To hear venture capitalists tell it, there's no question that they spur innovation and entrepreneurship—not the other way around. Unfortunately for them, we've got a newsflash: you're wrong.

A new research paper called "Venture Capital and Innovation: Which Is First?" suggests that (surprise, surprise), it's actually money that follows innovation. Says BusinessWeek on the study:

"Yes, VCs are experts in knowing how to commercialize proven technologies and make lots of money from them. But VCs aren't the gurus of innovation. In fact, new research shows that venture capital may actually slow it down."

More specifically, the research showed that VC investment actually caused a decline in productivity, and that first round investment actually correlates directly with a direct delays in total factor productivity (which is a measure used by some economists to measure innovation).

Of course if you're an entrepreneur, you probably knew all that already. Last we checked, it's companies like Google and Apple knocking on VCs doors at their inception, not the other way around. We do love ourselves a little schadenfreude though.