Do patents affect VC financing? Empirical evidence from the nanotechnology sector
Do patents affect VC financing? Empirical evidence from the nanotechnology sector
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DOI：
10.1007/s11365-013-0295-y
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发表时间：
2015-09
影响因子：
5.6
通讯作者：
F. Munari;L. Toschi
中科院分区：
文献类型：
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作者：
F. Munari;L. Toschi
本文分析了风险投资公司（VC）在其融资决策中对初创公司专利组合的重要性。特别是，提出的贡献是双重的。首先，我们确定风险投资融资额是否与技术组合相关的三个要素相关联：专利数量、专利范围和“核心技术”专利数量（即，这些专利与公司的核心技术能力有关）。其次，我们研究了专利的融资决策的相关性是否在不同类型的风险投资公司之间存在差异，这取决于他们的行业专业化和从属关系。我们提供的经验证据，从样本的332个风险投资支持的公司在纳米技术领域的1985-2006年期间。我们的研究结果证实了核心技术专利在风险投资决策中的重要性，特别是对于专业风险投资公司，与通才风险投资公司相比。然而，公司和独立VC之间没有差异。
This paper analyzes the importance given by Venture Capital firms (VCs) to the patent portfolios of start-up companies in their financing decisions. In particular, the contributions presented are twofold. First, we determine whether the amount of VC financing is associated with three elements related to technological portfolios: number of patent, patent scope and number of “core technology” patents (i.e., those patents related to core technological capabilities of the company). Second, we examine whether the relevance of patents for the financing decisions varies across different types of VC firms, depending on their industry specialization and affiliation. We provide empirical evidence from a sample of 332 VC-backed companies in the nanotechnology sector for the period 1985–2006. Our results confirm the importance of core technology patents in the VC investment decisions, especially for specialized VCs, when compared with generalist VCs. However, no differences are found between corporate and independent VCs.