The invention of “Bakelite” phenolic plastic in 1907 preceded the appearance of the first comprehensive textbooks on macromolecular chemistry by more than two decades. And up to the late 1940s the growth of the industry to which this invention gave birth was not matched by a similar increase in the basic scientific understanding of the Bakelite process, particularly its final stages. Hence, a strong case could be made that fundamental science was largely immaterial to synthetic phenolic plastics’ drive to industrial maturity. Still, already before the First World War Bakelite inventor Leo Baekeland and other entrepreneurial chemists associated with this industry advanced various interpretations concerning the molecular structures of these compounds, even though it was widely acknowledged that the empirical basis on which their “speculations” rested was weak. This paper analyzes the motives of Baekeland, a practically-minded innovator, for participating in this seemingly academic discussion. It is shown that intellectual property disputes provided one major impetus: Baekeland’s theoretical deductions partly served to reinforce narratives about the history of his invention through which he and his associates sought to broaden the scope of their patents, in response to conflicting interpretations set forth by their competitors. But Baekeland’s occasional digressions into chemical theory also followed from his inclusion in an academic, collegiate-reputational reward system to which normative ideals of disinterestedness and openness were central. In this respect, I connect Baekeland’s work on Bakelite to his return to academia during the First World War, approximately a quarter century after his resignation from a postdoctoral position in Belgium. In 1917 Baekeland joined Columbia University’s newly established Department of Chemical Engineering as an honorary professor. And two years later his General Bakelite Co. began financing research at this department, in the form of an industrial fellowship that was claimed to be special on account of its commitment to “open science.” Such scholarships helped Baekeland recruit well-qualified personnel for his company. Because of the research articles resulting from them, they also increased Baekeland’s reputation as a scientific author, as well as his standing in a chemical community that was eager to promote phenolic plastics as an “entirely American” counterpart to the German-dominated synthetic dyestuffs industry.