This paper investigates how patent applications and grants held by new ventures improve their ability to attract … British biotechnology companies we have identified all patents filed at the European Patent Office (EPO). Applying hazard rate … analysis, we find that in the presence of patent applications, VC financing occurs earlier. Our results also show that VCs pay …

the primary patent covering an innovation and whether the innovating firm's licenses its innovation or raises external … finance at certain stages of the firm/product's development, and thereby enable the firm to delay licensing, obtaining patent … effects from the empirical analysis, the theory suggests that patent filing may act as a signal to financial investors that …