What IP does to help support the ecosystem

here at Georgia Tech or in general in
the bio science industry most particularly

that's that's where I've spent most
of of my career over the years.

So if you can you can drop
the lights on the front that's great

because I think it'll
make it easier to see.

So Lisa told you a little bit about my
background bunch of education formally and

then twenty five years of what I call
informal education in various aspects of

the bio science industry both
the United States and globally.

I was very fortunate in my career and
working for

the American sub of European
parents they take a very high

interest in management and development
where you get a broad exposure and

an active way to the various
functional aspects of the industry.

So a little bit about one
of my favorite quotes and

this is from a friend Jeff Nicholson Jeff
you may know as the person at three AM

who invented the post it notes who went
through the the numerous trials and

tribulations in getting their management
to accept them as a viable product and

I think it highlights the difference
between research which is

the transformation of money into knowledge
and we all know we all can spend lots

of money but innovation is the
transformation of knowledge into money.

It's the transformation of those basic
research discoveries into products and

in the bio science arena.

I would purport that that's the only and

the only way to get products into
the hands of patients in our case who can

benefit from those products in their care
of their own quality and length of life.

So a little bit about Georgia Tech.

I'm fortunate now and

being responsible for
helping our faculty commercialize their.

Bio science discoveries for

those of you who are maybe new to
Georgia Tech Georgia Tech has a very long

heritage in commercializing
faculty inventions back.

What's the school about one hundred
twenty five years old now so the Early on

inventions were in classical engineering
disciplines sociate computer out.

Software and the various hardware
components that associate that and

about over the last ten to twelve years
Georgia Tech has made a huge investment

in bio science related research
just the bricks and mortar

investment is somewhere on the order
north of three hundred million dollars.

And.

The can comment faculty and
research commitment that goes with that.

So a little bit about what I
call building an ecosystem

ecosystem is an environment in which
we can help nurture discoveries.

Through products.

This is my favorite circle the components
that make up this ecosystem and

I'm going to share a little bit of
my view of each of these elements.

First of all little bit about
research dollars in two thousand and

nine Georgia Tech landed on a little
bit more than half a billion dollars in

research and this can show you where
the Friday of that money went.

The major research support for National
Institutes of Health comes primarily

from the National from National Institutes
of Health for Bio Sciences.

Secondarily there's a fair amount of
money for bio science related research

that emanates from the Department
of Defense and it's very sensitive.

So a little bit about the nutrients
Well first of all you need to have

world class research talent.

That's the key to any of this whether
you're in an academic institution or

in a private company interested in me.

Being in translating innovative
discoveries into new and

competitively differentiated products.

So we're fortunate here at Georgia Tech
as are many of the other academic

institutions like our sister program and

biomedical engineering at every university
in attracting significant research talent.

That's been facilitated over about the
last twelve to fifteen years by a public

private partnership called the Georgia
Research Alliance which is managed

to attract eminent scholars world
class scientists in various scientific

disciplines from around the world to come
to our various universities in Georgia.

They've also managed to help
supplement both facilities and

equipment that are necessary
to conduct research.

So a little bit of is is occurring in
academic in the academic world today

when we think a little bit about how
we reinventing academic disciplines and

I think a joint program that we have
between Georgia Tech which is a public

institution and Emory University
which is a private well endowed

institution in biomedical engineering
is a good example of that partnership.

Of students get able to move and
benefit from classes and

research experiences at both institutions
and if a ride a of tools are in place

that help facilitate the interaction
between the faculty and students and

that includes all of the various kinds
of social information sharing tools

be they be physical library
resources like Georgia Tech

medical library at Emory for example and
then things to facilitate the interaction

of people like a shuttle bus that
runs all day long between the sites.

A little bit in terms of what helps these.

Discoveries emerge.

First of all is an increased emphasis
on into disciplinary research

a tremendous amount of collaboration.

Georgia Tech alone has over one hundred
we call research centers on campus

these a collaborative endeavors.

Between various departments and faculty
members they cover a wide range of areas

from biomedical engineering nanotechnology
Microelectronics fabrication.

Things like broadband regeneration.

And it goes on and on also supported by
some of our Georgia Research Alliance

what we call phase hero initiatives.

Disaster a natural selection
process that occurs.

In the bio science arena whether
you're dealing with a medical device

a pharmaceutical a vaccine or

a diagnostic if you don't have
IP You might as well not bother.

The investments that are required.

I'm going to show you some of that
data just to lauch to guarantee

a reasonable return on investment if
someone's going to be able to come in and

copy your discoveries.

So intellectual property
protection is key.

That's not the same as
in many other areas.

People in our software departments
may often tell you that

everything should be open source and

freely accessible that that doesn't
work in the bio science arena.

We have a program at
Georgia Tech called Venture Lab.

Which really helps bring business
management and money to the table to

help our faculty in first deciding whether
an invention is worth commercialising And

secondly how to go about that
actual commercialization process.

And that's supported by
various early awards through

Georgia Research Alliance Georgia Tech
alumni Edison fund and

increasingly in today's economic
climate the importance of small be.

