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The opportunities are supplied by a feeder network of regional and industry specialists in the earliest stage of financing.
As these companies mature and look for the next stage of financing, venture capital investors are adapting to the new Series A landscape.
Like ICOs, this private late-stage capital is usually considered either a replacement for growth capital or just another stage of financing.
For the same reason, it's no surprise to see participation rate dip to 13% for companies at the A or B stage of financing and further still to 11.7% for Series C or later.
Other areas where data can be helpful is how Google Ventures should allocate its money, whether that be at the seed stage or at the late stage of financing.
To adjust for the (rapidly) declining population of startups as we move forward through the funding cycle, we divided the number of exited companies at each stage of financing and divided it by the total number of companies listed as acquired through that stage.
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Further evidence of this advanced stage of finance-capital is on the other side of the equation, the concentration of wealth.
Rather, venture firms prefer to have two or three groups involved in most stages of financing.
Few have advanced beyond the first stages of financing provided by venture capitalists.
The Institute for Construction Research (IRC), a division of National Research Council Canada and one of the pioneers of research into conductive concrete, is also in the first stages of financing demonstration projects.
Mr Cumming retorts that comparing early-stage to later-stage venture-capital investment, as the Italian researchers do, tells us little about government intervention, as the same regulations usually affect both stages of financing.
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