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National Academy of Inventors welcomes five VCU College of Engineering researchers
The National Academy of Inventors (NAI) recently inducted five Virginia Commonwealth University (VCU) College of Engineering researchers as senior members. Chosen for their innovative engineering contributions, the honorees are recognized as visionary inventors whose groundbreaking research and patented technologies are driving meaningful societal and economic advancements across the national innovation landscape. “Invention represents the practical application of knowledge and stands as one of the many ways engineers can make a positive impact on their communities and the world,” said Azim Eskandarian, D.Sc, the Alice T. and William H. Goodwin Jr. Dean of the VCU College of Engineering. “This year’s honorees exemplify the interdisciplinary nature of our field, leveraging advanced concepts from mechanical, biomedical, chemical and pharmaceutical engineering to address today’s most pressing challenges. We are immensely proud that our dedicated researchers have earned recognition as members of the esteemed National Academy of Inventors.” The VCU College of Engineering NAI inductees are: Jayasimha Atulasimha, Ph.D. Engineering Foundation Professor Department of Mechanical & Nuclear Engineering An internationally recognized pioneer of straintronics, an approach to electrically control magnetism for ultra-low-energy computing, Atulasimha has made significant research contributions to next-generation memory, neuromorphic hardware and emerging quantum computing technologies. He holds four U.S. patents spanning energy-efficient magnetic memory, nanoscale computing architectures and medical tools. Atulasimha’s commercially viable inventions are funded by organizations like the Virginia Innovation Partnership Corporation and he leads multi-institutional collaborations that drive innovation in computing hardware, AI and quantum technologies with more than $10 million in funded research. Casey Grey, Ph.D. Postdoctoral Research Associate Department of Mechanical & Nuclear Engineering Bridging engineering and medicine, Grey’s work spans life‑saving stroke technologies, breakthrough respiratory and neurological care, and sustainable packaging. As a lead R&D scientist at WestRock, he helped create and commercialize the CanCollar® portfolio, a recyclable paperboard replacement for plastic beverage rings now used on five continents, eliminating thousands of tons of single‑use plastic annually. In medical device innovation, Grey’s patent and development work on a novel cyclic aspiration thrombectomy platform, currently in clinical trials, is advancing stroke treatment by enhancing clot removal efficiency and reducing long‑term disability. At the VCU College of engineering, Grey built a research and commercialization pipeline around neurological and respiratory technologies, securing eight provisional patents and leading multidisciplinary teams in neurology, neurosurgery, surgery, pharmacology and toxicology, internal medicine, and respiratory medicine. His work includes developing dry powder inhaler strategies for delivering life‑saving drugs to patients with acute respiratory distress syndrome (ARDS), a pediatric bubble CPAP system designed to protect brain development in premature infants, and non‑invasive, non‑pharmacological 40 Hz neuromodulation therapies to treat neurodegeneration and conditions with significant central nervous system complications, like sickle cell disease. In collaborations with the VCU Children’s Hospital and VCU Critical Care Hospital, Grey is leading two clinical studies that are translating these innovations to improve patient care. Ravi Hadimani, Ph.D. Associate Professor and Director of Biomagnetics Laboratory Department of Mechanical & Nuclear Engineering Hadimani founded RAM Phantoms LLC, a VCU startup company, commercializing anatomically accurate, MRI-derived brain phantoms for neuromodulation and neuroimaging applications. These brain phantoms help test and tune transcranial magnetic and deep brain stimulation technologies, improving clinical safety and enabling personalized therapy for patients. RAM Phantoms is also developing a highly-skilled workforce for employment in Virginia’s growing biomedical device industry. Beyond commercialization, Hadimani maintains a productive research program with more than $4.5 million in funding resulting in 125 original peer-reviewed publications, 17 current and pending patents, a book, and several book chapters. His biomagnetics lab serves as a training ground for undergraduate, graduate and Ph.D. students to hone their skills in innovation management, intellectual property strategy and startup development. Several students from Hadimani’s lab have engaged in translational research, patent co-authorship and start-up formation, cultivating a new generation of engineer-entrepreneurs equipped to drive future technological advances. Before joining VCU, Hadimani led the development of hybrid piezoelectric–photovoltaic materials that established FiberLec Inc., which commercialized multifunctional energy-harvesting fibers capable of converting solar, wind and vibrational energy into usable electricity. Worth Longest, Ph.D. Alice T. and William H. Goodwin, Jr. Distinguished Chair Department of Mechanical & Nuclear Engineering Uniting aerosol science, biomedical engineering and computational modeling, Longest is revolutionizing inhaled drug delivery. Working with collaborators, his lab has developed novel devices, formulations and delivery platforms that precisely target medications to the lungs, addressing conditions like cystic fibrosis, pneumonia, acute respiratory distress syndrome and neonatal respiratory distress syndrome. These innovations have resulted in multiple patents. Some of them have been licensed through commercial partnerships like Quench Medical, an organization advancing inhaled therapies for applications like lung cancer. Collaborating with the Gates Foundation and the lab of Michael Hindle, Ph.D., from the VCU Department of