Changing Financing Market for Innovation and Entrepreneurship.

The NBER held a conference on the "Changing Financing Market for Innovation and Entrepreneurship" in Half Moon Bay, California, on November 8 and 9, 2013. The organizers were NBER Research Associates Antoinette Schoar of MIT, Malcolm Baker and Josh Lerner of Harvard Business School, and Faculty Research Fellow David Sraer of Princeton University. The following papers were discussed:

* Ajay Agrawal, University of Toronto and NBER; Christian Catalini, MIT; and Avi Goldfarb, University of Toronto, "Crowdfunding's Role in the Rate and Direction of Innovative Activity"

* Thomas Hellmann, University of British Columbia and NBER; and Paul Schure and Dan Vo, University of Victoria, "Angels and Venture Capitalists: Complements or Substitutes?"

* Michael Ewens, Carnegie Mellon University; Ramana Nanda, Harvard University; and Matthew Rhodes-Kropf, Harvard University and NBER, "Entrepreneurship and the Cost of Experimentation"

* Thomas Chemmanur, Boston College; Tyler...