IT encircles the globe.

Even 20 years ago it was possible to work and live without feeling the immediate impact of information technology (IT), but with the internet, more powerful chips, the cloud and mobile devices, the sector is ubiquitous and underpins all other sectors.

Its influenceis so pervasive that the corporate venturing head at one of the world’s largest industrial conglomerates said it was planning to set up a software-dedicated fund as early as this year because its importance to the sector equalled…