PRINT THIS PAGE Assessing the contribution of venture capital to innovation08/10/2002. Source: RAND Journal of Economics. Samuel Kortum, Josh Lerner 
 Venture capital has a positive and significant effect on innovation, according to Samuel Kortum of Boston University and NBER and Josh Lerner of Harvard University and NBER. This preliminary study aims to examine the influence of venture capital on patented inventions in the US.
The study also disproves the belief that venture-backed firms' patents are lower quality than others, suggesting that the firms studied are not simply patenting more of their innovations in order to impress potential investors.
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This paper was reproduced by kind permission of the RAND Journal of Economics, Volume 31 No. 4, Winter 2000. For further information please visit www.rje.org
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