According to a new study by Julian Kolev, Alexis Haughey, Fiona Murray, and Scott Stern, startups are more likely to engage in potentially disruptive R&D than established firms since they have nothing to lose and much to gain. Patents granted to startups are also more likely to be disruptive than those granted to incumbent firms or universities. Academics looking to commercialize their research may find entrepreneurship more attractive than partnering with established firms. Between 2001 and 2019, patent licenses granted by top-25 research universities that went to startups grew from 19 to 27 percent while grants to large firms fell by about 10 percentage points.
https://www.nber.org/be/20231/startups-drive-commercialization-high-impact-innovations