And this innovative research rewards
become a mainstay of getting these car

companies bootstrapped and funded it until
they can attract venture capital money.

So what are some of our
intellectual property goals here

at the institution I think these
are true of most academic institutions

first one wants to recognize and reward
faculty for the creation of valuable IP.

Everyone will give you a different
definition of what constitutes

valuable IP.

Valuable IP in my mind is something
that ultimately gets vetted by

commercial partner or potential commercial
partner in terms of their interest in

ultimately licensing or doing some kind
of transactional deal with the company.

It's also important in
supporting innovation and

strengthening the research
programs in several dimensions.

Those institutions that are capable
of generating protectable IP

of those that many commercial
entities would like to come and

work with They'd like to sponsor
research at the institution.

What programs they're in that's good for
the institution overall

it's another vehicle by which we can
strengthen our global reputation and

it also represents a quality stamp on
the quality of the research that we do and

I guess in two thousand and eight.

I think Georgia Tech was number
eight in academic patents worldwide.

It also is important in attracting
top quality faculty and

students who want to see their
inventions potentially applied and it

want to be at the cutting edge of what's
being done in the research arena years.

It also helps create
successful entrepreneurs.

It's one tool in that tool kit if you will

that's necessary to have certainly for
bio science related discoveries.

It helps strengthen our local
technology community and Georgia.

Has a keen interest and

a governmental level in building
its bio science related industries.

We're certainly behind the coin as
far as it relates to many other areas

of the country such as the West Coast
the northeast and even Florida.

Right now is not the time to ask
the state to spend a lot of money.

But there is a strong interest
in strategically supporting

bio science companies in Georgia.

So recently we landed as a state
a new pharmaceutical company

called Dendreon which recently
had approved a very very unique

individual lives therapeutic for
treatment of prostate cancer.

So it's based on in part the revolution
that's occurred in biotechnology.

But it basically involves taking
the individual patient cells.

Shipping them to Dendreon where they go
through a sequence of immune boosting

exposures that then packaged up and

shipped back to the doctor who then
has to infuse them into the patients.

So that was kind of
an interesting thing to land here.

Unfortunately we didn't land
the research organization

that remains up in the northwest.

And importantly we strongly believe
in the bio science community that

in order to translate these discoveries.

Into products that can help humans IP
is an absolutely essential requirement.

So what are some of the challenges
we face both as an institution and

as an entity to try to commercialize
things first of all as the research

infrastructure at Georgia Tech is grown
dollar wise people wise facility wise and

you name it wise that places
an increasing demand on our various

services in the institution which have to
evaluate these invention discoveries or

invention disclosures.

And to.

Well you wait those adequately
requires a fair amount of time and

intellectual effort.

Also as we know the world
is increasingly flat.

And maybe in the past you could could
have gotten by with just a U.S.

patent since clearly in
the bio science area.

The US is the single largest and
most profitable market but

increasingly the companies that are
looking at these discoveries are global.

And they are often turned down one product
in favor of another even though the second

product may be inferior because
it has global IP protection

for an institution like Georgia Tech.

As are bio science efforts and
discoveries associated with them

have exploded over the last
particularly five years that places

pretty good strain on
the institute's resource budgets for

patenting in particular and
as we patent globally

as many of you people in this room know
it gets pretty expensive pretty fast.

And unlike the industrial world where
we can keep our discoveries close

to vest until we for
example file our first regulatory filing.

The academic world is driven
by different measures.

You know so publication is key in
communication of those results.

That means we file an earlier.

That means this whole process
in Tottenham starts earlier.

Now the actual product
development cycle is no shorter.

So the net result of that is
that the residual patent life

at the time of approval of that device or

drug is actually shorter when it
comes out of an academic institution

in a general sense than it would be
coming out of an industrial organization.

We also find getting
increased competitiveness for

both research partnerships particularly
from overseas universities

that historically had been kind of quiet.

But they suddenly realize they can make
money but by working in the right.

Way with industry.

And then as any other thing we
have constant changes going on

in terms of patent trademark changes
not only in the US but also worldwide.

And some of those are good for
the industry and

some of those perhaps are not so good.

And you know time will tell.

Will those go importantly for the industry
is knowing what the rules are.

We don't know what the rules set is and

we have a product development
cycle that's ten to twelve years.

It's really difficult.

A little bit about the process we use

that TAC It is rather
formalized to evaluate IP.

It begins with an invention disclosure.

Which really is the faculty members.

Discussion of what
are the research findings

importantly what do they see as
the commercial implications of those.

Usually they're on the cutting edge
knowing what all of their colleagues and

collaborated at other institutions
are doing in similar areas.

So we also ask questions around.

What is the competition
that you're aware of that

that goes through a technology kind
of assessment and analysis which

really results in a decision
about do we protect the IP now in

the United States we're fortunate we have
a provisional patent application process.

So we basically file
a provisional on almost anything.

OK that gets it out the door does
kind of limit things a little bit.

If you don't think about what
you're doing in terms of spend.

