ALEX LAZAROW: I’ve always had one foot in Silicon Valley, and one foot in start-up ecosystems around the world, investing in start-ups across Asia, Europe, Africa, and across North America. But around the world, entrepreneurs are building start-ups – there’s today 480 start-up ecosystems around the world, and the context is different. ALEX LAZAROW: People often talk about the difficulty of building start-ups in emerging ecosystems and the difference between them, but I think one of the big differences is what we call that innovation.