Comments from Juan Alcacer, Paul Anckaert, Ashish Arora, Andrea Fosfuri, Tim Simcoe, Giovanni Valentini, David Wehrheim, and David Yoffie as well as seminar participants at Boston University, Cornell University, Harvard Business School, the National Bureau of Economic Research, National Tsing Hua University, the UK Intellectual Property Office, Utrecht University, the University of Pisa, the 2021 Annual Meeting of the Academy of Management, the 2021 Strategic Management Society conference, and the 2021 Druid conference improved the paper substantially. Research assistance from Nicola Melluso with doc2vec and Lena Veretennik with network graphs is acknowledged.