Let's use the example of Amazon.
Jeff Bezos has just announced a significant fund for climate innovation. How do I get a hold of Jeff Bezos? I have no idea. We got to Mr. Gates because our founder knew somebody who knew Mr. Gates. Those connections are important.
On the banking side and the equity side, when I first joined the company, we were almost out of money, and it was extremely hard to find any private equity source or any venture capitalists. I went all the way around Vancouver, all the way around Toronto and Silicon Valley, looking for funding. Today, the phone rings every day with people who want to put money into our company, which is great, but that was not the case two and a half years ago, before we'd proved the technology could work.
It's a risk profile. As an investor, you look at the combination of technical risk, market risk, regulatory risk—some of the points raised here—and small early-stage companies really struggle with that.