Before I prepared my presentation, I spoke with a number of CEOs who we have relationships with to ask their views, because I think it's important that we provide a view that also includes the business community.
I think what they're saying is that we do have undergraduate-level process engineers. We do need more graduate level, highly skilled people on that side because the manufacturing world is becoming very sophisticated, and to be competitive, the automation side is real.
We talk about Shenzhen all the time in China, which seems to be taking all the jobs and producing 90 million iPhones and so on. But in reality, if you look at what has happened in the last 10 years in Shenzhen, it is highly automated now. They're using less than one-third of the people they used a few years ago. In fact, there are 36,000 injection moulding machines right there in Shenzhen, and robotics are pretty much running the lines now.
I do think we need a different skill set. It's not so much whether we have enough. I think it's not so much the numbers anymore, it's the type of skill sets. We really have to be very targeted in our development of skill sets that would be able to develop new technologies, not just buying things off the shelves and running them. I think we do need that technology.