What is the secret sauce of Silicon Valley? Why, despite the presence of many heavyweight innovation clusters around the world, has nowhere else managed to replicate the Valley’s commercialisation success? Casual observers might answer ‘culture’. Several prominent commentators have attributed it to ‘military expenditure’. The answer, of course, is certainly more complex. But our analysis, drawing on data from Pevara, offers hard figures to help inform this debate. The results, though not definitive, suggest that military conspiracy theorists (!) could well be on to something.
But not just this. Our analysis also looks at an arguably more pertinent question. If Silicon Valley’s success persists, will venture capital necessarily play a major role in it?
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