‘Chinese people don’t like bread; they hate tomatoes and are lactose intolerant,” pronounced the managing director of a large state-owned enterprise during a Beijing dinner.

For our firm, helping PizzaExpress develop China, this was alarming. Alarming, but fortunately untrue (in a land with 2,000 Pizza Huts). Two years later and PizzaExpress was bought by a Chinese investor for £900m. QED.

Emboldened, we headed West and secured the India brand rights for Jamie Oliver’s restaurants and then for Wendy’s. We raised money, decamped to Delhi and set up shop. Three years on we’re raising more capital and fanning out across the sub-continent.

And here’s the thing: none of this adventure depends upon...