University Entrepreneurship and Professor Privilege
This paper analyzes how institutional differences affect university entrepreneurship. We focus on ownership of faculty inventions, and compare two institutional regimes; the US and Sweden. In the US, the Bayh-Dole Act gives universities the right to own inventions from publicly funded research,whereas in Sweden, the professor privilege gives the university faculty this right. We develop a theoretical model and examine the effects of institutional differences on modes of commercialization; entrepreneurship or licenses to established firms, as well as on probabilities of successful commercialization. We find that the US system is less conducive to entrepreneurship than the Swedish system if established firms have some advantage over faculty startups, and that on average the probability of successful commercialization is somewhat higher in the US. We also use the model to perform four policy experiments as suggested by recent policy debates in both countries.
|Date of creation:||25 Mar 2012|
|Date of revision:||12 Apr 2012|
|Contact details of provider:|| Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden|
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- Marie Thursby & Richard Jensen, 2001. "Proofs and Prototypes for Sale: The Licensing of University Inventions," American Economic Review, American Economic Association, vol. 91(1), pages 240-259, March.
- Dechenaux, Emmanuel & Thursby, Jerry & Thursby, Marie, 2011.
"Inventor moral hazard in university licensing: The role of contracts,"
Elsevier, vol. 40(1), pages 94-104, February.
- Emmanuel Dechenaux & Jerry Thursby & Marie C. Thursby, 2008. "Inventor Moral Hazard in University Licensing: The Role of Contracts," NBER Working Papers 14226, National Bureau of Economic Research, Inc.
- Macho-Stadler Inés & Pérez-Castrillo David & Veugelers Reinhilde, 2007.
"Designing Contracts for University Spin-offs,"
201071, Fundacion BBVA / BBVA Foundation.
- Robert Lowe, 2006. "Who Develops a University Invention? The Impact of Tacit Knowledge and Licensing Policies," The Journal of Technology Transfer, Springer, vol. 31(4), pages 415-429, 07.
- Henrekson, Magnus & Rosenberg, Nathan, 2001.
"Designing Efficient Institutions for Science-Based Entrepreneurship: Lessons from the US and Sweden,"
The Journal of Technology Transfer,
Springer, vol. 26(3), pages 207-31, June.
- Henrekson, Magnus & Rosenberg, Nathan, 2000. "Designing Efficient Institutions for Science-Based Entrepreneurship: Lessons from the US and Sweden," SSE/EFI Working Paper Series in Economics and Finance 410, Stockholm School of Economics.
- Pontus Braunerhjelm & Roger Svensson, 2010.
"The inventor’s role: was Schumpeter right?,"
Journal of Evolutionary Economics,
Springer, vol. 20(3), pages 413-444, June.
- Braunerhjelm, Pontus & Svensson, Roger, 2007. "The inventor's role: was Schumpeter right?," Working Paper Series in Economics and Institutions of Innovation 78, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
- Braunerhjelm, Pontus & Svensson, Roger, 2007. "The Inventor’s Role: Was Schumpeter Right?," Working Paper Series 690, Research Institute of Industrial Economics.
- Jerry Thursby & Marie Thursby, 2010.
"University Licensing: Harnessing or Tarnishing Faculty Research?,"
in: Innovation Policy and the Economy, Volume 10, pages 159-189
National Bureau of Economic Research, Inc.
- Jerry Thursby & Marie Thursby, 2010. "University Licensing: Harnessing or Tarnishing Faculty Research?," Innovation Policy and the Economy, University of Chicago Press, vol. 10(1), pages 159 - 189.
- Bart Verspagen, 2006.
"University Research, Intellectual Property Rights And European Innovation Systems,"
Journal of Economic Surveys,
Wiley Blackwell, vol. 20(4), pages 607-632, 09.
- Bart Verspagen, 2006. "University research, intellectual property rights and European innovation systems," Working Papers 06-05, Eindhoven Center for Innovation Studies, revised Mar 2006.
- Geuna, Aldo & Nesta, Lionel J.J., 2006. "University patenting and its effects on academic research: The emerging European evidence," Research Policy, Elsevier, vol. 35(6), pages 790-807, July.
- Frank T. Rothaermel & Shanti D. Agung & Lin Jiang, 2007. "University entrepreneurship: a taxonomy of the literature," Industrial and Corporate Change, Oxford University Press, vol. 16(4), pages 691-791, August.
- Robert A. Lowe & Arvids A. Ziedonis, 2006. "Overoptimism and the Performance of Entrepreneurial Firms," Management Science, INFORMS, vol. 52(2), pages 173-186, February.
- Goldfarb, Brent & Henrekson, Magnus, 2003. "Bottom-up versus top-down policies towards the commercialization of university intellectual property," Research Policy, Elsevier, vol. 32(4), pages 639-658, April.
- Goldfarb, Brent & Henrekson, Magnus, 2001. "Bottom-Up vs. Top-Down Policies towards the Commercialization of University Intellectual Property," SSE/EFI Working Paper Series in Economics and Finance 463, Stockholm School of Economics, revised 26 May 2002.
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