스타트업의 특허 딜레마: 특허수, 모방 가능성, 그리고 벤처 캐피털리스트 펀딩 수준Patenting Dilemma for Startups: Number of Applied Patents, Patent Imitability, and Level of VC Funding
- Other Titles
- Patenting Dilemma for Startups: Number of Applied Patents, Patent Imitability, and Level of VC Funding
- Authors
- Christophe FERAUD; 김봉선; 김언수
- Issue Date
- 2019
- Publisher
- 한국벤처창업학회
- Keywords
- startup; venture capital funding; number of applied patents; patent imitability; biotechnology.; 스타트업; 벤처 캐피털 펀딩; 특허수; 특허 모방성; 생명공학
- Citation
- 벤처창업연구, v.14, no.3, pp.169 - 183
- Indexed
- KCI
- Journal Title
- 벤처창업연구
- Volume
- 14
- Number
- 3
- Start Page
- 169
- End Page
- 183
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/69581
- DOI
- 10.16972/apjbve.14.3.201906.169
- ISSN
- 1975-7557
- Abstract
- Should a startup file for a patent subject to imitation in its quest to attract venture capital(VC) investors? Considering the US pharmaceutical biotechnology industry context, this paper attempts to answer this question by investigating the relations between the number of applied patents of startups, patent imitability, and the total amount of money the startups received as their first VC funding round. Data of 157 US-based pharmaceutical biotechnology startups founded in between 1995 and 2005 are analyzed. Empirical results from this study show that the number of applied patents is positively related to the total amount of money received at the time of the first funding round, and patent imitability is negatively related to the total amount of money received as first VC funding round. Nonetheless, the interaction term between the number of applied patents of startups and patent imitability came out as positive, raising interesting questions and implications for innovation-oriented startup entrepreneurs. The current study's empirical findings suggest that, in the pharmaceutical biotechnology sector, VC investors pay attention to the quantity and quality of the patents possessed by startups when they decide the level of funding. In particular, imitability of applied patents may not be a one-sided concept related to negative features such as the weak protectability of an invention. Rather, patent imitability may be a multi-facet element which also contains positive attractiveness of the startup's invention. Furthermore, it seems that the positive side of imitability can be augmented by the number of applied patents.
- Files in This Item
- There are no files associated with this item.
- Appears in
Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.