Tech start-ups: Does location matter?

Link to the video: BBC News

Once a year Oxford University plays host to the Silicon Valley in Oxford event, when some of the Californian technology hotspot's leading personalities descend on the town.

But is location still important for tech start-ups? Or can you run your business from almost anywhere in the world, thanks to the power of the internet?

The BBC's Rory Cellan Jones asked entrepreneur and investor Joichi Ito, and Elizabeth Varely, founder of TechHub.