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Perspective on Commercializing Innovation
Intellectual property is a vital and growing part of the global economy, accounting for about half of GDP in countries like the United States. Innovation, competition, economic growth, and jobs, all can be helped or hurt by different approaches to intellectual property. But as so often is the case, the devil is in the details, and seemingly slight changes in the particular rules of the game can have remarkable impact. This book brings together diverse perspectives from fields of law, economics, business, and political science to explore the ways varying approaches to this driving element of our economy and society can positively and negatively impact life at home and abroad.
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Commercializing Innovation Conference Papers
The Impact of the Bayh-Dole Act on Genetic Research and Development: Evaluating the Arguments and Empirical Evidence to Date (Charles R. McManis & Sucheol Noh)
The past two decades have witnessed a growing debate in the United States over patenting genetic products and processes. At the heart of the debate are two interrelated questions—1) whether granting patents on the results of “upstream” genetic research undermines the norms of the biological research community; and 2) whether such patenting promotes or retards biomedical innovation, technology transfer, and/or the development of downstream commercial products and processes. Much of this debate has focused on the impact of a 1980 piece of legislation codified primarily as a chapter of the U.S. patent statutes and commonly known as the Bayh-Dole Act.
[click here to view paper]
Financing Innovation and Growth: Cash Flow, External Equity and the 1990s R&D Boom (James R. Brown, Steven M. Fazzari, Bruce C. Petersen)
The financing of R&D is a potentially important channel that connects finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D models for high-tech firms and find significant effects of cash flow and external equity for young, but not mature, firms. The financial coefficients for young firms are large enough that finance supply shifts can explain most of the dramatic 1990s R&D boom, which implies a significant connection between finance, innovation and growth. [click here to view paper]