We need to talk - or do we? Geographic distance and the commercialization of technologies from public research

► Geographic information about licensing activities of Max Planck Society. ► Both likelihood and magnitude of commercial success are studied. ► Proximity of licensors and licensees not generally associated with better outcomes of commercialization. ► Inventions with multiple licensees: foreign licensees less successful. ► Selection, endogenous spin-off locations, and unobserved heterogeneity addressed.