I think it's very well put that it depends on the research sector. There are some sectors that we identified in biotech where it would be much more dangerous to go forward without good IP protection. He's absolutely right about that.
That being said, my experience these days with a lot of investors is that they want direct tech transfer into a company if it spins off, because, especially in the area I'm in, which is material science, a lot of developments may be made peripheral to the initial products that you're aiming for. So even though that product may not work, they don't want a licence any more, they want to have direct ownership of the IP. Having fewer people involved in IP ownership makes it easier for the companies.
We've had many Canadian and American companies come to us at 4D LABS because we own our IP, saying it's refreshing that they don't have to deal with a larger body of people who get in the way; they can deal with the individual.