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Academic Entrepreneurship: Bayh-Dole versus the 'Professor's Privilege'

Author

Listed:
  • Thomas Astebro

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Serguey Braguinsky
  • Pontus Braunerhjelm

    (Department of Industrial Economics and Management - KTH - KTH Royal Institute of Technology [Stockholm])

  • Anders Brostrrm

Abstract

We explore whether the Bayh-Dole intellectual property regime is associated with more, and more valuable academic entrepreneurship than the "Professor's Privilege" regime. Using data on U.S. STEM Ph.D.'s becoming entrepreneurs during 1993-2006 and similar data from Sweden we present evidence showing that in both countries the entry rate into entrepreneurship is lower for those originating from academia than for those orginating from non-university employment, and that the relative rate of academic entrepreneurship is slightly lower in the U.S. than in Sweden. We also find that the mean economic gains for becoming an entrepreneur is negative, both for Ph.D.'s originating from academia and non-university alike in both countries. Further analysis indicates that in both countries there is selection from the bottom of the ability distribution among academics. The results suggest that policies aimed at screening entrepreneurial decisions by younger, tenure-track academics may be more effective than general incentives to increase academic entrepreneurship.

Suggested Citation

  • Thomas Astebro & Serguey Braguinsky & Pontus Braunerhjelm & Anders Brostrrm, 2015. "Academic Entrepreneurship: Bayh-Dole versus the 'Professor's Privilege'," Working Papers hal-02058286, HAL.
    • Handle: RePEc:hal:wpaper:hal-02058286
    DOI: 10.2139/ssrn.2677283
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    Cited by:

    1. Larsson, Johan P. & Wennberg, Karl & Wiklund, Johan & Wright, Mike, 2017. "Location choices of graduate entrepreneurs," Research Policy, Elsevier, vol. 46(8), pages 1490-1504.
    2. Catalina Martínez & Valerio Sterzi, 2021. "The impact of the abolishment of the professor’s privilege on European university-owned patents," Industry and Innovation, Taylor & Francis Journals, vol. 28(3), pages 247-282, March.

    More about this item

    Keywords

    Academic entrepreneurship; economic incentives; Bayh-Dole; Professor’s Privilege;
    All these keywords.

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • N32 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: 1913-

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