Patents as quality signals? The implications for financing constraints on R&D
نویسندگان
چکیده
منابع مشابه
Patents as Quality Signals? The Implications for Financing Constraints on R&D*
Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for firms with limited internal resources. Previous literature provided evidence for start-up firms on th...
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To what extent do venture capital (VC) investors use information from patents to assess the quality of new ventures? Using a sample of 370 U.S. semiconductor start-ups, we examine when patents improve the terms by which new firms access venture capital.
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Observable resources, particularly patents, alliances, and team experience, are known to affect a startup’s ability to attract venture capital financing. In this context they potentially fulfill a twofold function: as productive assets and, likely, as signals of characteristics of a venture that are not observable at the time of assessment. In particular, patents, alliances, and team experience...
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15 صفحه اولThe Role of Patents for Venture Capital Financing
This paper investigates how patent applications and grants held by new ventures improve their ability to attract venture capital (VC) financing. We argue that investors are faced with considerable uncertainty and therefore rely on patents as signals when trying to assess the prospects of potential portfolio companies. For a sample of VC-seeking German and British biotechnology companies we have...
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ژورنال
عنوان ژورنال: Economics of Innovation and New Technology
سال: 2015
ISSN: 1043-8599,1476-8364
DOI: 10.1080/10438599.2015.1076200