If there is one gloomy statistic that professional early-stage investors just love to tell you, it is this: “Nine out of 10 start-ups will fail.” It makes it sound as if equity crowdfunding – where retail investors pile on to websites to risk thousands, if not millions, of pounds on young, unproven companies – is a guaranteed way to lose your shirt.

Except that the conventional pessimism could be wrong. Far from 90% collapsing, more than 80% of crowdfunded UK start-ups have so far survived, a study published on November 19 reveals.