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Jonny Dymond in California looks at why innovation and an acceptance of failure are key to Silicon Valley's second internet revolution - a revolution driven by youth, optimism and the prospect of riches.

Forty minutes out of San Francisco lies one of the world's great research universities, Stanford. We talk to research students about their ideas, for a peak into the future.

The question for other cities, is can the conditions and culture that led to Silicon Valley's rise be replicated?

Jennifer Moses is a former advisor to British Prime Minister Gordon Brown, now in San Francisco as a partner in Ed-Mentor, a venture capital firm that invests in education technology. She says one of the secrets of California's success is that people are allowed to fail without it signalling the end of their careers. They have the space to bounce back and go on to new opportunities.

Plus, economist George Magnus tells us about European finance ministers' agreement on a new banking supervision framework. Under the deal, banks with more than 30bn euros in assets will be placed under the oversight of the European Central Bank. This is being billed as one of the most significant transfers of authority from national governments to European authorities since the creation of the euro.