Artificial Intelligence, Human Capital, and Innovation

@article{Gofman2019ArtificialIH,
  title={Artificial Intelligence, Human Capital, and Innovation},
  author={Michael Gofman and Zhao Jin},
  journal={SSRN Electronic Journal},
  year={2019}
}
The scarcity of the human capital needed for R&D in Artificial Intelligence (AI) created an unprecedented brain drain of AI professors from universities in 2004-2018. We exploit this brain drain as a source of variation in students’ domain-specific knowledge and provide causal evidence that domain-specific knowledge is important for startup formation, seed funding, round A funding, and funding growth rate. The effect is the largest for top universities, PhD students, and startups in the area of… 
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