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While the coronavirus pandemic has ravaged much of the world economy—forcing mass layoffs, government bailouts, and a wave of bankruptcies and business closures—most venture capital-backed startups have skated by entirely unscathed.

To put a precise number on it, 52% of startups have been positively impacted by the pandemic or seen no impact to speak of, according to a working paper from researchers at Harvard, Stanford, the University of Chicago, and the University of British Columbia. The academics surveyed nearly 1,000 venture capitalists—572 in the US and 381 elsewhere—and asked them to rate the health of the startups in their investment portfolios.

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