Review the “You Be the VC” features for Chapters 10 through 14. Which of the companies featured is most likely to own intellectual property that other companies will want to license? Explain your answer.

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YOU BE THE VC 10.1 Company: Joby Energy Web: www.jobyenergy.com Twitter: jobyenergy Business Idea: Develop airborne wind turbines to harness the immense and consistent power in high- altitude winds, with the objective of producing reliable, sustainable, and low-cost renewable energy. Pitch: Winds at higher altitudes are faster, are more consistent, and contain three times the power as winds near the earth's surface. As a result, Joby Energy is developing airborne wind turbines that will operate at high altitudes and generate electricity that can be transferred to the ground via a reinforced composite tether. Here's how it works. The wind-generating apparatus looks like a large series of propellers tethered together via a multiwing structure (pictures of the device are avail- able on Joby Energy's Web site). For launch, the turbines or propellers are supplied with power to enable vertical takeoff. Upon reaching operating altitude, the system uses the wind's power to fly crosswind in a circular path. The high crosswind speed results in the turbines spin- ning onboard generators at high speeds, which in turn produces electricity. The electricity is transferred to the