Valuation of Early Stage Technology Project

The Valuation of Early Stage Technology (VEST) research project is an effort to develop a contemporary theory and an empirical and practically applicable model for appraising the value of early stage technology in the information and communication industry based on large firm-level data.

The ability to commercialize technological innovations is a key driver of long term economic growth. Yet technology by nature is an intangible asset and we lack an accurate method to give innovations a sensible valuation. This is a major bottleneck that hinders investment into the development, transaction, transfer and commercialisation of technology, especially early-stage technologies. The current markets need a proper and consistent valuator to determine the worth of technology as a trad-able product in its early stages.

Phase 1 of VEST was implemented from February 2016 to August 2017. It was a great success with a technology valuation model giving high predictive power, with the project outputs successfully passing Huawei's appraisal. The research in Phase 1 won a Best Paper Prize at the 2017 European Academy of Management Annual Conference. The second stage of the project now aims to refine the VEST model developed in Phase 1 and extend the applicability of the valuation model to other countries and industries.

We hope that the research findings will not only have high academic value but also significant policy implications and practical use for those in the ICT industry and in related sectors. Our centre's research has found that reducing the bottlenecks for early-stage, small-scale and incremental innovations facilitates more investment, transfer and commercialisation of technologies and enables economic growth.

Enquiries can be directed to the Research Officer for VEST Dr. Shaomeng Li

This project is supported by Huawei Technologies Ltd.