Pharmaceutics, Longest’s team developed a low-cost, high-efficacy aerosol surfactant therapy for pre-term infants based entirely on technology developed at VCU. The invention eliminates intubation, reduces dosage by a factor of 10, and cuts treatment costs. Over 9 million infant lives are projected to be saved by this technology between 2030 and 2050. Through a long-term collaboration with the U.S. Food and Drug Administration, Longest’s in vitro and computational methods provide federal regulatory guidance for generic inhaled medications. The VCU mouth-throat airway models developed under his leadership are used globally across the pharmaceutical industry and in government laboratories. Hong Zhao, Ph.D. Associate Professor Department of Mechanical & Nuclear Engineering Zhao holds 40 patents with innovations spanning additive manufacturing, stretchable electronics, inkjet printing technologies and superoleophobic materials that repel oils, greases, and low-surface-tension liquids. Her research has applications across health care, sustainable energy and advanced manufacturing. Prior to joining the College of Engineering, Zhao served as a senior research scientist and project leader at the Xerox Research Center, where she developed high-performance materials and printing technologies for commercial deployment. Her industry experience makes Zhao’s lab a hub for innovation and mentorship, with students engaging in innovative research and co-authoring publications. Zhao is an invited reviewer for more than 50 premier journals and grant agencies. “Working with distinguished researchers and innovators like those inducted into the National Academy of Inventors is a great honor for me,” said Arvind Agarwal, Ph.D., chair of the Department of Mechanical & Nuclear Engineering and NAI fellow. “They are an inspiration and showcase the kind of impact engineers can make. Having all five of these innovators as part of our department amplifies the scientific richness of our college and its societal impact. They advance the college’s mission of Engineering for Humanity, with research that brings a positive change to our world.” The 2026 NAI class of senior members, composed of 231 emerging inventors from NAI’s member institutions, is the largest to date. Hailing from 82 NAI member institutions across the globe, they hold over 2,000 U.S. patents.
Ocean Tomo Releases 2025 Intangible Asset Market Value Study Results
Global consulting firm J.S. Held announces the release of the Ocean Tomo Intangible Asset Market Value (IAMV) study. With this release, the study now reflects a panel of 50 years of data in the US market and 20 years of data in foreign markets. The study examines the components of market value, specifically the role of intangible assets, across a range of global indexes. IAMV is shown as of calendar year end by subtracting net tangible asset value from market capitalization. Commenting on the Components of S&P 500® Market Value, economic expert and study author Matthew Johnson observes, “the composition of corporate value has undergone a fundamental transformation over the past five decades.” In 1975, tangible assets—property, plant, equipment, inventory, and other physical capital—represented 83% of the market value of companies comprising the S&P 500 index, with intangible assets accounting for only 17%. By the end of 2025, this relationship had completely inverted: intangible assets now constitute approximately 92% of S&P 500 market capitalization, while tangible assets have been reduced to a mere 8%. Johnson adds, “This 75 percentage point shift represents what Ocean Tomo has defined as ‘economic inversion’— a wholesale transformation in the nature of value creation whereby economic worth has migrated from what can be ‘touched’ to what can be ‘thought’." The magnitude and implications of this transformation are comparable to the Industrial Revolution of the 18th and 19th centuries. Just as the Industrial Revolution fundamentally restructured economic activity from agrarian and craft-based production to mechanized manufacturing, the intangible revolution has redefined the sources and measurement of corporate value in the 21st century. Ocean Tomo Co-founder and J.S. Held Chief Intellectual Property Officer, James E. Malackowski observes, “While the Industrial Revolution required a century to unfold fully, the intangible revolution has occurred within a single human lifespan, with particularly rapid acceleration occurring in the 1985-2005 period when intangible asset market value increased from 32% to 79%—a remarkable 47 percentage point surge in just two decades.” The 2020-2025 period deserves special attention: S&P 500 IAMV remained stable at approximately 90% despite the Federal Reserve implementing the most aggressive monetary tightening cycle in four decades. Dr. Nikki Tavasoli, PhD, shares, “Traditional financial theory predicts that intangible-intensive firms should be highly sensitive to interest rate changes due to their long-duration cash flows and limited collateral value.” She adds, “The observed stability challenges this prediction and requires explanation, which we address in a forthcoming paper.” In 2005, the IAMV study was expanded beyond the S&P 500 to explore the components of value in several key international markets. Stock market indexes from Europe, China, Japan, and South Korea were selected and analyzed to determine the comparable role of intangible assets. To learn more about the 2025 Intangible Asset Market Value Study, please visit: Media Contact Kristi L. Stathis, J.S. Held 1 786 833 4864 Kristi.Stathis@JSHeld.com JSHeld.com
