Les Cahiers de Recherche - HEC Paris
Thomas B Astebro
Academic Entrepreneurship: Bayh-Dole versus the 'Professor's Privilege'
(), Serguey Braguinsky, Pontus Braunerhjelm and Anders Broström
Abstract: Should society encourage scientists at universities to
become entrepreneurs? Using data on U.S. university-employed scientists
with a Ph.D. in STEM disciplines leaving their university to become
entrepreneurs during 1993-2006 and similar data from Sweden we show
evidence suggesting that owning your idea outright (the “Professor’s
Privilege”) rather than sharing ownership with your university employer
(the Bayh-Dole regime) is strongly positively associated with the rate of
academic entrepreneurship but not with apparent economic gain for the
entrepreneur. Further analysis show that in both countries there is too
much entry into entrepreneurship, and selection from the bottom of the
ability distribution among scientists. Targeted policies aimed at screening
entrepreneurial decisions by younger, tenure-track academics may therefore
produce more benefits for society than general incentives.
Keywords: Academic entrepreneurship; economic incentives; Bayh-Dole; Professor’s Privilege; (follow links to similar papers)
JEL-Codes: J20; L26; N32; (follow links to similar papers)
48 pages, February 2016
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