When regulators Ofwat released its report last week, I had great expectations that prices may finally be slashed for hard-done-by homeowners. Thames Water, which operates in my patch, has had Londoners paying millions each year for what many consider an extremely shoddy service.

Venture capital is frequently portrayed as the “superhero” behind the success stories of Google, Yahoo, eBay, Facebook and other internet companies that today are now worth billions. But what about all of the other failures? What about all of the companies that never went anywhere, had crazy valuations, and were nothing but giant flops?

The Greek philosopher Heraclitus argued that change was the central feature of the universe. He claimed: “You cannot step twice into the same river, for the waters are continually flowing on”. He had a point. You can’t recreate the business you once had.