Thank you for the question.
It varies. We deal with companies, as you are aware, or projects that are in the development and demonstration phases—so completing the development and then doing a demonstration project. Depending on where in that spectrum they fall, the answer will vary. Obviously, the earlier they come, the less buttoned-down their IP typically is, but that's not always the case.
So when we say that the IP must be secured, we mean appropriate for that stage...and also to have a defensible plan. When we're doing our due diligence—I'm participating in a round of due diligence this fall—often what we're looking for is that they have started to do the work in terms of searching for prior art, making sure they have a path to market and a freedom to operate. It may be that it's using trade secrets, and not patents at all. It's to have a strategy that makes sense and that is appropriate for their sector.