The goal of this study is to discover why startups aremuch more likely than established firms to commercialize innovations. There arethree possible alternatives regarding the fate of an innovation: it can becommercialized by an incumbent firm as an internal venture, commercialized by astartup as...

For the sample period of 1965-1992, Kortum and Lerner (2000) find that venture capital (VC) investments have a positive impact on patent count at industry level, and this impact is larger than that of Ramp;D expenditures. We confirm that this positive impact continued to be present and became...