Appropriability and the timing of innovation: Evidence from MIT inventions

Emmanuel Dechenaux · Brent D. Goldfarb · Scott A. Shane · Marie Thursby

25 citations0/0 files storedNational Bureau of Economic Research

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Intellectual Property and Patents Entrepreneurship Studies and Influences Firm Innovation and Growth

Abstract

At least since Arrow (1962), the effects of appropriability on invention have been well studied, but there has been little analysis of the effect of appropriability on the commercialization of existing inventions.Exploiting a database of 805 attempts by private firms to commercialize inventions licensed from MIT between 1980 and 1996, we explore the influence of several appropriability mechanisms on the commercialization and termination of projects to develop products based on university inventions.Our central hypothesis is that the relationship between a licensee's decision to either terminate or commercialize the invention is driven by the current market value of the invention, as well as the option value of delaying its commercialization.We use a competing risks framework that allows for non-parametric heterogeneity and correlated risks.We find that better appropriability in the sense of more effective patent strength and secrecy has a strong negative effect on the hazard of license termination.The effectiveness of learning has a strong positive effect on the hazard of technology commercialization, while lead time has a negative effect.

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References

1990Absorptive Capacity: A New Perspective on Learning and Innovation 1994Investment Under Uncertainty.1994Investment under Uncertainty 1962Economic Welfare and the Allocation of Resources for Invention 2000Prior Knowledge and the Discovery of Entrepreneurial Opportunities 1987Appropriating the Returns from Industrial Research and Development 2001The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools 1989Real Effects of Academic Research

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