The history of patents as an indicator for innovative activities is a long one, as a patent is the quintessential symbol of innovative spirit (Griliches 1998, p. 287). It enables a company or an inventor to protect their invention from not being able to compensate initial R+D costs for developing the creation by excluding others from taking and using the invention without having to face costs for its R+D (W. M. Cohen 2010, p. 182). This way, a market for the innovated product is created, because the patent as an intellectual property right excludes others from usage (Arundel 2001, pp. 611-613).
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