Wednesday, September 22, 2010

Academics still running amok in IP: VCs and patents

In a post on Sept. 20, 2010 titled Patents, Entrepreneurial Performance and VC Financing , the 271Blog pushes a paper by two assistant professors titled Patent Signaling, Entrepreneurial Performance, and Venture Capital Financing . This is another example of "out of touch with reality" academics running amok, and, indeed, the paper acknowledges Josh Lerner, creating a presumption of IP disconnect.

One indeed finds some "old friends" in the reference list:

Hall, Bronwyn H., Adam Jaffe, and Manuel Trajtenberg (2001), “The NBER Patent Citation
Data File
: Lessons, Insights and Methodological Tools,” NBER Working Paper 8498.

Hall, Bronwyn H., and Rosemarie Ham Ziedonis (2001), “The Patent Paradox Revisited: An
Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995,” RAND Journal
of Economics, 32, 101-128.

Lemley, Mark A. (2000), “Reconceiving Patents in the Age of Venture Capital,” Journal of
Small and Emerging Business Law, 4, 137-148.

Lerner, Josh, Morten Sorensen, and Per Stromberg (2010), “Private Equity and Long-Run
Investment: The Case of Innovation,” forthcoming, Journal of Finance.

See various IPBiz posts, including:

"Patents are not why we are investing"

VC are trying to leverage up and create an exit strategy
[illustrating a landscape wherein VCs got into some places without patents, and are trying to escape]

How VCs pick companies: finding entrepreneurs who aren't going to fail


Blogger Grass Cutter said...

the link to "Patent Signaling, Entrepreneurial Performance, and Venture Capital Financing" doesn't seem to work.

do you have an update url?

6:35 PM  

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