In open innovation systems, capturing value through external intellectual property (IP) commercialization is an increasingly important strategy for firms to keep pace with competitive changes. However, many firms have major difficulties in creating value through external patent exploitation. To...

Entering the post-industrial age, knowledge has become an important asset for sustained competitive advantage. In recent years, a new type of patent acquirers has emerged. These companies do not produce goods and therefore, do not need patents in their historical meaning. However, they acquire...

Few large pharmaceutical companies have recently discovered out-licensing of terminated R&D results as a way to recoup some of the significant investments made in R&D and to improve R&D productivity. Our empirical investigation reveals that the licensing partners are preferably young, small and...