WEBVTT

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THEY DIE ON THE VINE ALTOGETHEROR THEIR GROWTH IS ABSOLUTELYSUB OPTIMAL AND THEY CANLEAPFROGGED BY THOSE COMPANIES

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IN THE REGION KNOWN NATIONALLYTHAT ARE PROPERLY CAPITALIZED.>> LACK OF VC FUNDS BASED INTHE STATE.

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YOU AND OTHERS HAVE BEENSUPPORTIVE OF THE STATES EFFORTWITH THE NEXT LEVEL FUND.>> YEAH SO WE ARE VERY EXCITED

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ABOUT THE GOVERNOR'S LEADERSHIPON THIS INITIATIVE.THEY ARE ADDRESSES AND BOLDFASHION THE CRITICAL GAP HERE

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WHICH IS VENTURE CAPITALFORMATION IN THE STATE.THE INTENTION OF THATLEGISLATION IS TO SEE THAT

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VENTURE CAPITAL FUNDS LOCALLY,REGIONALLY THAT ARE VERY ACTIVEIN THE STATES ARE ACTUALLYGETTING PROPERLY CAPITALIZED

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THEMSELVES TO INTERN INVEST INTHOSE EARLY-STAGE COMPANIES INDESPERATE NEED.>> AS WE WRAP UP IN YOUR VIEW,

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CAN YOU TURN THIS THING AROUND?>> ABSOLUTELY.IT'S BEEN DONE BEFORE AND DONEIN UTAH AND BEEN DONE IN

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MICHIGAN AND OHIO.DIFFERENT FLAVORS AND IT'S HAD ASIGNIFICANT IMPACT.THERE IS A LONG-STANDING --

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THERE ARE 12 LOCAL VENTURECAPITAL FIRMS IN OHIO.13 OR 14 NOW IN MICHIGAN.AND IT'S CREATED A NUMBER OF