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Assessing the Contribution of Venture Capital to Innovation

Samuel Kortum and Josh Lerner
The RAND Journal of Economics
Vol. 31, No. 4 (Winter, 2000), pp. 674-692
Published by: Wiley on behalf of RAND Corporation
Stable URL: http://www.jstor.org/stable/2696354
Page Count: 19
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Assessing the Contribution of Venture Capital to Innovation
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Abstract

We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in venture capital activity in an industry are associated with significantly higher patenting rates. While the ratio of venture capital to R&D averaged less than 3% from 1983-1992, our estimates suggest that venture capital may have accounted for 8% of industrial innovations in that period.

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