Changes

[http://www.hbs.edu/businesshistory/Documents/BHR870102.pdf Patent Alchemy: The Market for Technology in US History] by Naomi R. Lamoreaux, Kenneth L. Sokoloff, and Dhanoos Sutthiphisal

::*"there is actually nothing new about the practice of extracting economic value from patents by selling off or licensing the rights. During most periods of US history, it was as common for inventors to profit from their creativity in this way as by starting their own firms or working as salaried employees in R&D labs. Indeed, the ability to find buyers quickly for patents was an important driver of inventive activity during the late nineteenth and early twentieth centuries, when patenting rates in the United States were at historic highs." (Page 4)

::*12.4 percent of patents obtained in last two decades of 20th century were sold

:*Another Serrano paper cited in above Lamoreaux et al, quote from Lamaoreaux:

::*"Using data on renewals, Serrano calculated that patents that were sold were on average about three times more valuable than those that were not" (Lamoreaux 35)

::*"In our analysis, the value at age one of a traded patent ($159, 466) is about three times the value at age one of a non-traded patent ($50, 507) (all values are in 2003 US dollars), and about 23% of the patents are traded at least once over their life cycle. The value at age one of a patent was estimated at ($74, 684)." (2011 Serrano Page 4)

::*"We find that about 50% percent of the patents had gains from trade below $3 416, and these patents accounted for only 37 percent of the total value of the gains from trade. At the same time, the top 10% of the patents with the highest gains from trade (gains from trade higher or equal than $30 970 per patent) accounted for about 70 percent of the total value of the gains from trade. Furthermore, we demonstrate that the top one percent of the patents represented about 25% of the total gains from trade." (2011 Serrano Page 5)

===Corporate Licensing===

::*U.S. firms annually waste $1 trillion in underused IP assets by failing to extract full value through partnerships, according to Navi Radjou of Forrester Research.

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