Sure.
Depending on who you talk to in the industry, there are arguably two valleys of death. One is from the seed to the series A stage, which is going from very early proof of concept to a functioning business. In some markets that is a problem. The one that we focused on most recently in our study was the growth-stage valley of death, which is going from a $5-million or $10-million run rate, right up to a $50-million or $100-million run rate.