To a large degree, that's true but not totally. You're quite right that the government receives funding repayment in the event of success, but it is not a business, and if the refunding is too high, it means that the risk wasn't high enough. It's the role of government to share in risk. It's not to run a venture capital business. If it were to do that, it would get into the venture capital industry.
Having said that, the economic returns to Israel have been incredible. I want to cite just one example. About 20 to 25 years ago, this office, through its specialized antennae, realized that you cannot grow a digital economy without a robust venture capital industry. A venture capital industry, however, can't grow out of nothing, so the government took incredible risks in putting in $100 million U.S.—in those days—to help the VC industry.
Within five years, Israel had become the world's third-largest centre, in absolute terms—remember, it's a very small country—in venture capital investment. The return to the Israeli economy was thus enormous, far greater than simply retrieving its $100 million back, which it did, by the way.