Internal sequential innovations: How does interrelatedness affect patent renewal?

Kun Liu, Jonathan Arthurs, John Cullen and Roger Alexander

Research Policy, 2008, vol. 37, issue 5, 946-953

Abstract: The value of patented innovations has attracted substantial research attention, especially in the context of patent renewal. However, research often assumes that a firm's patented innovations are independent from each other. We draw upon evolutionary economics and suggest that some of a firm's patents share important genealogical relationships, which we refer to as internal sequential innovations. We propose internal sequential innovations are more valuable and therefore more likely to be renewed than stand-alone innovations. We examine our hypotheses from a dataset of US pharmaceutical and biotechnology patents. The results confirm our hypotheses at both the patent and the firm levels.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eee:respol:v:37:y:2008:i:5:p:946-953

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