I have many friends who are incredibly talented entrepreneurs who have not been able to get Canadian investors on their capitalization tables.
I'll step back for a second. Venture capital as a whole is a model that was proven out in defence. This is something that's not talked about at all, but a Harvard professor actually started the first venture capital fund after World War II to invest in World War II technologies. The return on those investments is what really kicked off the model as a whole.
Now, Canada and Europe and everywhere else were slower to adopt this type of model, so we don't think about that history in the context of our defence spending and our investment. We will see huge returns on that investment if we do invest in Canadian defence but, without that history and without having been part of that start at the inception of VC, we don't yet understand that.
Two of my Canadian friends—I think of Matt at Aalo and Cam at Sentradel—are building defence companies, and they are backed by American investors. The other thing is that since we don't have well-funded start-ups here in Canada, the new talent is going to the States.
I actually often recommend Canadian recent grads with amazing résumés to start-ups in the States that are building defence technologies, because we simply don't have spaces here for them.