Finance committee  It's about the same. On a per capita basis we're at about 40% of what is happening in the U.S., and that affects the portfolio companies because they have to compete against U.S.-funded companies.

Finance committee  Not at all.

Finance committee  It's critical, particularly in the knowledge-based industries because there are no assets other than the knowledge and the entrepreneurs. None of these deals are bankable, so it's critical. If you look at Quebec, for example, if you look at the aerospace industry or biotech, a l

Finance committee  Yes, absolutely.

Finance committee  Well, it goes without saying, that's where—

Finance committee  Well, we've attempted to explain to the federal government the importance of this program. No program is perfect, and certainly we all agree—those of us who are practitioners—that there are ways of improving the program. But to cancel it, we think was a regressive step. I also s

Finance committee  Exactly, and whether it will achieve the goals that were initially set and the targets that were initially set, it's anyone's guess at this point.

Finance committee  I can speak to the various funds that our organization runs. We've probably closed in excess of 1,000 deals since the funds that we manage were created.

Finance committee  We created our first fund—this is just our organization—in 1992 in British Columbia.

Finance committee  Then we acquired the management of one of the original funds, the working ventures fund, which was in Saskatchewan, Ontario, and out east. They would have done in excess of 1,000 deals as well. Then we created a fund in 2005 in Atlantic Canada. It's a small fund. We've done 20-o

Finance committee  They are significantly reduced, given the challenges in fundraising. This measure has sent a pretty negative message to the investment adviser community. We don't sell directly to clients. We work through the brokerage firms, financial planners, and IIROC firms, which are the ban

Finance committee  We have that information. I don't have it with me, but we certainly can.

Finance committee  There was some very good work done by an economist based in Montreal, Gilles Duruflé, who is probably the most knowledgeable independent individual in the country. He has examined the impact that these funds have made across the country. That submission was made back, I think, in

Finance committee  It does, but in more recent years they have purposely attempted to put more focus on the early-stage side of things, where it is really needed. We think they are doing great work in the provincial offices and are really trying to help address the need at that level.

Finance committee  Yes, they are. We've done a lot of work not only with the crown agencies like NBIF, but the investor tax credit has been utilized in all provinces to try to get angels more active in this sector. They're all important parts of the ecosystem; not any one has the entire solution