When individuals sign up for direct-to-consumer genetic testing, the extent to which they ever think about their genetic data is likely in the context of the service for which they paid: information on predisposition to a genetic illness, or confirmation of an ethnic background, for example. But that data doesn’t just sit on a shelf, and while the most mainstream concern for such services is the privacy of your data, there is also the question of what else the companies do with it, and how. Ana Santos Rutschman, SJD, LLM, professor and faculty director of the Health Innovation Lab at Villanova University Charles Widger School of Law, is particularly interested in the latter. In June 2025, she co-authored an amicus brief centered on data protection and patient’s interests amid genetic testing company 23andMe’s bankruptcy proceedings. In December, many of those same co-authors published a paper in Nature Genetics, highlighting 23andMe’s bankruptcy as “an inflection point for the direct-to-consumer genetics market,” especially as it pertains to the broader corporate use of individuals’ scientific data. The reason? “How that data is used all depends on the policies of the individual companies,” she said. Genetic Testing Companies Use Your Data For More Than The Services You Pay For Those who utilize genetic testing companies—for any reason—are likely also consenting, often unknowingly, to other unrelated items. This includes acknowledgment of information related to how your data might be further used or monetized. “Most people don't think about secondary and tertiary uses of their data,” said Professor Rutschman. “[What they consent to] is displayed on the website somewhere, but it’s not easily understandable and accessible. It’s fine print.” Such companies often operate beyond the traditional “fee for a service” relationship with consumers. Yes, they will give you the information you paid for—finding out whether you have German ancestry or are predisposed to certain genetic disease—but instead of that genetic data just being stored somewhere, it’s often sold for research purposes. Today, in the age of AI big data, that might look something like this: The company puts your data in a box with parameters, along with thousands of others. Perhaps they are then able to observe a pattern that, until all that data was compiled, was previously unknown. They come up with a diagnostic or a medicine and patent it. That patent is licensed to somebody else, and the company makes money on the product. The use of that data for scientific purposes—even ones that turn a profit— is not problematic in itself, says Professor Rutschman. “Some people may even choose a company that allows scientific research over one that doesn’t. Many people may not care, but some will. The uses are not common knowledge, and that is worrisome. The public should be well-informed about what’s happening.” Deeper problems may arise when they aren’t informed of those potential uses of their data. Professor Rutschman cited the infamous Henrietta Lacks case, in which Lacks’ cells were, and continue to be, one of the most valuable cell lines in cancer research. Neither Lacks nor her family were paid for the widespread use of her genetic material until a settlement was reached long after her death. “When you have biologics involved, a concern is that if you have something potentially valuable, you may not see any money from it.” Bankruptcy Can Cause Policy Upheaval To understand the role bankruptcy can play in all of this, one needs to refer back to the power of individual company policy in this space. There are no external laws that dictate how these companies can further monetize their data, says Professor Rutschman, as long as they don’t violate other laws, such as privacy laws. That means that when a company like 23andMe goes bankrupt, as was the case in 2025, new ownership could enact completely different corporate policies for use of their property. In their specific case, the company was essentially bought back by 23andMe founder and CEO Anne Wojcicki’s non-profit, all but ensuring policies would remain the same. But that is exactly why Professor Rutschman and others are highlighting this specific case. “Bankruptcy is bad in the sense that there's a lot of uncertainty,” she said. “In this instance, the person coming in was the person who was there before, so the policy is likely to continue. But that's very rare. There are a roster of companies with access to biological materials. 23andMe is a good example of something not going horribly wrong, but with the understanding that it absolutely could.” Ways in which that could happen could be new ownership undermining the original intent of the data use by cessation of the company’s previous policies, or charging exorbitant prices to other entities to use that data for scientific research. “Because there is no law, these new owners can essentially do as they please with their proprietary data, unless they do something incredibly careless that amounts to the level of illegal,” Professor Rutschman said. “And that is concerning.” Onus Falls to Companies to Enact Safeguards To ensure a worst-case scenario for such companies does not unfold in a bankruptcy situation, Professor Rutschman points to a number of safeguards they could enact to protect their original commitments, ensure equitable access to data for scientific research and promote fair trade. One of which is implementing a company policy stating that commitments from a previous iteration of the company need to be honored if ownership is transferred. Those could include, as the authors recommend, policies “honoring original research-oriented commitments under which the data were collected,” as well as not “enclosing the dataset for exclusive commercial use.” She also highlights the need for Fair, Reasonable, and Non-Discriminatory (FRAND) voluntary licensing commitments, which are inherently more science and market friendly. “Companies in many sectors have committed to this approach, and we are saying it should apply in this space as well. You’ll charge your royalty, but it can’t be a billion dollars for a data set, nor would it be done by exclusively selling to one entity. You can get that billion dollars by selling to 15, 50 or 100 companies, and from a scientific research perspective, that’s what we want. Otherwise, you have a monopoly or duopoly. “There are a lot of different models that can be used, but ultimately what we are arguing is leaving this unaddressed is a really bad idea. It leaves everything exposed, and something bad is more likely to happen.”
