As debates have increased over the appropriate levels of liability that should be placed on internet platforms, there has been precious little research looking into the actual impact of strong intermediary and platform protections from liability on innovation and investment. This paper takes an initial look at different legal regimes across different times and regions to attempt to separate out the impact. By using cross-regional comparisons, as well as changes over time within certain countries, we explore the actual impact of different levels of platform protection and how it impacts investment in innovation.