Mr. Alex Hobbs:

We have referrals also from spin-outs from the universities and the institutes of technologies, as we would have backed companies based in these third level institutions. These are people with extremely good ideas, good intellectual property, IP, and offering good opportunities, though in a raw state. If we were a standalone seed fund and a business plan came into us and was not right and needed work and if we were not within the Dublin BIC family of deliverables, we would be telling the people with the plan to come back when they were ready and telling them they were too early for us. However, now we refer these people within Dublin BIC where they can receive the intensive metric. In the end, it is down to the entrepreneur and the quality of the business idea. If those two elements are not there, we will never make it into a good investment proposition. Where there is advice, support and work the entrepreneur can do to improve the plan and make it an investment proposition, we provide added value.