The purpose of the paper is to provide a taxonomy of values created by corporate patents.
Following an extensive literature review, value created by corporate patents is analysed according to four categories: embedded in individuals; embedded in systems and structures; market; and non‐market. This paper demonstrates that the value created by a company can reside in any of these four dimensions.
One of the main findings is that value created by corporate patents can be both market and non‐market and can be embedded both in individuals and in systems and structures. Organisations can apply this framework to assess their needs and abilities with regard to value creation from patents.
This research sets the background for an empirical study which can be conducted to confirm the theory.
The paper is a useful resource for patent managers and policy‐makers, as it provides them with a tool to analyse value embedded in patents and guidelines how to develop this value further.
The analysis presented here differs from the traditional evaluation of patents through patent statistics and it offers a theoretical framework which can be used by companies for the analysis of their patent portfolio. This paper provides insight into the possibilities and problems that underpin value creation from patents and shows what type of value can be created and how this value can be extracted.
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