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Patent Activity and Startup Funding in Sweden : An empirical study conducted on Swedish startups

Stenstadvold, Anniken L.; Duran, Kenneth E. Ramirez
Master thesis
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URI
https://hdl.handle.net/11250/2774609
Date
2021
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  • Master Thesis [3749]
Abstract
We run a multiple linear regression model to test (1) whether filing at least one patent

application before the first round of funding increases startups’ first-round funding amount

and (2) whether the number of filed patent applications before the first funding round increases

startups first-round funding amount. We apply a dataset of Swedish startups founded between

1990-2007.

Our findings suggest that successful patent applications increase the amount of startup funding

in the first round. Having filed at least one patent application increases the first-round funding

amount by 54.3% compared to their non-patenting counterparts. In addition, we find that a one

standard deviation increase in the number of patent applications increases the funding amount

by 14.9%, compared to its mean. These results imply that patents reduce the information

asymmetries between startups and investors and that investors value startups with innovative

activity, which can have important implications for Swedish startups. Even though patents are

suggested to reduce information asymmetries and thus increase investors’ first-round funding,

further research is suggested to account for additional financing drivers, besides the ones

accounted for in this study.

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