Do Intellectual Property Rights Increase Commercialization of University Research?

Abstract

A foundational assumption of patent law is that vesting inventions with intellectual property (IP) rights increases their commercialization. We investigate this foundational assumption by examining the impact of IP rights on commercialization of university research. Using the full set of US public firms that patented and conducted research over the period from 1976 to 2007, we see little evidence that university research protected by IP yielded greater commercialization than university research in the public domain. Indeed, if anything, research in the public domain appears to yield slightly greater commercialization.

Keywords: Intellectual property rights, patents, publications, university research, IP, Bayh-Dole Act

JEL Classification: H59, K39,l24, l38, O34, O38