In fact, a 2012 study by Ernst & Young reveals that one US hub (Silicon Valley) alone boasts almost $12.6 billion in cumulative venture capital, while the United Kingdom, first among European countries, accounts for roughly $1.75 billion and Germany for $665 million. A similar study, conducted in 2012 by Javier Santiso, a professor at the ESADE business school in Barcelona and a managing director at Telefónica, found that Europe’s per capita investment in venture capital in 2011 was a meager $7, compared to $142 in Israel and $72 in the US.