The capital markets both in US and UK is very mature and fully develops.
The company can raise their capital for expansion by selling to the public through the
capital market. For example in 2012, approximately $55 billion was raised in US
public security offering. US and UK’s economy are based on efficiency of market.
People can buy and sell their share easily through the fully develop financial market
and the way to raise their capital in order to venture the new technology is from the
financial market as well, therefore, the importance of bank to raise the capital is not as
importance as in Europe and in many Asian countries.