From accidents to assets—The value pathways of patents for serendipitous inventions

Abstract Research Summary 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 8530 patented inventions across 23 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. Managerial Summary Accidental breakthroughs like microwaves, penicillin, or Velcro are often celebrated, but their potential to create value in practice remains unclear. Analyzing data from 8530 patented inventions across 23 countries, we find that such serendipitous inventions differ fundamentally from planned R&D outcomes. They are less likely to yield major technological impacts, products, or strategic patents but more likely to generate value through licensing, functioning as “option‐like” assets that are valuable externally more than internally. Thus, relative to planned inventions that benefit from downstream complementary assets, serendipitous patented inventions pay off more for firms with strong licensing or technology‐selling capabilities.