Implications of uncertain patent rights for German start-ups’ commercialisation activities and access to external capital
Diana Heger and
Katrin Hussinger ()
Industry and Innovation, 2017, vol. 24, issue 7, 753-773
Start-ups may benefit in two ways from patenting their inventions: from the appropriation value and the certification effect of patents which reveals the ventures’ ‘quality’ to investors. As long as the patent office’s grant decision is pending both benefits may not realise. We confirm for a data-set of German start-ups that pending patent applications decrease the likelihood of market launch for new ventures. Regarding the certification effect, we find that pending patent applications attract risk-seeking investors, while more cautious investors do not react upon pending patent applications.
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Working Paper: Implications of Uncertain Patent Rights for German Start-ups’ Commercialization Activities and Access to External Capital (2016)
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