NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Is There a Role for Patents in the Financing of Innovative Firms?

Bronwyn H. Hall

NBER Working Paper No. 24370
Issued in March 2018
NBER Program(s):Corporate Finance, Industrial Organization, Productivity, Innovation, and Entrepreneurship

It is argued by many that one of the benefits of the patent system is that it creates a property right to invention that enables firms to obtain financing for the development of that invention. In this paper, I review the reasons why ownership of knowledge assets might be useful in attracting finance and then survey the empirical evidence on patent ownership and its impact on the ability of firms to obtain further financing at different stages of their development, both starting up and after becoming established. Studies that attempt to separately identify the role of patent rights and the underlying quality of the associated innovation(s) will be emphasized, although these are rather rare.

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Document Object Identifier (DOI): 10.3386/w24370

 
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