There will be many more TikToks The US can no longer assume that every hot new thing will be made in the US Venture capital investments ($bn) RoW 300 US 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: NVCA Benedict Evans –– January 2020 112