Finance committee  It's not entirely correct. Early-stage venture capital, generally speaking, is done close to where the money is. When you're funding a new start-up business, you really need to be on scene and working with the entrepreneur a couple of days a week. It's hard to do that from two or three time zones away.

Finance committee  Yes.

Finance committee  What I was speaking to on that point is that U.S. institutions, primarily big pension funds and endowments, that would like to invest in venture capital firms managed locally in Canada run into technical problems with the Income Tax Act. I think other folks have spoken to the committee about this, but it has to do with how limited liability corporations are treated under section 116 of the Canada-U.S. tax treaty.

Finance committee  Yes.

Finance committee  It's possible that some of our other organizations--the venture capital industry--had lower expectations. I mean, $10,000 would be fabulous. The underlying goal is to access a higher net worth crowd and raise money in bigger chunks, run our businesses more efficiently, and deliver more venture capital.

Finance committee  Thank you very much. Good morning. It's my great pleasure to have the opportunity to speak to you today. I work with Vengrowth Private Equity Partners, and I'm going to be speaking to you this morning about Canada's supply of venture capital. By way of background, Vengrowth is Ontario's largest venture capital firm.