Brian Levine, M.D., Named Chief Academic Officer and Intellectual Property Administrator
ChristianaCare announced Feb. 12 the promotion of Brian Levine, M.D., to chief academic officer, along with his appointment as intellectual property administrator. He will also continue in his role as designated institutional official. As chief academic officer and leader of ChristianaCare’s Department of Academic Affairs, Levine oversees 38 residency and fellowship programs encompassing 315 residents and fellows, along with the education and training of students across the continuum of medical education. He leads the continued growth and strengthening of ChristianaCare’s undergraduate and graduate medical education infrastructure, ensuring that ChristianaCare continues to prepare physicians to care for our community well into the future. In addition, Levine oversees physician assistant education and allied health educational programming, supporting workforce development and long-term community health needs. As the largest academic medical center between Philadelphia and Baltimore, ChristianaCare has been a hub of academic excellence for over a century. ChristianaCare is one of the largest community-based teaching hospital systems in the United States. ChristianaCare also serves as the Delaware Branch Campus for Sidney Kimmel Medical College and the Philadelphia College of Osteopathic Medicine. This unique program allows medical students to complete their third and fourth years of clinical rotations exclusively at ChristianaCare, providing a clear pathway to launch their medical careers in Delaware. Each year, 55 students participate in the Branch Campus program, with many continuing into ChristianaCare’s highly sought-after residency programs and remaining in Delaware to serve local communities. ChristianaCare is a destination of choice for medical students and residents because of its strong patient-centered culture, reputation for excellence, and diversity of clinical experiences that include urban and suburban campuses with a wide range of pathologies. In his newly expanded role as intellectual property administrator, Levine manages and enforces ChristianaCare’s intellectual property policy, ensuring fair and consistent application in alignment with applicable laws and regulations. He also leads the multidisciplinary committee responsible for guiding organizational decisions related to intellectual property valuation, commercialization strategies and revenue distribution. Levine brings deep experience in academic medicine, health system education and scholarly publishing to these responsibilities. An emergency physician, he led the development of widely used clinical reference guides published by the Emergency Medicine Residents’ Association. These pocket-sized tools — covering topics such as antibiotic stewardship, orthopedic injury management, and EKG interpretation — are used by thousands of emergency medicine residents worldwide. Levine has held leadership roles at ChristianaCare for nearly two decades. Since 2018, he has served as associate chief academic officer and designated institutional official. Previously, he was program director of the Emergency Medicine Residency program from 2012 to 2018 and associate program director from 2006 to 2012. Levine is a clinical professor of Emergency Medicine at Sidney Kimmel Medical College at Thomas Jefferson University and previously served as associate medical director for the LifeNet aeromedical transport program. He earned his medical degree from the University of Vermont Larner College of Medicine and completed his emergency medicine residency at ChristianaCare.
Carney Cares. The Tax Code Doesn’t.
Retirement analyst and author Sue Pimento looks more closely at the just-announced "Canada Groceries & Essentials Benefit Program" in the broader context of the country's overall tax-and-benefit system. A closer analysis of steep GIS clawbacks layered on top of taxes shows that some seniors face tax rates comparable to those of the country's highest earners. Pimento argues that we should address this “participation tax” to ensure seniors earn more without being penalized for their work. Prime Minister Mark Carney just announced the Canada Groceries and Essentials Benefit. The intent is good. The relief is welcome. The tax code, however, did not get the memo. Important Disclaimer (Please Read) This article is for educational and discussion purposes only and does not constitute financial or tax advice. Canada's tax and benefit system is complex, highly individualized, and subject to frequent changes. Before making any financial or tax decisions, consult a qualified professional familiar with seniors' benefits, including GIS, OAS, CPP, and related clawbacks. Now that we've cleared that up, let's talk… Here’s a quick overview of what was announced. What the Canada Groceries & Essentials Benefit Program Covers Bigger Benefit Cheques: About 12 million Canadians will receive relief. Food Bank Relief: $20 million to food banks through the Local Food Infrastructure Fund. Food Supply: Immediate expensing for greenhouse buildings to bolster domestic production. Food Security: A national strategy including unit price labelling and enforcement by the Competition Bureau. Business Support: $500 million in supply chain support to help businesses absorb costs rather than passing them on to consumers. These ideas aren’t bad. Some are very sensible. Taken together, the Government estimates in its announcement that these measures would "provide up to an additional $402 to a single individual without children, $527 to a couple, and $805 to a couple with two children. They go on to say that at these levels, Canada’s new government will be offsetting grocery cost increases beyond overall inflation since the pandemic." On paper, this looks helpful. Unfortunately, paper has never had to buy groceries. But… You knew there was a “but” coming. Government announcements are legally required to include one. A Little-Known Tax Reality That Makes You Shake Your Head New research shows Canada's tax-and-benefit system disadvantages low-income seniors who work. The issue? It's hidden in the tax code. On January 28, 2026, a Zoomer Radio Fight Back discussion hosted by Libby Znaimer highlighted the issue. Guests included: • Gabriel Giguère, Senior Policy Analyst, Montreal Economic Institute • Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC Financial Planning & Advice Their conclusion? Canada's tax system discourages low-income seniors from working exactly when they need income the most. Many seniors discover (usually the hard way) that a small side hustle doesn't always pay off. It can lead to higher taxes and benefit clawbacks. Work a little more, and Ottawa takes a lot more. Why Seniors Are Still Working Because the math doesn't add up. Either way. More than 600,000 older adults live below the poverty line. Meanwhile, rent, food, utilities, insurance, and property taxes are increasing faster than pensions ever did. More seniors are employed, particularly GIS recipients. MEI analysis indicates that GIS recipients with work income increased by 56% from 2014 to 2022, rising to 64% among those aged 65–69. These seniors aren't working for "fun money." They're working to keep the lights on and purchase medication. Reviewing the details reminded me of a long-standing issue in my research on income and cash flow for Canadians aged 55 and over. Many Canadians can’t make ends