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Analysts said the new rules are unlikely to create a major wave of funds heading toward Hong Kong.
The analogy suggests that a wave of funds are now chasing a limited number of appropriate tech investments and will soon find themselves with little ROI or steep losses.
A spokesperson for the company would not confirm if Will.i.am is involved with the company, but the company does say that it is due to announce more funding soon, so it may be that Will.i.am will be named along with that second wave of funds.
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But such large sums represented "a tidal wave of funding" that local officials were incapable of "spending wisely".
Hence the recent wave of fund-raising: some 60 private-equity funds focusing partly or completely on financial services were set up in 2008, according to Preqin, a research firm.
For example, one current program authorizes the payment of up to $100,000 a month to Afghan provincial leaders for local projects, which the reported called "a tidal wave of funding" that can be difficult to absorb efficiently and fairly.
With a new wave of funding for smallpox and anthrax research, we must be doubly careful that the spread of pathogens to new labs solves problems rather than creates them.
When pressed by Tory MP Nigel Evans at the committee hearing on whether there was a better way of spending the money, Patel defended the £5.2m payment, part of the second wave of funding to the project running from the end of 2015 to 2018.
Mr Baker said: "We are serious about cycling, as this latest wave of funding shows.
The ONR selected analog electronic circuits as the subject matter for the second wave of funding.
In later years, a wave of funding opportunities and globally recognized accelerator programs took root across Canada.
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