Key findings from two independent research projects reveal the pandemic’s corrosive effect on the nation’s innovation commercialization capacity. The projects separately explored how two related innovation financing components — angel investment and venture capital — were reacting to the coronavirus-caused slowdown. Individually, the results might appear simply as yet more interesting curiosities about the pandemic. Considered together, however, and one begins to see the potential unraveling of the broader U.S. innovation tapestry required to support long-term economic prosperity.