External capital access and new product launch in start-up firms with uncertain intellectual property rights


Heger, Diana ; Hussinger, Katrin


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URL: https://ub-madoc.bib.uni-mannheim.de/35249
URN: urn:nbn:de:bsz:180-madoc-352497
Document Type: Working paper
Year of publication: 2013
The title of a journal, publication series: ZEW Discussion Papers
Volume: 13-095
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: L26 , O31 , O34,
Keywords (English): Start-ups , patents , probabilistic patents , pending patents , access to finance , new product launch
Abstract: Classical patent literature assumes that patents grant well-defined legal rights to exclude others from practicing an invention. In this scenario, start-up companies benefit from the exclusive right to commercialize patent-protected inventions and the certification effect of patents which signals the ventures’ “quality” to investors. If the decision about patent applications is pending at the patent office patent rights become probabilistic and both effects may not realize. We show that start-up companies are reluctant to launch new products if patents are pending. Further, pending patents attract risk-seeking investors (venture capitalists), while more cautious investors (banks) do not react on pending patents.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Heger, Diana ; Hussinger, Katrin (2013) External capital access and new product launch in start-up firms with uncertain intellectual property rights. Open Access ZEW Discussion Papers 13-095 [Working paper]
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