Ideally, you would like a mixture of domestic and foreign venture capital. There is an advantage.
The first choice of our companies is to go to domestic venture capital, because the investors like to be close to their investments, and the investees like to be reasonably close to the people who invest.
The fact is, the Canadian venture capital pool is always going to be too thin and not as experienced and mature as what can come from the U.S. Those investors bring more than money. They bring management experience. They bring experience in how to scale the company. I know, for example, that Israel has a policy of actually encouraging their companies to get their capital from outside the country, because they know that they have the science, but they don't have the global marketing and business development that comes with it.
In our case, we're so close to the U.S. that there's an attraction, but at the same time, there might be a little bit of a pull down there. Ideally, what you do is look at the impediments to investment from outside Canada and you aggressively and swiftly remove them. That has been lacking. There are still some barriers there that have been puzzling the industry. In theory, we've all agreed that they should be removed. That should be done.
Longer term, again, interaction between Canadian venture capital and American venture capital will help our venture capital industry mature and actually play a stronger role.