I think IP certainly does have an important role in that. In some ways that issue is more one of access to capital, and I know there are other conversations happening about how to increase access to capital for early-stage companies.
As you're building your start-up you're trying to figure out if you can grow it to a billion-dollar company in Canada, or if you can grow it to a certain point, at which time you need to figure out what your exit strategy is. So if I am acquired by another company, my intellectual property will go to that buyer. Often that acquiring entity is not inside Canada. And that's the real risk, in our view. If we're not growing a strong enough crop of mid-sized companies, our start-ups are acquired and their assets, including the IP that they've generated, end up leaving Canada, and any commercial exploitation of that IP results in job creation somewhere else.
I don't know that it's just an IP challenge; there's certainly a large capital aspect to it. But with those two pieces together, if we can grow our companies to a larger footprint and have them anchor here, that means the job creation and the consequent productivity will happen in Canada.