Thank you very much, Ms. Coady.
I guess, from our perspective, there is no single magic bullet you could fire that would solve all the problems tomorrow. From our perspective, it really has to be comprehensive and has to address several aspects or issues at the same time, almost concurrently. At the bottom, though, at the very heart of the problem, is that the VC industry needs to be able to attract more money so it can recycle that money, actively manage companies—that's its value-added—and then have really happy exits.
In the short term, there are some aspects of the situation that may be beyond many people's control. That has to do with the state of capital markets and the appetite of capital markets for initial public offerings of tech companies. There were none in 2009 up to the end of October; there was one in 2008. The industry needs some exits so it can post some returns and then attract money into its coffers.
On angels, I think angels are an important, valuable part of what we tend to call in our jargon the ecosystem of entrepreneurial risk financing. Many angels have formal, in some cases informal, relations with venture capital funds, particularly if those venture capital funds are themselves focused on early stage enterprises. For example, you have a genius with an idea but not much money and not much management. In many cases, after turning to family and friends, he or she will come upon an angel. We work very closely with them, so we see it as symbiotic. The angels tend to—and there are always exceptions to the rule—invest at an earlier stage with smaller amounts of money.