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Harnessing Success: Determinants of UniversityTechnology Licensing Performance

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Author Info
Sharon Belenzon
Mark Schankerman

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Abstract

We study the impact of incentive pay, local development objectives and governmentconstraints on university licensing performance. We develop and test a simple contractingmodel of technology licensing offices, using new survey information together with paneldata on U.S. universities for 1995-99. We find that private universities are much morelikely to adopt incentive pay than public ones, but ownership does not affect licensingperformance conditional on the use of incentive pay. Adopting incentive pay is associatedwith about 30-40 percent more income per license. Universities with strong localdevelopment objectives generate about 30 percent less income per license, but are morelikely to license to local (in-state) startup companies. Stronger government constraints are'costly' in terms of foregone license income and startup activity. These results are robustto controls for observed and unobserved heterogeneity.Keywords: incentives,

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Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - Economics of Industry Papers with number 44.

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Date of creation: Feb 2007
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Handle: RePEc:cep:stieip:44

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Related research
Keywords: incentives;

Other versions of this item:

Find related papers by JEL classification:
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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  1. Jerry G. Thursby & Marie C. Thursby, 2000. "Who is Selling the Ivory Tower? Sources of Growth in University Licensing," NBER Working Papers 7718, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Blundell, Richard & Griffith, Rachel & van Reenen, John, 1999. "Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms," Review of Economic Studies, Blackwell Publishing, vol. 66(3), pages 529-54, July. [Downloadable!] (restricted)
  3. Jaffe, A.B. & Trajtenberg, M., 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," Papers 14-92, Tel Aviv.
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  4. Richard Jensen & Marie Thursby, 2001. "Proofs and Prototypes for Sale: The Licensing of University Inventions," American Economic Review, American Economic Association, vol. 91(1), pages 240-259, March. [Downloadable!] (restricted)
  5. Jaffe, Adam B & Lerner, Josh, 2001. "Reinventing Public R&D: Patent Policy and the Commercialization of National Laboratory Technologies," RAND Journal of Economics, The RAND Corporation, vol. 32(1), pages 167-98, Spring.
  6. Philippe Aghion & Mathias Dewatripont & Jeremy C. Stein, 2005. "Academic Freedom, Private-Sector Focus, and the Process of Innovation," NBER Working Papers 11542, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Francois, Patrick, 2000. "'Public service motivation' as an argument for government provision," Journal of Public Economics, Elsevier, vol. 78(3), pages 275-299, November. [Downloadable!] (restricted)
  8. Lach, Saul & Schankerman, Mark, 2003. "Incentives and Invention in Universities," CEPR Discussion Papers 3916, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Edward P. Lazear, 2000. "The Power of Incentives," American Economic Review, American Economic Association, vol. 90(2), pages 410-414, May. [Downloadable!] (restricted)
  10. Jaffe, Adam B, 1989. "Real Effects of Academic Research," American Economic Review, American Economic Association, vol. 79(5), pages 957-70, December. [Downloadable!] (restricted)
  11. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August. [Downloadable!] (restricted)
  12. Blundell, Richard & Griffith, Rachel & Windmeijer, Frank, 2002. "Individual effects and dynamics in count data models," Journal of Econometrics, Elsevier, vol. 108(1), pages 113-131, May. [Downloadable!] (restricted)
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  13. Di Gregorio, Dante & Shane, Scott, 2003. "Why do some universities generate more start-ups than others?," Research Policy, Elsevier, vol. 32(2), pages 209-227, February. [Downloadable!] (restricted)
  14. Audretsch, David B & Stephan, Paula E, 1996. "Company-Scientist Locational Links: The Case of Biotechnology," American Economic Review, American Economic Association, vol. 86(3), pages 641-52, June. [Downloadable!] (restricted)
  15. Siegel, Donald S. & Waldman, David & Link, Albert, 2003. "Assessing the impact of organizational practices on the relative productivity of university technology transfer offices: an exploratory study," Research Policy, Elsevier, vol. 32(1), pages 27-48, January. [Downloadable!] (restricted)
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  1. Annamaria Conti & Patrick Gaulé, 2009. "Are the US outperforming Europe in university technology licensing? A new perspective on the European paradox," CEMI Working Papers cemi-workingpaper-2009-00, Ecole Polytechnique Fédérale de Lausanne, Collège du Management de la Technologie, Management of Technology and Entrepreneurship Institute, Chaire en Economie et Management de l'Innovation. [Downloadable!]
  2. Annamaria Conti & Patrick Gaulé & Dominique Foray, 2007. "Academic licensing: a European study," CEMI Working Papers cemi-workingpaper-2007-00, Ecole Polytechnique Fédérale de Lausanne, Collège du Management de la Technologie, Management of Technology and Entrepreneurship Institute, Chaire en Economie et Management de l'Innovation. [Downloadable!]
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