The importance of intellectual property (IP) rights for commercializing innovation is well established. Moreover … innovation alone, it is not clear how obtaining IP rights will impact the choice between licensing product rights and continuing … the primary patent covering an innovation and whether the innovating firm’s licenses its innovation or raises external …

specialized commercialization capabilities. The predominant framework says that if the innovation is protected by a tight … appropriability regime the optimal strategy is to license the innovation to an incumbent firm. Using a game-theoretic model of the … conditions-be to commercialize alone or to pursue a hybrid whereby it licenses the innovation but retains the rights to …