Canadian pharmaceutical IP, from what I understand, does quite well. Unfortunately, we don't have a very large pharmaceutical company within Canada to truly reap the benefits, but from an IP perspective, we generate a lot of IP in the pharma space.
We also generate a fair bit of IP in the tech space. On the tech side, we are doing reasonably well with start-ups, especially our high-tech start-ups. For example, in Waterloo, like I mentioned, Velocity has created $35 billion of enterprise value over the last 15 years, which is quite staggering coming from one little region.
There are some bright sparks. If someone were to ask, “What should we be focusing on?”, I would say that we should be focusing on growing our start-up ecosystems. Start-ups offer us the best chance to create these large behemoths that can compete on the international stage with other countries.