Invesco Perpetual, the fund manager, and Imperial Innovations, the London Stock Exchange-listed spin-off from Imperial College London, are joined by The Cancer Prevention and Research Institute of Texas and the Wellcome Trust supporting Cell Medica's growth.

The RSA report recommends a number of measures policymakers could consider as ways of strengthening the ecosystem to encourage and support corporate venturing, such as a venture connectivity forum, a co-investment fund and fiscal incentives, including restarting the Corporate Venturing Scheme, wound up by the last government.

Venture is a people business and while there are notable tax and policies that can help, ultimately, the countries that succeed in this latest battlefield will be the ones that take a lead from the best entrepreneurs and hire and attract the top minds from around the world to work with them and create a true venture connectivity ecosystem. Sadly, a lack of vision is holding most countries back in this area.

Trevor Parsons and Vilaim Holub founded LogEntries from UCD after incubation at @dogpatchlabs Europe, which is backed by Polaris.

The Korea-based conglomerate took a 4.9% stake in the UK-based chip company, as it acquired its mobile business.