meet and are forced to work well past 65. Yet Canada’s tax system punishes low-income seniors for working—exactly when they need income most. To understand why, we need to look at the Guaranteed Income Supplement. The Guaranteed Income Supplement (GIS) Program for Low-Income Seniors Here's how the GIS benefits work: • A non-taxable monthly benefit on top of Old Age Security for low-income seniors. • Roughly one-third of OAS recipients also receive GIS—over 2 million Canadians. • For a single senior with no other income, the maximum annual benefit is about $13,000. (Source: Government of Canada GIS website) The program has done meaningful work. Combined with OAS, CPP, and private pensions, Canada dramatically reduced senior poverty over the past half-century. But there’s a catch hiding in the design. Think of GIS as a hug that tightens when you try to stand up. The GIS Clawback Problem for Canadians GIS recipients can earn only $5,000 per year in employment income before clawbacks begin. After that, GIS takes back 50 cents of every dollar earned—before income tax and payroll deductions. A partial exemption applies to the next $10,000, where 25–37.5% is clawed back. The program helps seniors—right up until they try to help themselves. How the GIS Clawback Works Against Working Seniors Let me illustrate this. Meet Agnes. She is about to learn more about marginal tax rates than any bookstore employee should. Agnes is between 65 and 69 years old, lives alone, and receives OAS and CPP. Rising costs push her to take a job at a local used bookstore. She works about 15 hours a week at roughly minimum wage. Here annual gross employment income is about $13,000 Here’s what happens: • Her employment income triggers GIS clawbacks once she exceeds $5,000. • She pays income tax, CPP contributions, and sometimes EI premiums. • Between taxes and clawbacks, much of her earnings disappear. Simple version: Agnes works more hours but keeps far less than expected. When you keep 20 cents on the dollar, even capitalism looks confused. Agnes didn’t go back to work for the thrill of alphabetizing mystery novels. She did it to afford her prescriptions. A Canadian Tax System That Punishes the Wrong Thing If we’re going to test income, test investment income. Fine. Tax it. But employment income? Showing up? Working? The system treats that like misconduct. Once you add income tax, CPP contributions, and the loss of other credits, low-income seniors can face effective marginal tax rates of 70–80% on modest earnings. Nothing says “fairness” like taxing a bookstore clerk harder than a boardroom executive. As Gabriel Giguère of the Montreal Economic Institute has noted, "this level of taxation normally applies to wealthy Canadians—not seniors living in poverty." In a well-researched economic brief, Giguère and Jason Dean, Assistant Professor of Economics at King’s University College at Western Ontario, present a compelling argument for policy change. This comment by Giguère and Dean nicely sums up their key findings: "For various reasons, including insufficient pensions to maintain their living standards, seniors are increasingly turning to work. Yet the current tax-and-benefit system merits reform as it undermines their efforts, with the harshest effect on low-income seniors." One-Time Credits Don’t Fix Structural Problems At Davos, Mark Carney famously said, “Nostalgia is not a strategy.” Fair point. So why does our benefit system still behave as if retirement lasts ten years and ends with a gold watch? The system still thinks retirement lasts ten years and includes a gold watch. People are living longer. Many will spend 25 to 30 years in retirement. Some want to work. Many need to. A grocery credit helps. But a broken incentive structure still breaks people. Common Sense Tax Solutions the Canadian Government Should Consider 1. Raise the GIS earnings exemption The Montreal Economic Institute recommends raising it to around $30,000. Estimated cost: $544 million annually. Modest relative to the program’s size. 2. Exempt employment income from GIS clawbacks (at least partially) Keep testing investment income. Stop penalizing work. 3. Rethink retirement assumptions Policy built around “retire at 65 and earn almost nothing” no longer matches reality. None of these ideas are radical. They’re just… current. What to Ask Your Accountant About Your Tax Rate Get professional advice. Not generic advice. Not from Google. Not from your unemployed nephew. Ask specifically about: • Pension income splitting • Strategic RRSP contributions • Consulting or corporate structures where appropriate • Creative but compliant barter arrangements • CPP and OAS deferral strategies • Documentation. Lots of documentation. When clawbacks are involved, paperwork is your lifeboat. A Short, Honest Take Grocery relief is appreciated. The intent is good. But until Canada fixes a tax system that punishes low-income seniors for working, affordability will remain fragile. This isn’t about blame. It’s about aligning incentives with reality. Right now, it feels like we’re helping seniors swim by handing them bigger life jackets—while quietly drilling holes in the boat. And yes… I need to lie down. I feel another blog coming on. Apparently, exercising this much common sense counts as cardio. Sue Don't Retire...Re-Wire! Want more of this? 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AI as IP™: A Framework for Boards, Executives, and Investors
Under current corporate accounting practices, artificial intelligence (AI) companies’ most valuable resources – large language models, training datasets, and algorithms – remain “off the books” or uncapitalized. As the importance of AI continues to grow in the global knowledge-based economy, financial statements are becoming less representative of a company’s true worth, creating a recognition gap. In this article, James E. Malackowski, Eric Carnick, and David Ngo present several conceptual frameworks to bridge this gap. They explain how the triangulation of three valuation approaches can reveal both the tangible investment base and the intangible, strategic upside of AI assets. In turn, these approaches provide board-level visibility into where AI capital resides and how it contributes to enterprise value. James E. Malackowski is the Chief Intellectual Property Officer (CIPO) of J.S. Held and Co-founder of Ocean Tomo, a part of J.S. Held. Mr. Malackowski has served as an expert on over one hundred occasions on intellectual property economics, including valuation, royalty, lost profits, price erosion, licensing terms, venture financing, copyright fair use, and injunction equities. He has substantial experience as a Board Director for leading technology corporations, research organizations, and companies with critical brand management issues. This article is the second installment in our three-part series, Artificial Intelligence as Intellectual Property or “AI as IP™”, which explores how artificial intelligence assets should be treated as a form of intellectual property and enterprise capital. The first article, “A Strategic Framework for the Legal Profession”, explored the legal foundations for recognizing and protecting AI assets. The upcoming third article, “Guide for SMEs to Classify, Protect, and Monetize AI Assets”, will provide practical steps for small and mid-sized enterprises to turn AI into measurable economic value. To explore the topic further, simply connect with James through his icon below.
