Howell, Sabrina; Lerner, Joshua; Nanda, Ramana; … - 2020
By comparing patenting among VC-backed firms to the universe of patents filed in the USPTO over the period 1976 …-2019, we document that while patents filed by VC backed firms are of significantly higher quality and economic importance than … the average patent, VC-backed innovation is substantially more procyclical than the broader economy. This is driven early …