and production of financial innovation. We use machine learning to identify the financial patents and extensively audit … the results to ensure their reasonableness. We find that patented financial innovation is substantial and economically … financial sector, which collectively accounted for 69% of the awards. The location of innovation has shifted, with banks moving …

questions about the pro-cyclicality of VC and its implications for innovation, especially in light of the common narrative that … VC is relatively insulated from public markets. We find that the implications for innovation are not benign: innovation … discussion on the nature of innovation across business cycles …