What Is a Patent Worth? Evidence from the US Patent Lottery

• 成果类型: Article
• 署名作者: Farre-Mensa, Joan; Hegde, Deepak; Ljungqvist, Alexander
• 署名单位: University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; New York University; Stockholm School of Economics; Swedish House of Finance
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12867
• 发表日期: 2020
• 页码: 639-682
• 关键词: research-and-development; INNOVATION EVIDENCE; venture; MARKET; networks; RIGHTS; IMPACT; ideas

摘要

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 venture capitalists, banks, and public investors.