I agree with you totally. I can tell you from Phenomenome's experience that every dollar we generate from contract research, SR and ED, and equity, we put right back into R and D. Like the small companies, we're putting everything back in.
The reason you're seeing such a drop in private sector R and D is that the venture capital industry disappeared. That was about the time that venture capital disappeared.
What you also have to look at is whether we have any major multinationals headquartered in Canada, because I find that when I'm flying to promote our contract research work, I'm usually going to Germany, Switzerland, and the United States, and guess what? Those companies still invest in their main regions.
We just don't have a Pfizer. We don't have a Merck. We don't have a Novartis that is headquartered here and is investing. That's what Phenomenome wants to become, and I can tell you that other entrepreneurs would love to be able to do that as well.
But I think it all goes back to when venture capital disappeared. The Business Development Bank does a good job, but everyone is syndicating deals, and the BDC needs Canadian partners to syndicate.