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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "presentationDate": "2013-04-30 00:00:00",
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      "text": "This is a case study in ineffective licensing strategy and included several mistakes.",
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      "text": "Apart from DRAM, Tessera has been generally unable to successfully monetize its portfolios. After licensing much of the DRAM market, Tessera targeted several Non-DRAM markets by filing litigation in District Court (April 2007) and a complaint at the International Trade Commission (ITC) against companies such as Qualcomm, Freescale, Motorola, and others. More than 6 years after the initial filing, the case is still in District Court (NDCA) and is awaiting a trial in April 2014. Of the three main original defendants, Tessera has only settled with Motorola (2009), while spending millions on legal fees over the last six years. This is a case study in ineffective licensing strategy and included several mistakes: Lack of market penetration: Tessera chose to litigate against the largest player first, and it has been unable to actively license smaller competitors and companies in other Non-DRAM markets. High cost and risky: Tessera utilized the ITC, which is incredibly risky and extremely expensive. Time consuming strategy: Two key patents in the case expired during the legal proceedings (Sept. 2010), which limits the damages period in the case and monetary reward for Tessera. Given the quality of Tessera's patent portfolio, we believe the time-to-money has been unacceptable. In addition, it appears Tessera has completely ignored international enforcement opportunities in attractive jurisdictions like Germany.",
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      "text": "Source: SEC Filings.",
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      "kind": "title",
      "text": "Licensing Missteps: Ineffective Patent Monetization Strategy",
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