From what I can see, it's this. Someone out of a U.S. university can come up with an idea, through a little research they did in a lab, and say, “I could turn that into a company, if I had the money.” Based on that, they can raise $1 million—no questions asked—and start exploring how they can take that knowledge out of the university and turn it into a company.
You can't do that here. It happens, but it's on an exceptional basis. That, for me, is a real difference. That first $1 million is how you explore the fit between knowledge and an eventual market.