Traditionally, it has been the United States and Canada. This has been the epicentre of new business development. New small business formation has been in North America, not in Europe. In fact, whatever measure you use to look at new companies, new formation of companies, North America has been, up until very recently, what we'll call the “friendliest jurisdiction” in which to be an innovator, an entrepreneur or a small business.
That has become more difficult, certainly in some areas, especially resource extraction. Most small, privately funded mines have left the United States a long time ago, and Canada has had the same trouble. However, it has been the best jurisdiction.
Germany, France and Italy have lagged. This is not a criticism of them as people; it's just the reality of the governance.
Let's go back to BlackBerry, the beginning of the smart phone revolution. It's traced to Canada, frankly, and then the United States, of course, because Apple did one better. I still like my BlackBerry, by the way. I don't use one anymore, for obvious reasons.
Those are good examples.
We hope and expect to have that kind of innovation in physical resource areas like mining and oil and gas. It's a tougher one because they're [Technical difficulty--Editor] industries. Innovation is harder because of the scales involved, but not impossible.