Thank you very much for the question.
I'm glad you referred to the World Economic Forum report. The one that came out earlier this year, I think it was late September, classified Canada as being ninth in terms of competitiveness worldwide, and that's not a bad place to be out of 140, 150 countries. When it came to venture capital availability, we ranked 18th, not ninth. The dialogue or the text in that report, which you can check, refers to that as a competitive disadvantage for Canada.
It's not a question of governments doing things wrong or doing things right. I think the issue really is doing more things right. I echo the comments of my friend Tom over there. BDC venture capital has had an increase in its capital authorization, very positive, and the situation we're facing is dire enough to have me at this table saying that we actually need government to do more.
I have one final comment. What is government doing right? One of the absolutely basic building blocks of successful venture capital is a high-tech base from which you can draw out of universities, other post-secondary education institutions, research hospitals--take your pick. Depending on how you calculate it, we're spending $9 billion or $10 billion a year. The problem is constipation. All that stuff is there and none of it's getting out into companies. That's the problem.