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

Bronwyn Hall

No 24370, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: G24 G32 L26 O34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-ino, nep-ipr, nep-law, nep-sbm and nep-tid
Date: 2018-03
Note: CF IO PR
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Published as Bronwyn H Hall, 2019. "Is there a role for patents in the financing of new innovative firms?," Industrial and Corporate Change, vol 28(3), pages 657-680.

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