It has been a remarkable decade for innovation capital. More than $1 trillion of venture capital had been invested by the end of last year, according to data provider Pitchbook, driven by corporations engaging in more than half that total, according to GCV Analytics.

For context, this makes the 2010s’ total greater than all prior decades of venture capital combined, even including the dot.com bubble period around the turn of the millennium. And, unsurprisingly, this wave of cash has driven similar comparisons. Julian Birkinshaw, professor of strategy and entrepreneurship at London Business School, said: “My personal view is we…

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