The venture capital industry has not yet fully recovered from the pain inflicted by the dotcom crash a decade ago, but executives believe entrepreneurs’ and venture firms’ greater experience, as well as lower valuation multiples, could at last help the sector to turn the corner.

As the venture industry gains more support from influential investors such as Adveq, which has hailed the market as "more alive than ever", Oliver Gottschalg, a professor at HEC business school in Paris, has produced his second annual ranking of global venture firms.