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What is a Patent Worth? Evidence from the U.S. Patent "Lottery" / Joan Farre-Mensa, Deepak Hegde, Alexander Ljungqvist.
- Format:
- Book
- Author/Creator:
- Farre-Mensa, Joan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23268.
- NBER working paper series no. w23268
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- We provide evidence on the value of patents to startups by leveraging the quasi-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.
- Notes:
- Print version record
- March 2017.
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