287explicitly designate the law of another state (Gilson, 1999, p. 608). 8Evidence on the success of EIF’s venture capital operations is presented by Pavlova and Signore (2021): Startups supported by the EIF experience higher IPO and M&A rates compared to similar, non-VC-backed firms. Moreover, they experienced a doubling of their patenting rate, compared to counterfactuals, likely due to the mitigation of financial obstacles to invest in R&D. Pavlova and Signore (2019) also document that startups supported by the EIF experience faster growth (in terms of assets) compared to non-VC-backed firms. This leads to higher capitalization levels, higher revenues, and higher job creation in the first 5 years following the VC investment.