Global Honors Highlight J.S. Held’s Unmatched Technical and Advisory Expertise
J.S. Held proudly celebrates the numerous industry and expert recognitions earned throughout 2025. As a global consulting firm, J.S. Held continues to be acknowledged for its deep financial, technical, and scientific expertise, with leading outlets highlighting the firm’s capabilities across investigations, risk advisory, forensics, turnaround and restructuring, business intelligence, and litigation support. The firm’s curated team of entrepreneurs — each with an unrivaled understanding of both tangible and intangible assets — reflects a collective strength that is recognized worldwide. Beyond organizational achievements, J.S. Held’s experts received individual distinctions that further demonstrate their standing as leaders within their respective fields. Industry publications and ranking bodies honoured these specialists for excellence in arbitration, construction and engineering, environmental consulting, forensic accounting, investigations, litigation support, intellectual property, specialty finance, and a wide range of other highly specialized domains. Together, these recognitions underscore J.S. Held’s commitment to delivering trusted insight and unparalleled expertise as clients navigate increasingly complex challenges. In a rapidly evolving business landscape, the firm remains dedicated to providing informed, innovative, and practical solutions that enable organizations to move forward with confidence. Click on the link below to learn more about our recognition and respective areas of expertise: Expert recognition by notable organizations serves as a further testament to J.S. Held's agile, collaborative, creative, and client-centric team, reflecting the trusted advisor role the firm has earned over the last 50 years. For any media inquiries, contact: Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com
Budget 25 – initial reactions related to personal financial wellbeing
As the director of the Aston Centre for Personal Financial Wellbeing, and a professor of taxation, I obviously take particular interest in the annual budget day as it sets a tone for much of the personal finance changes that are likely to occur in the near future. The lead up to this year’s budget had unprecedented levels of speculation with much of the press and commentators trying to get attention with ever more it seemed wilder guessing of what the chancellor might do – largely unhelpfully and worrying people and the markets unnecessarily. Almost all of this proved wide of the mark as the budget didn’t increase any of the main taxes at all, and where it might nudge National Insurance contributions (NICs) up for some, this won’t be for a few years and only in a small area (pension payments for employees) that won’t actually affect most people. Small and cautious steps to reform The reason for all this speculation of key changes needed was that everyone suspected there was a big hole in the national finances. This was shown not to be the case. In fact, predictions provided in the budget documents are we’d in fact be in budget surplus by the end of this parliament period even before the changes announced take effect. This was a surprise to many and meant the chancellor could actually focus on at least some small and cautious steps towards reforming how our tax, benefit and government spending systems work. What she proposed therefore is currently predicted will raise circa £26bn and give the government ‘head-room’ to cope with economic changes later rather than needed to fill a feared financial black hole now – good news all round! This meant what we actually got was lots of smaller changes with fewer ‘rabbit out of a hat’ big tax surprises than we have had in recent years – a welcome steadying trend I hope will continue. She also promised some short-term spending that can be paid for with a combination of extra borrowing now and with increased taxes later – again a trend of recent budgets. If these tax changes actually happen in the end, then it will be down to what happens between now and when these were proposed to commence – by no means a guarantee these will ever happen. Later budgets, or other rule changes in the future, could easily retract or counter them (all chancellors like to announce planned tax changes aren’t going to happen for obvious political gain reasons!). Income tax changes The largest share of the extra £26bn raised will come from extending the income tax thresholds for a further period – now to 2031. These have been fixed (at £12,570 for example for the point at which income tax starts to need to be paid on personal incomes) since at least 2023, some well before this. This matters, as, when wages rise due to inflation, people are not better off in reality (you get more income but things cost more), but may end up paying more tax than before as the thresholds haven’t increased with inflation to the same degree (what we call ‘fiscal drag’). As such, holding these thresholds fixed for longer will raise extra money for the government (predicted to be over £12bn a year in 2030-31 for example) – largely unnoticed as to many it doesn’t feel like the tax rise it clearly is. The threshold fixing extension announced today will mean that as many as 700,000 more people will start to pay some income tax when they wouldn’t currently, and up to 1 million more people will start to pay higher rates of tax than currently – all without being actually better off in real terms. Some call this stealth tax, but it feels very real when it starts to affect you if your total taxable incomes fall near these threshold levels. There were in total more than 70 other tax measure changes in this budget – a huge number and lots to get your head around. However, most of these will not affect most people and are relatively small in nature – targeted at making the tax system a little fairer (i.e. those on higher incomes, with more savings, dividends, receiving additional income from property they own etc – paying more taxes as a proportion of the total amount raised in tax from all sources). This is clearly welcome news (at least for those not being asked to pay this extra) in the current climate. The biggest changes for financial wellbeing As a research centre focusing on individual and family financial wellbeing, what do we think are the specifics announcements made that are most likely to affect people – several headline announcements are worth highlighting: - 1. The removal of the two-child limit on benefit eligibility is obviously a key headline – long touted as a key reason larger families are much more likely to be in poverty than smaller families. This is a key change that many Labour MPs wanted to see happen and the chancellor has delivered on it. This is very welcome news – although it won’t start to affect these families until after April 2026 to give time to bring these measures into place – but then predicted to lift 450,000 children out of poverty. 