But despite that huge customer base, Isacke believes that Silicon Valley can add unique value to the companies that Telefonica Digital acquires.

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It is easy to attract the brightest of talent in Silicon Valley because of the high-value-added work that is offered here.

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More value creation is happening in the Valley driven by startups than any other place in the world.

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The company attracts the first cut of talent in Silicon Valley because it offers stock options, the value of which has risen.

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But many of them do choose to locate in the expensive city and pay the high wage, and as I point out in my book, expensive places like Silicon Valley employ a larger share of American workers in high value, export industries than do cheap places like Houston.

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The land, which was sold to raise money for the Regeneration Investment Fund, varies in size and value from a former industrial site in the Cynon Valley to offices in a business park in Newport to farmland in Gwynedd.

BBC: Wales