LONDON, UK-The leading economist William Baumol, who died earlier this month, believed the educational elite will increasingly be required for successful entrepreneurship, because of the ever-growing complexity of technology and business markets. But he also acknowledged the power of relatively ordinary people who have been successful innovators in their proverbial garden shed or garage.

It’s a neat illustration of the innate messiness of innovation – one can never truly predict confidently where the next success story will come from.

For example, just this week the London-based virtual reality firm, Improbable, raised $500m (£388m) in one of the biggest investments in an early stage European technology business. Improbable was founded five years ago by Herman Narula and Rob Whitehead, who had studied computer science together at Cambridge University. Definitely not a garden shed affair!

At the other end of the spectrum, there’s also a new class...

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