This project explores the nature of financial innovation and its impact on firms working in non-finance related sectors, with particular attention given to the causes and consequences of the very skewed distributions of risks and rewards found with financial innovations. The project has four main work packages; Explores the design and implementation of public policy in support of Venture Capital. This has a specific focus on hybird VC funds that are supported with public money. Explores the financing of high-impact firms, defined as the top performing 2-3 per cent of firms that have a major impact on the economy. Such firms are also known as 'gazelles'. This will explore their business models and how they relate to the various kinds of financing technologies that such firms can use. Explores innovation in banking technologies used to value risk, with a specific focus on correlation risks. Such technologies have played a major role in the 2007 financial crisis, and the work package explores how they have changed in response. Involves engagement with policy makers and industry, as well as academics. Work packages 1 and 3 draw heavily on work funded by industry and have a specific focus on capacity building through the support of younger researchers. The second is the main focus of the study.

Data was provided by commercial third parties and government departments for analysis. The project involved 'research in the wild' coproduction methods.