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Profitable Advice: The Value of Information Provided by Canada's Inventor's Assistance Program

Author

Listed:
  • Thomas Astebro

    (Joseph L. Rotman School of Management - University of Toronto)

  • Yigal Gerchak

Abstract

Inventors who are considering whether and how to commercialize their inventions. can often avail themselves to evaluations and advice provided by government supported programs initiated to encourage innovation. In Canada. such a service is provided by the Canadian Innovation Centre. through its Inventor's Assistance Program. In its twenty years of operations the IAP has evaluated 11,000 inventions. The fee charged for an invention evaluation was Cdn. $262 in 1995, and these fees covered about half the program's expenses. We compute the expected value of the information the IAP's evaluation provides under different assumptions and scenarios. Under plausible conditions, the value of the information to the inventor is found to be higher than both the fee and the social cost of the program. The implications of some inventors not following the advice given to them by the IAP are briefly explored.

Suggested Citation

  • Thomas Astebro & Yigal Gerchak, 2001. "Profitable Advice: The Value of Information Provided by Canada's Inventor's Assistance Program," Post-Print hal-00477198, HAL.
    • Handle: RePEc:hal:journl:hal-00477198
    DOI: 10.1080/10438590100000003
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    Cited by:

    1. Astebro, Thomas B. & Dahlin, Kristina B., 2005. "Opportunity knocks," Research Policy, Elsevier, vol. 34(9), pages 1404-1418, November.
    2. Sandy Yu, 2020. "How Do Accelerators Impact the Performance of High-Technology Ventures?," Management Science, INFORMS, vol. 66(2), pages 530-552, February.
    3. Sapsed, Jonathan & Grantham, Andrew & DeFillippi, Robert, 2007. "A bridge over troubled waters: Bridging organisations and entrepreneurial opportunities in emerging sectors," Research Policy, Elsevier, vol. 36(9), pages 1314-1334, November.
    4. Thomas Astebro, 2003. "The Return to Independent Invention: Evidence of Unrealistic Optimism, Risk Seeking or Skewness Loving?," Economic Journal, Royal Economic Society, vol. 113(484), pages 226-239, January.
    5. Du, Juan & Chen, Chien-Ming & Chen, Yao & Cook, Wade D. & Zhu, Joe, 2012. "Additive super-efficiency in integer-valued data envelopment analysis," European Journal of Operational Research, Elsevier, vol. 218(1), pages 186-192.
    6. Dahlin, Kristina & Taylor, Margaret & Fichman, Mark, 2004. "Today's Edisons or weekend hobbyists: technical merit and success of inventions by independent inventors," Research Policy, Elsevier, vol. 33(8), pages 1167-1183, October.

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