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|
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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.
- 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.
- 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.
- 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.
- InÉs Macho-Stadler & David Pérez-Castrillo & Reinhilde Veugelers, 2008.
"Designing Contracts for University Spin-offs,"
Journal of Economics & Management Strategy,
Wiley Blackwell, vol. 17(1), pages 185-218, 03.
- Bart Verspagen, 2006.
"University research, intellectual property rights and European innovation systems,"
06-05, Eindhoven Center for Innovation Studies, revised Mar 2006.
- 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.
- 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.
- 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.
- 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, 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.
- 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.
- 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.
- 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.
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