... The U.S. stands out for its depth of capital markets: both pension funds invest in venture capital through VC firms, and there are numerous accelerators and significant government programs. In China, both government capital and corporate giants (BAT—Baidu, Alibaba, Tencent) invest in hundreds of startups. In the U.K. and Singapore, state co-investing with private funds operates (through the British Business Bank, Temasek, etc.). The synergy between private and institutional investors creates stable ...