From accidents to assets: the value pathways of patents for serendipitous inventions

Firms often celebrate accidental inventions that lead to major breakthroughs, yet little is known about how the value of serendipitous inventions materializes. Using data from 8,530 patented inventions across 20 countries, our research shows that these inventions differ from planned R&D outcomes. Serendipitous inventions are less likely to have a strong technological impact, be turned into marketable products, or serve as effective blocking tools in patent strategy. However, they are more likely to generate value through licensing, indicating that while they may not fit the originating firm’s strategy, they can succeed elsewhere. Hence, serendipitous patented inventions represent “option-like” assets that offer external channels to capture value rather than relying on internal use.