The fact that TCP/IP was an open standard is often cited as having had a beneficial role in stimulating diffusion. The early stage of Internet diffusion coincided with the opening of telecommunication markets to competition, this stimulated adoption by a number of new market entrants seeking a low-cost platform to compete against entrenched incumbent telecommunication operators. The concentration of knowledge (Silicon Valley) linking university research with firm development activities as well as an active venture capital market undoubtedly also played a large part in stimulating inter-industry spillovers in the development and use of ICT applications.