More is better: evidence that joint patenting leads to quality innovation

Abstract

Joint ownership of a patent is most often viewed by firms as a second-best option compared to single, monopoly ownership. However, the results of this article suggest that there may be reason for businesses and policymakers to incentivize joint patenting behaviour. This is because, joint patent ownership is found to positively impact the quality of an innovation (as measured by forward patent citations). In addition, the degree of quality increases with the number of patent owners. Since past research confirms the important links between patent quality and ongoing innovation, and between innovation and growth, those factors that impact patent quality are deserving of attention. Economic research on joint patenting is currently limited, but we hope to shed light on the importance of expanding dialogue on this topic.