His research focuses on understanding financing constraints for startups and the ways in which the structure of the financial sector impacts innovation and entrepreneurship in the economy. One strand of research has looked at debt financing for small businesses. This work has examined how the availability and the cost of personal debt, as well as how the structure of the commercial banking sector, has shaped the entry and growth of small businesses. A second strand examines the financing of innovation and the commercialization of new technologies. This work has focused on how constraints to experimentation by venture capital and angel investors across industries, regions or time impact the rate and trajectory of innovation by startup ventures.