The Origins of High-Tech Venture Investing in America. Tom Nicholas, October 2015, Book Chapter. “The United States has developed an unparalleled environment for the provision of high-tech investment finance. Today it is reflected in the strength of agglomeration economies in Silicon Valley, but historically its origins lay in the East Coast. Notably, the New England Council’s immediate post-WWII efforts to create the American Research and Development Corporation created a precedent for “long-tail” high-tech investing. This approach became institutionalized in America over subsequent decades in a way that has been difficult to replicate in other countries. The role of history helps to explain why.Link