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Do Patents Matter for Commercialization?

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  • Elizabeth Webster
  • Paul H. Jensen

Abstract

This paper estimates the effect of a patent grant on the likelihood that an invention will progress to different commercialization stages, using survey data on 3,162 inventions that were the subject of a patent application. We find that about 40 percent of all inventions advanced to the point of market launch and mass production. Although a patent grant had no effect on the decision to proceed with the commercialization process, being refused a patent reduced the probability of attempting market launch and mass production by about 13 percentage points. Over and above this, having protection from several other complementary patents increased the probability of commercialization by an additional 3-5 percentage points.

Suggested Citation

  • Elizabeth Webster & Paul H. Jensen, 2011. "Do Patents Matter for Commercialization?," Journal of Law and Economics, University of Chicago Press, vol. 54(2), pages 431-453.
    • Handle: RePEc:ucp:jlawec:doi:10.1086/658487
    DOI: 10.1086/658487
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    Cited by:

    1. Higham, Kyle & de Rassenfosse, Gaétan & Jaffe, Adam B., 2021. "Patent Quality: Towards a Systematic Framework for Analysis and Measurement," Research Policy, Elsevier, vol. 50(4).
    2. Peter M. Bican & Dirk Caspary & Carsten C. Guderian, 2023. "Cross-Border Dynamics of IP Modularity: International Patenting in LEDs and Lithium-Ion Secondary Battery Technology," Management International Review, Springer, vol. 63(2), pages 347-376, April.
    3. Aneeq Sarwar, 2022. "The Battle Over Patents: History and Politics of Innovation," The Economic Record, The Economic Society of Australia, vol. 98(322), pages 327-330, September.
    4. Ben Klemens, 2021. "Attributing Value to Patents and Trademarks in Complex Production Chains," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(2), pages 842-875, June.
    5. Ganglmair, Bernhard & Reimers, Imke, 2019. "Visibility of technology and cumulative innovation: Evidence from trade secrets laws," ZEW Discussion Papers 19-035, ZEW - Leibniz Centre for European Economic Research.
    6. Capponi, Giovanna & Martinelli, Arianna & Nuvolari, Alessandro, 2022. "Breakthrough innovations and where to find them," Research Policy, Elsevier, vol. 51(1).
    7. Po-Hsuan Hsu & Hsiao-Hui Lee & Tong Zhou, 2022. "Patent Thickets, Stock Returns, and Conditional CAPM," Management Science, INFORMS, vol. 68(11), pages 8343-8367, November.
    8. Russell Thomson & Elizabeth Webster, 2012. "The Design of R & D Support Schemes for Industry," Economic Papers, The Economic Society of Australia, vol. 31(4), pages 464-477, December.
    9. Marek Jemala & Ľubomír Jemala, 2015. "How Are Technologies Patented in Developed and Developing Countries of EU? [Ako sú technológie patentované v rozvinutých a rozvíjajúcich sa krajinách európskej únie?]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2015(1), pages 27-44.
    10. Jin, Peizhen & Mangla, Sachin Kumar & Song, Malin, 2022. "The power of innovation diffusion: How patent transfer affects urban innovation quality," Journal of Business Research, Elsevier, vol. 145(C), pages 414-425.
    11. Ahmad Barirani & Bruno Agard & Catherine Beaudry, 2013. "Discovering and assessing fields of expertise in nanomedicine: a patent co-citation network perspective," Scientometrics, Springer;Akadémiai Kiadó, vol. 94(3), pages 1111-1136, March.
    12. Simon Wakeman, 2012. "How does obtaining intellectual property rights impact technology commercialization strategy for start-up innovators? Reconciling the effects on licensing vs. financing," ESMT Research Working Papers ESMT-12-03 (R1), ESMT European School of Management and Technology, revised 11 Jul 2012.
    13. de Rassenfosse, Gaétan & Jaffe, Adam B., 2018. "Econometric evidence on the depreciation of innovations," European Economic Review, Elsevier, vol. 101(C), pages 625-642.
    14. Rafał Wisła & Tomasz Sierotowicz, 2015. "Patent Licensing in Selected European Countries," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 11(3), pages 67-87.
    15. Gaétan de Rassenfosse & Adam B. Jaffe, 2017. "Econometric Evidence on the R&D Depreciation Rate," NBER Working Papers 23072, National Bureau of Economic Research, Inc.

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