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  "docSlug": "15bf909b6013",
  "documentTitle": "Tessera Technologies Inc. (TSRA)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-30 00:00:00",
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  "pageNumber": 24,
  "pageCount": 80,
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  "notes": "This slide uses a narrative structure to frame the company's current business model as a failure of strategy, setting up the activist's proposed pivot.",
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      "kind": "callout",
      "text": "Tessera's current strategy of developing and selling products in Digital Optics creates a clear conflict as customers for Digital Optics may also be licensing targets.",
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      "text": "In 1990, Tessera was founded after inventing its core TCC chip-scale packaging (CSP) technology.\nCSP achieved initial market adoption in the mid-1990s and was licensed by several major technology companies.\nTessera invested in R&D and acquired imaging/optics patents.\nRecent inventions have not resulted in meaningful licensing revenues; Digital Optics business has led to losses.\nWe believe Tessera must shift focus from internal R&D to acquiring/partnering licensing rights.\nTessera has valuable imaging/optics assets that are sitting idle.\nTessera's product strategy creates a conflict with potential licensing targets.",
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      "kind": "title",
      "text": "History of the Tessera Business Model",
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