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This paper studies the relationship between venture capital (VC) and innovation using a self-collected dataset containing 119 innovative, VC-funded firms and 164,486 controls that operate in Spain. Probit model estimates indicate that firms that have applied for at least one patent are significantly more likely to obtain VC investments. However, when implementing a matching approach to correct for selectivity, no evidence is found of a significant impact of VC on firms' patenting activity. Rather, evidence is found of a positive effect of VC on the sales growth of funded firms. These results suggest that, rather than having an impact on innovation activities, venture capitalists (VCs) focus on the commercialization of existing products. A finer breakdown by ownership and investment stage also provides evidence that private VCs and early stage investments are notably more effective at stimulating sales than public VCs and late stage investments respectively.

The ongoing academization of gastronomic studies indicates the necessity for a commonly accepted classification system for cooks that does not contradict scientific approaches. This work discusses the fundamentals used by chefs and scientists to classify unelaborated food products; proposes taxonomic gastronomy as a new interdisciplinary framework that studies the taxonomy surrounding gastronomy; and presents a categorization of unelaborated food products that follows commonly accepted culinary criteria yet avoids contradiction by scientific knowledge. As little literature focuses on these issues, and similar experiences are scarce, it is concluded that further cross-disciplinary endeavors such as this will continue to be greatly fruitful. ; This work was carried out in the framework of the agreement between the Universitat de Barcelona and elBulliFoundation signed on 23 October 2012 and was subsidized by the Catalan government (grant number 2009SGR0403, 2014SGR1241, 2014SGR7, 2014SGR514, 2014SGR1315, 2014SGR1208, 2014SGR1480 and 2014SGR623). ; Peer reviewed