We certainly don't lag in entrepreneurship and the desire to grow successful entrepreneurs. This is not just a Canadian challenge. I was at a conference last week in Quebec City, where we update annually what's going on in the world of venture capital. Where we are having significant challenges is with the lack of venture capital, particularly in developed countries. And that's been a real challenge. It's a cyclical industry. Returns have not been great over the last ten years, and many of the traditional sources of venture capital have dried up.
What we're seeing internationally is government getting back and becoming involved in initiatives that encourage the formation, creation, and increase in the supply of venture capital. And in my view, that's the way to attack the whole issue of innovation, entrepreneurship, and commercialization of technology.
I had occasion to listen to the founder of VC in Silicon Valley, a guy by the name of Bill Draper. When they started out it was an industry in its infancy in Silicon Valley. And some of the companies we know of today--Google, Facebook, Twitter, Starbucks, and FedEx--were all small companies started by entrepreneurs who were funded by venture capitalists. You can have a tremendous economic impact on local and national economies if you have a supply of capital and people who are prepared to take risks and develop technologies that consumers want, as opposed to technology for the sake of technology.
I think the issue of addressing the dearth of VC is something governments should take seriously and become active in. We have lots of ideas on how we could solve those problems.