2. As part of making the tax system more progressive, a brand-new tax was announced on very expensive houses in England – to be snappily called the High Value Council Tax Surcharge (or HVCTS) – although expect it to be called the ‘mansion tax’ by everyone! The UK’s main local tax (council tax) isn’t going to be reformed as such in this change – despite being the target of much speculation that it is just too regressive to leave unreformed any longer after we haven’t revalued houses in most of the UK since 1991. This will instead be an additional tax, commencing in April 28, on those whose properties are valued (now) at £2m or more – with higher rates rising to those with properties over £5m. Clearly this will affect relatively few in most of the UK (only expected to affect 1% of properties nationally), but will affect some and will raise extra revenues (expected to raise circa £400m+ a year) to directly support provision of local services – much needed in many parts of the UK. 3. New taxes on electric cars – given fuel duty is not paid by those who drive electric cars (as they don’t buy petrol or diesel) there have been calls for new taxes to be charged to electric car drivers. While these cars may be better for the environment when driven, they continue to wear roads and contribute to congestion. The government is proposing a per mile charge from April 28 (to be called the Electric Vehicle Excise Duty or eVHD) for these vehicles which will be painful for electric car divers – not least as this cost as not known when purchase decisions were made. No-one likes a tax charged on something you have already made the decision to buy so expect this to be unpopular. It is proposed currently to cost EV drivers around £20/month – about half the rate of fuel duty on average – and expected to raise circa £2bn a year by 2030-31. I expect this tax will become more nuanced in future perhaps as technology enables perhaps different charges to be applied to use of congested city roads compared to open rural driving perhaps - we will see. 4. National Insurance deductibility for pension contributions via salary sacrifice schemes operated by many employers for their employees is to be capped at £2,000 (although only from April 29 – so no immediate effect). This now very widely used approach to making pension contributions if you are an employee that in effect avoids you having to pay NIC on this income going into your pension. For those with larger pension contributions the bit that can be made before NIC is due on the extra this will be capped in the future to £2,000 per year – again affecting those who receive higher pension contributions most and affecting those at the bottom of the income spectrum, little if at all (74% of employees are predicted not to be affected). Is this a breach of the Labour manifesto promises not to increase the main taxes? For some it certainly seems that way. What didn’t happen? There are many smaller measures to explore, or ones that are not coming into effect for the next year or more that might have been missed from the news headlines but that will almost certainly affect lots of people. To name just a few (including highlighting several things NOT going to happen – which will obvious not save people money per se, but help by not costing them more): - above inflation increases to national minimum (‘living’) wage for all age groups from April 2026 (+4.1% for those over 21)– although still not raising this to ‘real living wage’ levels. further extension of holding off on the 5p/litre fuel duty rise not increasing prescription charges (staying at £9.90 for the next year) confirming state pension rises by 4.8% from next April (worth £575/year) confirming £150 winter fuel payments again this winter to over 6 million homes freezing regulated rail fares – preventing the usual annual increases from January (the first time this has happened in 30 years) extending the government’s Help to Save scheme to more benefit recipients than previously No immediate impact for most Overall, this is therefore probably a welcome budget for many, those on lower incomes will likely get the most from these measures, if all are applied as proposed, but most won’t see much of an immediate impact immediately – and with the largest benefit likely to all on larger families in receipt of benefits from next April.
Five Million Airbnb Reviews Illuminate Guests’ Crime and Safety Concerns
Concerns about crime and safety have a dramatic impact on the behavior of Airbnb customers, according to new research co-authored by Liad Wagman, Ph.D., Dean of the RPI Lally School of Management. In an analysis of nearly 5 million reviews left by Airbnb guests, Wagman and his colleagues found that a short-term rental property’s occupancy rate and rental price dropped by significant amounts after a guest left a review mentioning safety concerns at or around the property: occupancy rates fell by anywhere from 1.5 to 2.4 percent, while average nightly prices dropped by roughly 1.5 percent. These negative safety reviews influenced the behavior not only of potential future customers, but also of the people who wrote them. A customer who mentioned concerns about crime and safety in the neighborhood around a property, for instance, became 60 percent less likely to ever use Airbnb again. “To see the effect of these dynamics play out in action is always fascinating to me," Wagman said. “Given that humans have different preferences, and that information transmittal is imperfect, it’s unsurprising that the effect of self-experience is larger than that of reading a critical review that resulted from it.” Worries about safety within a property — say, a broken step or a slippery tub — also reduced customers’ willingness to return to the platform, but by a more modest amount. The study also found that when people with neighborhood safety concerns did return to the platform, they tended to book properties in areas with lower rates of crime. The study, co-authored by Aron Culotta of Tulane, Ginger Zhe Jin of the University of Maryland, and Yidan Sun of Binghamton University, was published in the journal Marketing Science. Overall, the researchers found that safety-oriented reviews were rare: only about 0.5 percent of customer reviews mentioned safety concerns. But those reviews tend to be more negative in sentiment than the typical customer review, giving them an outsize impact on the behavior of subsequent would-be customers. The findings illustrate a delicate balancing act digital platforms have to perform, particularly those that rely heavily on user reviews: while highlighting negative experiences can help consumers make more informed choices, too much emphasis can drive customers away completely. The team ran several simulations calibrated by their empirical analysis to test how these dynamics play out in the market. They found that if a platform suppressed negative safety reviews completely, customers might assume that safety information was being hidden, and become more wary of using the platform in general. Conversely, while more transparency around safety issues could lead to fewer bookings of impacted properties in the short term, in the long run such a policy could boost user trust and draw more people to the platform, offsetting the short-term losses. “Platforms with the competitive space to focus on long-term objectives may benefit from a higher level of transparency, which can be facilitated by making information that is relevant to their buyers’ decision-making more readily available,” Wagman said. “Doing so facilitates trust and helps incentivize sellers to work to improve the quality of their offerings, as well as help shape sellers' decisions to enter a market (e.g., offer their listings) in the first place.”
