We provide evidence on the value of patents to startups by leveraging the random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the...

We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win...

Given the sizeable amount of public investments in venture capital (VC) in many countries, an emerging empirical literature investigates the impact of government venture funds on firm performance. We reassess the key findings of this literature using a new database on innovative start-ups and VC...