Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/176675
Authors: 
Signore, Simone
Torfs, Wouter
Year of Publication: 
2017
Series/Report no.: 
EIF Working Paper 2017/45
Abstract: 
The creation of value through innovation is among the defining traits of new technology-driven ventures. In this paper we contribute to the literature by investigating the value of innovations for start-ups supported by EIF in the years 1996 to 2014, as measured through patent applications. The paper is structured around two main parts. The first part presents a series of descriptive statistics on EIF's VC investee patent portfolio and discusses some of the strategic aspects of patenting, such as timing and geographical coverage. The second part develops an econometric model to estimate the Euro-value of innovations based on patent renewal data, following the seminal work of Pakes and Schankerman (1984). We observe that start-ups are efficient at transforming financial capital obtained through VC financing into innovative capital. On average, for every Euro of EIF-supported VC financing, start-ups generated 2.74 Euro of private innovation value.
Subjects: 
EIF
venture capital
innovation
patents
renewal data
start-ups
JEL: 
G24
M13
O32
Document Type: 
Working Paper
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