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Traditional patent theory emphasizes the importance of patents for excluding imitators. This view is far too restrictive and is at odds with many empirical and theoretical works. Therefore, we propose an analysis of patent management that considers the properties of knowledge-based economies explicitly. Patents are thus shown to be critical instruments for coordinating innovative activities between firms. They not only exclude potential infringers, but also “include” all the heterogeneous stakeholders of the innovation process. Patents facilitate coordination via two mechanisms: they encourage the emergence of markets for technology (market coordination) and they play an important role in formal and informal inter-firm collaboration (non-market coordination). We also link firms’ patenting strategy with the characteristics of the technological regime of their sector. [Patents] are, in the conditions of the perennial gale, incidents, often unavoidable incidents, of a long-run process of expansion which they protect rather than impede. There is no more of paradox in this than there is in saying that motorcars are traveling faster than they otherwise would because they are provided with brakes. Joseph Schumpeter (1883–1950) Economist and Political Scientist

Patents to Exclude vs. Include: Rethinking the Management of Intellectual Property Rights in a Knowledge-Based Economy