When Markets Wobble (Part 2): How Canadians Can Use Home Equity as Their Ultimate Cash Wedge:
In an earlier post I laid out one of the foundational blocks of your retirement defense system: the "Cash Wedge" - that boring-but-brilliant cushion of cash, GICs, and T-Bills that protects you from selling investments when markets wobble. The Cash Wedge is the mild-mannered superhero of your retirement plan. It buys you time, flexibility, and peace of mind, as it gives you permission to wait for markets to recover— Now if you missed Part 1, go back and give it a quick read here. For Canadian homeowners — especially those whose wealth is mostly in their property — there are additional options that allow you to use your equity as a second buffer, dramatically strengthening your financial resilience. How Home Equity Strategies Can Help You Create a Backup Wedge for Retirement Here's the risk that catches thousands off guard: sequence-of-returns risk combined with home equity concentration. Translation: While you own your home, you encounter problematic market conditions early in retirement while withdrawing, and your options narrow quickly. Author Wade Pfau's research demonstrates that home equity can serve as a "buffer asset," shielding investments during economic downturns. Instead of selling investments when markets are down, it might be smarter to temporarily access a pre-arranged HELOC or reverse mortgage. Once markets recover, you can repay the credit line. This isn't debt panic — it's strategic damage control. Warren Buffett's Wisdom Applied to Canadian Retirement As an investor, Warren Buffett is the epitome of control and discipline. His now famous quote rings true in these times. “The stock market is a device for transferring money from the impatient to the patient.” Translation for retirees: Keep dry powder. Own quality investments. Don't chase fads. And stop looking for the bottom — nobody knows where it is until it's in the rear-view mirror. The Canadian "Brick-and-Mortar" Retirement Strategy Listen up, homeowners. Canadians whose retirement plan is pretty much: buy a home, pay it off, and repeat; "we're mortgage-free" with pride. This strategy is very common and effective. But let's be honest: if your home is part of your retirement plan, economic changes matter even more. If you’re in this camp, you need to accept the facts and plan how you'll use your equity to secure your retirement. It’s better to have a ready, aim, fire approach than the more typical fire, ready, aim! When markets decline, central banks often cut rates. Lower rates can support real estate — but they don't guarantee rising prices. Meanwhile, inflation drives up costs, buyers' budgets fluctuate, property values can soften, and retirees feel the impact most quickly. Even a modest dip in home values creates real erosion in net worth when your home carries the bulk of your financial future. The Case for Securing Home Equity Access Now It's much easier to qualify for credit when home values are higher, finances are stable, and you're not already in a pinch. Your options: Home Equity Line of Credit (HELOC) This includes products like Manulife One: Competitive rates and flexible options — but retirees often face income qualification barriers. Reverse Mortgage: No income needed, no payments required. Plus, the No Negative Equity Guarantee — you can never owe more than your home is worth — but retirees dislike debt! HESA (Home Equity Sharing Agreement): You get cash now in exchange for sharing a percentage of your home's future appreciation. No monthly payments, not technically debt, but you give up a share of future gains. This isn't about needing money today. It's about safeguarding your future from having to sell, downsize, or rely on credit card debt because the economy experienced a mood swing. It's insurance — with a door handle. Building Your Cash Wedge: Step-by-Step Calculate 12–24 months of living expenses. Select where to store each layer (high-interest Savings Account, cashable GICs, T-Bills). Refill the wedge with income from dividends, distributions, or planned draws Monitor your situation closely. If your income is tight: consider arranging a home-equity line or reverse mortgage as a backup wedge - not an emergency scramble. Review annually — cost of living changes, inflation changes, and so should your wedge. The Bottom Line for Canadian Retirees The real question isn't "Do I need a Cash Wedge?" It's "Can I afford NOT to have one?" Retirees have limited capacity to earn income to cover shortfalls. Budgets can tighten unexpectedly. Inflation doesn't seek permission. And sometimes the thing we think we'll never need becomes the lifeline that secures our retirement. Your retirement security comes from: Owning quality investment Building reliable dividend income Preparing smart home-equity backstops Keeping emotions out of financial decisions Avoiding saving too much while living too little The Cash Wedge is the most boring tool in your retirement plan — and the most powerful. Yet most financial plans ignore it. Don't. Sue Don’t Retire… ReWire!!! Want to become an expert on serving the senior demographic? Just message me to be notified about the next opportunity to become a "Certified Equity Advocate" — mastering solution-based advising that transforms how you work with Canada's fastest-growing client segment.