Venture capital is an essential part of this ecosystem. I heard comments earlier about private industry and what role private players have. We don't exist without venture capital, and we know that in our high-growth industries, close to 70% of the capital that gets invested in our companies comes from foreign sources.
Our companies need capital to grow, and if you look at what's happening right now, you see that we tend to invest in more capital-efficient areas. We do well in SAS—statistical analysis software—and in software-type companies. Our deep IP—industrial IP, medical devices and drug development—is the area where we don't have access to as much venture capital as we need.
The role that MaRS plays is we're the convenor. We run syndicates, we try to bring them in and we try to do the introductions. We also have a capital arm that is third party from the charity in terms of the work that we try to do. We try to provide that convening capability to match people up with the funding that they need so that they can compete on the global scale, because the market for our customers, the start-ups and scale-ups that we support, is global. They need to have equal footing in the global market in how they're funded and how they have the risk capital to grow.