Farre-Mensa, Joan
[VerfasserIn]
;
Ljungqvist, Alexander
[Sonstige Person, Familie und Körperschaft];
Hegde, Deepak
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
What is a Patent Worth? Evidence from the U.S. Patent “Lottery”
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, March 2017
Erschienen in:NBER working paper series ; no. w23268
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w23268
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files
Beschreibung:
We provide evidence on the value of patents to startups by leveraging the random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the patent "lottery" by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later. Patent winners also pursue more, and higher quality, follow-on innovation. Winning a first patent boosts a startup's subsequent growth and innovation by facilitating access to funding from VCs, banks, and public investors