It's just that the historical development of the industry was in San Francisco and on the east coast of the United States. I think Americans have a bigger appetite for risk, and they've developed that expertise over a number of decades, which has been encouraged by tax incentives. We see a number of reasons why investors have done that. So what has happened over the last 30 or 35 years is that all the big funds are based in New York, San Francisco, and Boston, and they want you close to them.
They also have their systems of doing it. There are a lot more people working in those sectors, so if you're looking for senior management or for certain particular scientists, there's a huge labour force pool. Your customers are right there. If you're located in the New YorkâNew Jersey area, you're talking to all the big pharmas. So if you're trying to license your drug or your diagnostics, they're a mile away from your facility, as opposed to taking a day, flying there, spending a couple of days, and coming back.
Basically, the clusters have developed in those areas. Toronto doesn't have that cluster. Vancouver doesn't have that cluster. Montreal was trying to develop the cluster.
I am very worried about the life science sector in this country, because when I talk to the entrepreneurs who are in our SME group, they are all talking about how they can stay here.