo-Jung ([Uhm Hyun-Kyung]]) is a woman with a bright and positive personality. She aspired to become an announcer, but her poor family background made her give up on her dream. She now works hard to support her family. She also lives in atonement for her fraternal twin sister's wrongdoings.

No Matter What (2020)A family drama around a flower shop filled with beautiful flowers 365 days in a year, that depicts the story of children who experienced parental divorce and remarriage, and grew up fighting in a world of prejudice and fiercely overcoming difficulties from work and love.

True Beauty (2020)

Im Joo Kyung is a high schooler who is upbeat and positive about most things – except for her appearance! She hates the idea of being seen in public without makeup, but fortunately has become a self-taught makeup expert, with a little help from a plethora of internet video tutorials. What she has learned online has transformed her life. At school, she is known as one of the prettiest girls in class – although she secretly lives in fear of her schoolmates discovering what she looks like behind the makeup! In fact, there is only one person from school who has ever seen her minus her “mask” – Lee Su Ho. He is a top-grade student with impressive basketball skills. He is also dashingly handsome, and many of his female classmates have a crush on him. However, Lee Su Ho harbors a few dark secrets from his past, and shuns attention in class. Slowly, these two individuals become drawn together – and learn more about one another’s secrets!

Adapted from the webtoon "Yeoshingangrim" by Yaongyi.

Cheat on Me, If You Can (2020)For her work, best-selling crime author Yeo Joo researches how to make a murder look like an accidental death. Next to her is her younger husband, Woo Sung, who is a family man and works as a divorce lawyer. Woo Sung still thinks he's a sexy, attractive partner, and lives on with his wonderful marriage life. However, lately, Yeo Joo, who would rather be a widow than a divorcee, starts finding some of his behavior suspicious. Could he be cheating on her? Could Woo Sung possibly be enjoying a thrilling affair behind her back? Yeo Joo tells it straight: If he cheats, he will die.

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