Innovation is part idea generation and part development. We build a model of “innovating-by-doing,” whereby ideas come to practitioners. Successful innovation requires that practitioners’ ideas be developed through costly effort. Our model nests existing theories of laboratory research and...

We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years -- which are related to but also distinct...

We provide novel evidence on voting practices used by the investment committees of prominent venture capital investors in the U.S. A substantial share of these VCs use a voting rule for seed and early stage investments where a single `champion' is sufficient for the entire partnership to make an...

Innovation is part idea generation and part development. We build a model of "innovating-by-doing," whereby ideas come to practitioners. Successful innovation requires that practitioners' ideas be developed through costly effort. Our model nests existing theories of laboratory research and...

Has the increase in female medical researchers led to more medical advances for women? In this paper, we investigate if the gender of inventors shapes their types of inventions. Using data on the universe of US biomedical patents, we find that patents with women inventors are significantly more...