Thank you very much, Mr. Chair. I'd like to thank all the witnesses for being here this afternoon.
One of the troubling things we've heard this morning at the University of Manitoba is that over the past years Canada has been successfully raising approximately $4 billion a year for venture capital, but last year it was closer to $1 billion. If that continues, we're in big trouble. I wonder if I could get some comments in terms of how we turn that around, whether it's tax credits or something else.
Second, how are smaller cities affected by that? I know most of that money, whatever it is, whether it's the smaller amount of $1 billion, goes to the larger cities like Toronto or Montreal. So can you tell us what the challenges are in a city like Winnipeg when it comes to venture capital?