The reality view dims sources that are rarely a first cheque: public co-investors that need a private lead, later-stage funds, and university-tethered vehicles without an evidenced first-round record. It is a lens, not a cut; dimmed cards are still there.
Structural gap. No dedicated regional first-cheque capital matches this filter. UK-wide sources still apply, but the region is relying on national money finding it. That gap is the finding.
Entry ticket ↑
TRL 1 · conceptTRL 4–6 · prototypeTRL 9 · deployed
Within each lane, cards run left to right by TRL entry point