Patent Valorization and Business Performance: Evidence from an Italian Public Policy

Paolo Castelnovo, Cinzia Lombardo and Valentina Morretta
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Paolo Castelnovo: University of Insubria and Fondazione Eni Enrico Mattei
Cinzia Lombardo: PTSCLAS
Valentina Morretta: University of Milan

No 2026.18, Working Papers from Fondazione Eni Enrico Mattei

Abstract: This paper evaluates the effectiveness of a public policy intervention introduced by the Italian government to support the economic valorization of patents held by small and medium-sized enterprises (SMEs). Using original survey data collected in 2025, the analysis compares firms that benefited from the measure during the 2020-2021 calls with a control group of comparable non beneficiary firms. The study examines patenting behavior, strategies for patent valorization, perceived obstacles, and innovation-related outcomes beyond traditional financial indicators. The results show that the measure effectively increases patenting activity and supports technological maturation, particularly for smaller, younger, and more resource-constrained firms, without crowding out private investment. Rather than directly boosting short-term financial performance, the measure acts as an enabling instrument by strengthening internal capabilities, know-how, and innovation processes, helping firms bridge the gap between invention and market readiness. While impacts on internationalization and market-based patent valorization remain limited, the intervention represents an effective component of a broader SME-oriented innovation policy mix.

Keywords: Patents; Patents valorization; Public Policy; Business performance (search for similar items in EconPapers)
JEL-codes: L38 O30 O31 O34 O38 P14 (search for similar items in EconPapers)
Date: 2026-06
New Economics Papers: this item is included in nep-ent
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