Does the academic spin-off condition play a role in patent valuation?

Abstract

This paper assesses the extent through which some patents’ attributes are related to its value when considering academic patents. We use cross-section data of two samples, namely, 281 patents from Cambridge University, UK, and 160 patents from Carnegie Mellon University, USA. By estimating a negative binomial regression model, we conclude that size of the patent family influences positively the value of the academic patent. We also find a negative influence played by the time to maturity and geographical scope. When disaggregating the results by spin-off condition, we conclude that for spin-off firms from CMU the effect of geographical scope reveals to be negative and significant. For the spin-off firms of the CAMU, on one hand, a negative and significant effect of time to maturity is verified; on the other hand, the technical field denotes a positive and significant effect on the patent’s value.