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000042094 040__ $$aSzGeWIPO$$beng$$erda
000042094 041__ $$aeng
000042094 1001_ $$aFarre-Mensa, Joan
000042094 1001_ $$aHegde, Deepak
000042094 1001_ $$aLjungqvist, Alexander
000042094 24503 $$aWhat Is a Patent Worth? Evidence from the U.S. Patent 'Lottery'
000042094 264_1 $$a[Pulaski, New York] :$$bAmerican Finance Association$$c2019.
000042094 300__ $$a74 pages
000042094 336__ $$atext$$btxt$$2rdacontent
000042094 337__ $$aunmediated$$bn$$2rdamedia
000042094 338__ $$avolume$$bnc$$2rdacarrier
000042094 520__ $$aWe 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.
000042094 525__ $$aPublished in : Journal of Finance
000042094 650__ $$aPatents
000042094 650_0 $$aR&D
000042094 650_0 $$aResearch and development
000042094 650_0 $$aEntrepreneurship
000042094 650_0 $$aVenture capital
000042094 85641 $$uhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=2704028$$yView this resource
000042094 904__ $$aJournal article
000042094 980__ $$aBIB