Ten of those 43 seedlings have been validated by outside venture capital support.

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"These states are lower cost areas, but their labor forces are not competitive and therefore are not going to attract venture capital money or big outside investments, " says Mark Zandi, chief economist at Economy.com.

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What London does have is easier access to the venture capital firms which seem so reluctant to travel outside the capital.

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There are local funds aimed at high-tech companies, and 3i, Britain's best-known venture-capital firm, has its biggest office outside London in Cambridge.

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Orix, which listed on the New York Stock Exchange in 1998 and whose shareholder base is more than 50% outside Japan, also operates in investment banking, life insurance, venture capital and in the financing of real-estate development.

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With my background in venture capital and investment banking, the Tides board chose a CEO from way outside what would have been its comfort zone 35 years ago and signaled its readiness to start a more entrepreneurial phase and adapt to new times.

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To help think outside the box Ofer worked with Israeli-born Avery More to secure an initial round of venture capital and later added to the mix Alex Eleftheriadis, a Greek-born professor, along with other experts.

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