https://www.wur.nl/web/file?uuid=36144bd2-298f-4fe7-aab4-6054d6286d8d&owner=11dcd501-f4e6-421a-a16f-83e46d120cb9

The diminishing signaling value of patents between early rounds of venture capital financing

Research summary
In this article, we analyze the impact of academic incubators on the quality of innovations produced by U.S. research-intensive academic institutions. We show that establishing a university-affiliated incubator is followed by a reduction in the quality of university innovations. The conclusion holds when we control for the endogeneity of the decision to establish an incubator using the presence of incubators at peer institutions as an instrument. We also document a reduction in licensing income following the establishment of an incubator. The results suggest that university incubators compete for resources with technology transfer offices and other campus programs and activities, such that the useful outputs they generate can be partially offset by reductions in innovation elsewhere.

Managerial summary
Do university incubators drain resources from other university efforts to generate innovations with commercial relevance? Our analysis suggests that they do: after research-intensive U.S. universities establish incubators, the quality of university innovations, which we measure with patents, drops. This finding has immediate implications for practice, as it suggests that the benefits and costs of incubation should not be analyzed in isolation. Rather, the effects of incubators extend to the overall innovation performance of the university. It follows that measuring the net economic effect of incubators is challenging because besides the effects on innovation efforts, the presence of an incubator may attract particular kinds of faculty and students, enhance the prestige of the university, generate economic multiplier effects, and benefit the community as a whole. Copyright © 2016 Strategic Management Society.

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The effects of academic incubators on university innovation

This paper tests the induced innovation hypothesis that higher oil prices will lead to increased innovation in energy-efficient automotive technology. Using a dynamic model of patenting, we find robust empirical support for the hypothesis, concluding that both the acquisition cost and retail markup portion of fuel prices are powerful in generating subsequent innovation. Our results include the effects of CAFE regulations, finding no evidence of their impact on innovation, even within a model that endogenizes them via fuel price expectations.

Fueling Innovation: The Impact of Oil Prices and CAFE Standards on Energy-Efficient Automotive Technology

Stochastic technology life cycle analysis using multiple patent indicators

Open Innovation is considered a ‘hot’ concept in research as well as in industry practice. At the same time, at least two critiques have been raised against the notion: that it is based on old theories and that the term is vague and nonprecise. Based on a bibliometrical analysis, this conceptual paper structures the emerging field of open innovation into two interrelated perspectives; the firm perspective and the ecosystem perspective. By that, it introduces an integrated framework for open innovation and shows how various concepts under the umbrella of open innovation are related to each other. A discussion is presented on how the two perspectives relate to earlier innovation management literature and how they are linked by ‘new’ interaction approaches, such as toolkits, innovation contests, crowdsourcing, and innovation intermediaries.

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Structuring of the Open Innovation Field

Although previous empirical studies have found relationships between patent characteristics and value, none have determined how specific attributes relate to auction value or even the probability of a successful auction sale. Using a Heckman two-step model, we regress 13 independent variables against unique patent auction data, finding that publicly owned and frequently referenced patents are more valuable, and that other things being equal, there is an optimal time to offer a patent up for auction.

Katherine A. Sneed

Papers

Selling ideas: the determinants of patent value in an auction environment