Technological innovation in Spain: an analysis based on patents from the United States Patent and Trademark Office (1976 – 2019)
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Abstract
Firms are relevant actors in research and development (R&D) and, increasingly, in innovation. The aim of this study is to explore the technological innovation and the patent stock of the Spanish Firms in the long term. It specifically looks into that area of innovation which firms protect through patent registration and which arguably generates the greatest added value in the Spanish economy.
Analysis based on descriptive statistics was conducted using data from the United States Patent and Trademark Office (USPTO) database, covering over 40 years from 1976 to 2019. The approach of the article is identified the high knowledge stocks, as measured by patents, in a specific path given that is a clue of smart innovation entrepreneurial behavior. Key results include that Spanish companies’ propensity to patent remains low. We find that when we consider the entire stock of patents, small companies still represent a significant volume of innovations but each with a limited number of patents, while large companies hold many patents but in very specific sectors.
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