Internal sequential innovations: How does interrelatedness affect patent renewal?
AbstractThe 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.
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Bibliographic InfoArticle provided by Elsevier in its journal Research Policy.
Volume (Year): 37 (2008)
Issue (Month): 5 (June)
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Web page: http://www.elsevier.com/locate/respol
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