In this video, Neil Woodford talks about the link between the relative difficulty with which UK Technology start-ups access early-stage funds and the lack of later-stage businesses as a result.

He also points out that this is an opportunity for investors.

A thing that's not obvious is that, compared to Silicon valley, the entire tech ecosystem is missing, which makes it difficult to create partnerships and access suppliers.

However, there is a massive opportunity in UK FinTech start-ups. For precisely the reasons it is harder for Internet technology companies to be huge outside of Silicon Valley, FinTech companies find it easier in NY and, particularly, London because of the international financial ecosystem.