What Is a Patent Worth? Evidence from the U.S. Patent “Lottery”
利用美国专利局审查员批准倾向的随机差异，发现获得首项专利的初创公司五年后就业增长高55%、销售增长高80%，且后续创新更多、质量更高，主要机制是改善了融资渠道。
ABSTRACT We provide evidence on the value of patents to startups by leveraging the quasi‐random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first‐time applications filed at the U.S. Patent Office since 2001, we find that startups that win the patent “lottery” by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later. Patent winners also pursue more, and higher quality, follow‐on innovation. Winning a first patent boosts a startup’s subsequent growth and innovation by facilitating access to funding from venture capitalists, banks, and public investors.