Thank you very much, Mr. Chair, and to all of our guests.
Stephen, it was nice to have an opportunity to see you. Unfortunately, our technology doesn't seem to be finding its way seamlessly across the border right now.
I know some of the things you talked about with regard to the dollars invested in research in Canada and the U.S., when you take a look at the relationship of size, there are a lot of efficiencies and a lot of things we do well, but the key thing you spoke of is the tech transfer only getting 27% of the bang for its buck as it does in the U.S.
I spoke a couple days ago with a venture capitalist. Basically, what they were saying is that when you look at what happens in the U.S. and the way in which they court investors, and the way it is done in Canada.... You'll go down there and they're going to take you to the football game. They're going to show you the whole place. They're going to show you the town. If you come to Canada and you want to talk to researchers, they're going to take you into some office and give you a slide show, and that's going to be the relationship. I think it might have been exaggerated a little, but I think that's part of it. When they're wooing people with dollars to invest, it's a good job that is done by universities.
I don't know if that ties into part of this, or why it is you can get people who are a little more aggressive in their investments to go into some of those areas.
I do appreciate the opportunity to see you again. Our trip to Washington certainly helped us a lot to understand that.
I wonder if you could quickly talk about that Canadian tech transfer, and what you see as maybe one of the key components that we should look at.