Seventy per cent of all VC dollars go to information technology software—the SaaS and B2B companies, which are easily scaled globally.
There's a signal the government understands they need to play in niche areas, where it's more capital intensive. Last year, BDC initiated a new deep-tech fund. It was much needed, because the private sector and VC dollars were not going there, as it was too risky.
The other place where it used to be risky and where we've seen a change is clean tech. If I'd been in front of you five years ago.... Clean tech was having difficulty attracting dollars. Today, that's no longer the case. The Inflation Reduction Act in the U.S. and the amount of capital that will flow to that space will also ignite capital in Canada going towards those opportunities.