Patent life cycle: New evidence |
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| Institution: | 1. IPAG Business School Paris, IPAG, 184 Boulevard Saint-Germain, 75006 Paris, France;2. IAE Aix — Graduate School of Management, Aix-Marseille University, Institut d''Administration des Entreprises d''Aix-en-Provence, Clos Guiot Puyricard — CS 30063, 13089 Aix en Provence Cedex 2, France;1. Department of Innovation and Organizational Economics, Copenhagen Business School, Frederiksberg, Denmark;2. Department of Mathematics and Industrial Engineering, Polytechnique Montréal, Québec, Canada;1. Faculty of Business Studies, University of Dhaka, Dhaka 1000, Bangladesh;2. Conrad School of Entrepreneurship and Business, University of Waterloo, Canada;3. Department of Management Sciences, University of Waterloo, Canada;1. John and Willie Leone Family Department of Energy and Mineral Engineering, and EMS Energy Institute, 110 Hosler Building, Pennsylvania State University, University Park, PA 16802, United States;2. Department of Agricultural and Resource Economics, 207 Giannini Hall #3310, University of California at Berkeley, Berkeley, CA 94720, United States;1. University of Cassino and Southern Lazio, Department of Civil and Mechanical Engineering, Cassino, Italy;2. Finmeccanica — Strategy, Business Development and Innovation, Rome, Italy |
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| Abstract: | Patents and their renewals are critical because they protect inventions and reinforce information reported to investors about the utility and the quality of inventions. Thus, they signal the appropriate use of financial resources being invested, notably in research and development departments, and future revenues for their owner. Based on a sample of about 22,700 European patents, our research contributes to existing literature on patent renewal by two relevant outcomes. The first contribution proposes a possible definition of a European patent life cycle: abandonment of procedure, natural abandonment, and late withdrawal. The second contribution shows two main factors that influence the renewal of a European patent by examining delivery time and the cumulative number of citations.Our results show that the procedure is the key issue of structuring the patent's life. In addition, patents' viability is likely to happen given that a part in a series of patents is increasing, which means that valuable patents are often cited by later ones. The relationship stems from the rational behavior of market operators who will try to minimize essential ownership. |
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