Taking risk and being rewarded for doing so are essential components of a dynamic, innovative economy and capital is essential to driving national, regional and local growth. Whilst the Government is limited in what it can do to influence the flow of capital across the economy, London, Oxford and Cambridge dominate venture capital flows and angel investor networks, leaving high-potential early-stage businesses in other parts of the UK underfunded. The Government’s additional Proof of Concept funding, 46 to help bridge the first part of the ‘valley of death’ between research and commercialisation, falls far short of what is needed to drive real change, at just £40 million over five years. (Conclusion, Paragraph 77)