Evaluation of framework for determining valuers preparedness for intellectual property valuation practice: perspectives from Lagos property market, Nigeria

Purpose: As part of steps toward providing valuation clients with requisite information on the preparedness of practitioners for intellectual property (IP) valuation, this study developed and evaluated a framework for determining the preparedness of practitioners for IP valuation. Design/methodology/approach: The developed framework built on ideas from past related studies and was evaluated by estate surveyors and valuers (ESVs) in Lagos property market, Nigeria. Through online survey, 125 ESVs participated in evaluating the framework. The professionals evaluated the significance, to preparedness, of 32 variables components of 5 main preparedness framework’s indicators. The variables were rated on a five-point Likert scale, ranging from 1 to 5 with 1 representing Not at all important and 5, Highly important. The data obtained were transposed into preparedness scales and relative important index (RII) using mean rating. Findings: The result showed that four of the five main indicators in the developed framework were judged to be important in the measurement of practitioners’ preparedness for IP valuation. These are sensitisation and awareness of practitioners about IP valuation, training and education at tertiary institutions level, acquisition of informational materials and further professionals training. The fifth indicator (the presence of regulatory and clients’ support) was considered only moderately important. The study concluded that the developed framework, when applied, should be sufficient to establish practitioners’ (ESVs) level of preparedness for IP valuation in the study area and similar markets elsewhere. Practical implications: The study has implication for the education and training of IP valuation practitioners. It will also serve as impetus for further study in the area of IP valuation, particularly with respect to measuring valuers’ preparedness, in the developing countries. Originality/value: This study presents one of the few attempts at developing a framework for determining preparedness of practitioners for IP valuation in developing countries; a step which is expected to stimulate further actions towards full IP valuation practice.