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(No) Patent, No Cash? A Risk Perception Perspective On Investment Managers’ Attitudes Towards Patents

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  • M. KNOCKAERT

    ()

  • A. HUYGHE
  • B. CLARYSSE
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    Abstract

    Employing a risk perception perspective, this paper studies the link between the investment manager’s human capital and his or her attitude towards the appropriability regime in the business proposal, and more specifically whether or not the technology is patent protected. Even though many researchers acknowledge the benefits related to patenting, agency theory suggests that patents may enlarge agency risk and may therefore result in VCs refraining from investing in proposals commercializing patented technology. We find that task-specific human capital, operationalized as the number of years experience as investment manager, positively affects the attitude towards patents. We find that some elements of general human capital, namely consulting experience, financial experience and entrepreneurial experience affect the attitude towards patents.

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    File URL: http://www.feb.ugent.be/nl/Ondz/wp/Papers/wp_11_703.pdf
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    Bibliographic Info

    Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 11/703.

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    Length: 37 pages
    Date of creation: Jan 2011
    Date of revision:
    Handle: RePEc:rug:rugwps:11/703

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    Related research

    Keywords: venture capital; selection behaviour; appropriability; human capital; risk perception;

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    1. de Bettignies, Jean-Etienne & Brander, James A., 2007. "Financing entrepreneurship: Bank finance versus venture capital," Journal of Business Venturing, Elsevier, vol. 22(6), pages 808-832, November.
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