As venture capital becomes increasingly selective, a growing question is emerging for founders and investors alike: is the amount of money a startup raises really the best measure of its potential?

Not every successful startup becomes a unicorn or launches a blockbuster IPO.

For an early-stage company, securing investment can feel like the ultimate milestone.

For years, the comparison between British and American venture capital has followed a familiar narrative.

For generations of startup founders, the advice has been remarkably consistent. Build the product. Find customers. Generate revenue. Prove that people want what you're selling. Then raise investment. But at the frontier of artificial intelligence, something unusual is happening.

Buying shares in an early-stage company is only half of the investment story. Eventually, investors want to know how they might get their money back.

Some of Britain's most exciting future companies may already exist. Not in an office or on a stock exchange, but inside a university laboratory.

Venture capital tends to dominate the headlines. Large funding rounds, billion-pound valuations and institutional investors are often the stories we associate with Britain's startup economy.

When people talk about the Enterprise Investment Scheme, the conversation often begins with tax relief. But some of the best arguments for EIS have very little to do with tax. They are businesses.

Britain has never struggled to produce brilliant science.

The UK has one of the strongest startup ecosystems in Europe. But for decades, one city has dominated the investment landscape. London.

Britain has become very good at creating successful technology companies. The harder question is whether we can keep them here as they grow.