Nothing ventured, nothing gained. The UK government’s recent decision to invest £150m in a new venture fund is the latest attempt to help British start-ups navigate a death zone formed by a lack of mid- to late-stage funding. Its goal – to drum up £1bn of public and private funding for start-ups over 10 years – is laudable. But it is unlikely to make much difference.

Anyone familiar with the reality show Dragons’ Den can attest that the UK does not suffer from a lack of boffins with interesting ideas. Yet in spite of decades of government-backed schemes, the UK has yet to develop the vibrant start-up ecosystem of the US or, more recently, Israel. The problem goes well beyond the financial crisis, which has hit start-ups and their backers everywhere.