Intangible Asset Evidence
Definition
The documented record that establishes an intangible asset exists, where it sits in the Opagio 12 framework, what it is worth, and how that value can be defended at a measurement date. Evidence comes in four forms: identification (the asset is named and classified), provenance (the source documents are attached), measurement (a valuation method has been applied with documented inputs), and persistence (the evidence is reviewed and updated on a defined cadence). Under the 2025 IPEV Valuation Guidelines, evidence the Valuer can reasonably know about — whether the founder surfaced it or not — is in scope at every measurement date (Section 2.5). Pre-emptive intangible asset evidence-building flips the asymmetry founders typically face at term sheet: information that's 'Known or Knowable' but unsurfaced is held against the company, not the analyst. The Opagio Hallmark attests to evidence quality, not value, accuracy, or the underlying truth of customer-maintained data.
Complementary Terms
Concepts that frequently appear alongside Intangible Asset Evidence in practice.
The Opagio attestation that an asset, company, or practitioner meets a defined evidence-quality standard. Modelled on the hallmark on silver: the hallmark certifies that the metal has been tested by an independent assay office and meets a defined standard of purity — it does not certify that the silver is valuable, or that any particular price should be paid for it.
The IPEV Section 2.5 evidence standard: information that is 'Known or Knowable as of the Measurement Date' is in scope at every quarterly Fair Value remark, whether the founder surfaced it or not. Known information is on the company's books, in board minutes, or in disclosed correspondence.
A founder-side preparation discipline that builds the evidence base a Fund's Fair Value process needs at every measurement date — before the term sheet conversation begins. Distinct from valuation negotiation: a Fair Value defence isn't about arguing for a higher number, it's about producing the inputs the Fund's quarterly Fair Value model will consume for the duration of the investment.
The International Private Equity and Venture Capital Valuation Guidelines (IPEV) are the global standard PE and VC funds use to determine Fair Value of unlisted investments. Issued by the IPEV Board, the guidelines set out how a fund's Valuer documents and defends each portfolio company's Fair Value at every measurement date — typically quarterly.
The IPEV discipline that gives a Fair Value model its memory. Entry inputs (the most recent funding round price, comparable transactions, noted multiples, identified intangible assets) become reference points; deltas are tracked at every measurement date.
The value derived from a company's capacity to develop new products, services, processes, and business models. Innovation capital encompasses R&D capabilities, creative talent, experimentation culture, and the pipeline of ideas at various stages of development.
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