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  "notes": "The chart shows a clear trend of capital concentration in older cohorts.",
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      "text": "Key insights: New start-ups may find attracting funding challenging, as more than half of investments each year go to companies founded more than five years ago. Private investors may prefer to limit risks by avoiding uncertain, new technology and continue to invest in older, more established start-ups.",
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      "text": "QT investment split based on founding years of start-ups in 2021–2023",
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      "text": "1There is limited information available on activity in China.",
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