There are many different things that a business will take into account. I don't think there is any entrepreneur out there who sets out, early on, and says, “How much tax am I going to pay in this jurisdiction versus the next?” They're generally there to solve a problem. They're not even thinking about generating revenue. They're at the forefront of innovation, and so that's really what we see as their main driver. However, as they start fundraising and growing their business, I think that's really when they start taking into consideration that cost equation.
The problem is that we're raising the cost of capital, which might seem in principle that it shouldn't be a big deal, but it is when you're sitting next to the United States, because we have jurisdictions that....
I'm not even talking about California; I'm thinking about states like Washington state, Minnesota, Texas or Ohio. All of these are comparable hubs when it comes to venture capital fundraising, and we're more expensive now than most of them, so yes, we hear those conversations and we hear those questions. I don't think that there is an immediate exit button that's being pressed, but it's certainly something that is being considered a lot more closely.