Benjamin F. Jones is the Gordon and Llura Gund Family Professor of Entrepreneurship and a professor of strategy at Kellogg School of Management, Northwestern University and a research associate and codirector of the Innovation Policy Working Group at the National Bureau of Economic Research. Josh Lerner is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School and a research associate and codirector of the Productivity, Innovation, and Entrepreneurship Program at the National Bureau of Economic Research.