@article{42094,
      author = {Farre-Mensa, Joan and Hegde, Deepak and Ljungqvist,  Alexander},
      url = {http://tind.wipo.int/record/42094},
      title = {What Is a Patent Worth? Evidence from the U.S. Patent  'Lottery'},
      abstract = {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.},
      recid = {42094},
      pages = {74 pages},
}