Health committee  I would just, one, echo that we have to embrace failure. The other thing is that big pharma is far more open today than they were certainly when I was there, in terms of what they're looking for. They will give you the road map for what they're looking for, whereas 10 years ago

Health committee  Maybe it doesn't meet the accelerated fund example, but by way of example, one of the things we've done with graduates coming out of accelerators...classically, people who've started some sort of engineering-type IT project get accelerated, they graduate, they're not venture read

Health committee  I'm a Mr., yes. In venture capital that's a rare thing. Most of us are doctors. First, I would agree that closer collaboration, the interaction in the cafeteria, is important. You want to encourage that sort of thing. I'll just leave it there for the moment. I was about to take

Health committee  Oh, would that it were so easy. If you look at the last 10 years of performance in the industry, you would be disabused of the opinion that IRR or return on investment is secure. The industry hasn't performed particularly well. I think the industry is evolving to new models that

Health committee  I'll add a comment about your unfortunate desire to not have venture capital because you're too small. I'm going to go back to my example of venture capital as a biological entity. You are now seeing the whole definition of what is “at scale” in venture capital. We used to think

Health committee  Not to each other, okay. It used to be the case that if they couldn't put $10 million or whatever to work, it wouldn't be interesting. We're now seeing the development of what traditionally would have been viewed as very small venture funds of $15 million, $25 million. They're t

Health committee  I could address it. I agree with the last comment, that it will be many different solutions. From a venture capital point of view, the venture capital action plan, as we understand it, is being rolled out. Time will tell, but it looks as though it's a step in the right directio

Health committee  Innovation is a broad term because it would cut across different parts of our bank. I could speak of venture capital.

Health committee  In this past fiscal year, we authorized $145 million in direct and indirect investment.

Health committee  I don't have it here, but I can get that information.

Health committee  It's part of our corporate plan, which is revised every year. But we like to think it's not a radical revision when we do it.

Health committee  The total assets would be in the $17 billion to $18 billion range.

Health committee  That's yearly versus total balance sheet. Also, on a bank loan there would be ten-to-one leverage. On a securitization there would be twenty-to-one leverage. On venture capital there's zero leverage.

Health committee  Thank you very much, Madam Chair, members of Parliament. Thank you for inviting us to talk about technology innovation. We're happy to do so. I'll profile the venture capital operations of the BDC and how they support technological innovation in the health care sector. As you k