I do like the IRAP. In fact, I have talked to some start-up companies that have qualified for some of the various government programs. One of the interesting things that I've talked to some of the entrepreneurs about is that they got a lot of help vis-à-vis business plans when going through the process. In fact, this kind of struck me as something better than research and development tax credits that are just given to companies where—who knows?—there's no business plan involved or anything like that.
For a long time, a lot of people—including economists and others—might have argued that it's better to have tax credits than to have grants because governments go through politics and they start giving to friends and things like that. There is a lot of history of that. Let's be honest. It's true, but if you run a very competent program that is based on scientific and financial expertise to make the determination, then I think it's a much better way of proceeding compared to just giving blanket tax credits to all sorts of different industries.
I see this happen in the United States, where most of the money is actually done through grants and not as much on the tax side. Over the years I've become more enamoured with the grant process, as long as it's handled in an effective way.