But generally you can live with that and

gives us a year to figure out what
it is we really want to do here.

And if we do decide to protect that IP.

We go through various IP protection and
filings oftentimes using X.

Journal counsel resulting in
formal patent application.

Sions traditionally first in the U.S.
of course we also support that with

a detailed market analysis by commercial
experts and one of the things that's

rather unique about Georgia Tech is its
staff to its commercialization services

with industry experts specific to
the domains of the various technologies.

So they actually have people who've
worked in industry who've been there for

many years who have networks of contacts
in industry that are actually doing

their commercial market
assessment of their technologies.

There's a business development
process that begins to move forward

in this where we really look at.

Is this opportunity of
forming a start up company.

Is the technology broad enough that
we can gets potentially several

products out of it such that we don't
put all our eggs in one basket.

Or is it something that
we may be better off

licensing to a potential
industrial partner.

And if that's the case we will
still do some technology marketing

ultimately seeking the licensee which
would gains the rights to that product.

In the case of a start up.

It runs through we call
a Venture Lab process internally.

But basically it's a means by which we
assist faculty and the other founders.

In in all of the aspects of
commercializing those discoveries.

And ultimately helping them find
the right kinds of management and

money that are absolutely essential if
we decide the Institute doesn't want to

pursue commercialization of that
technology they can actually give

the rights to those discoveries
to the faculty members and

that happens a fair
number of times as well.

So really at the heart of this is
where this Venture Lab program sits.

It's at the intersection between
our various technology assessment

process sees and business assessment
process sees around that technology.

It was first founded in about two
thousand and one here at Georgia Tech.

It is now a model used for
by many of the universities and

if you go to websites like the Association
of University technology managers

it's replete with references to
the venture land program at Georgia Tech

several of those institutions have
significantly enhanced the price of

the program we've learned from that
make corresponding enhanced Mincey here.

And it's part of a larger group of
tech which is called the enterprise

innovation institute.

But importantly the staff has really
substantial private sector experience.

And so besides the bio science
side we have expertise

in separate functions dealing
with computer hardware and

software general electronics
mechanical engineering.

Well and who are people who have a fair
amount of industry experience have an F.

in them sound started companies.

In those kind of general areas and

been successful in attracting
funding to grow those companies.

I process is very faculty focused.

It really involves working on the risk
identification in mitigation process sees

around that technology and
assuring that this technology will be

able to be backed by external funding
vehicles that are non-governmental so

that we get a fair amount of industry and
experience venture capital vetting

subsequent discoveries and and
commercial start up companies.

But the Gulf.

Is building successful startup
companies based on Georgia Tech and

throughout Georgia type research that.

Venture Lab really deals with these.

Five factors.

This is what's essential to any start up
company I don't think that's particularly

new or novel but it's the market in
the protections you can get in that market

place the milestones are you going to
be able to measure the deliverables and

the advancement of both the company and
of the technology.

It's a matter of management and

money that help faculty realize
the fruits of their inventions.

Now Money Money is a big topic
these days after the last few years

of venture capital funds while
they all have lots of money.

And not rushing to spend it.

And you'll hear it described as well we've
shifted towards later term discoveries.

That's just another excuse for
not spending money.

OK And that puts the venture capital
community if they truly late

stage in heated competition with
the established medical device and

pharmaceutical industry and I can tell
you is going to win out in that battle.

And so what's the message is
happening is we're creating a hiatus

in the funding of early
stage opportunities.

We do have three vehicles
that are accessible to us

runs the drug your research
alliance which will give grants and

loans to start up companies typically up
to three quarters to a million dollars to

help them get off the ground
in the early stages.

Since it does represent state
money can't be used for

certain things like
paying patent attorneys.

The best you know so we get all the money
to do that job to check out ison funding

as alumni fund which will take equity
investments in these companies and

S.P.I. our money which is
really the small business

of the federal government through
its various funding agencies

that can assist with small business
grants from the various federal agencies.

And they will pay for
patent money by the way.

So so that's really the summary
of loops where we go in here.

So a little bit about
S B I R Because it is.

The most valuable tool today you get
sizable amounts of money when you get into

phase two S B I R grants it comes
from the primary federal agencies and

for most of our discovery
work places like NASA.

And I said sure very interested in funding

new discoveries that are aligned
with their research interests.

These are grants not loans or equity and
hence they what we call non diluting

financing they don't dilute the ownership
stake of the starters of the business

venture capitalists will come in and
for relatively small contributions and

of money they want large percentage
ownership and control of the company.

And it's always a balancing act
because he says the good V.C.S.

bring with them a heck of a lot more
experience than just money to the table.

So they absolutely can add lots of value.

Georgia Research Alliance I already
talked about this new information there.

If you like it but but the importance
of these things are it really provides

in essence about a four to one
leverage in non diluted financing.

So between I.G.R. a money and
smearing the monsoon friends and

family money that usually you can
land we can get a sizable amount

of money into the company for
what still an early research discovery and

hence doesn't require
lots of amount of work.

We do several things to help the what they
ate this process at the Institution for

example Georgia Research Alliance money
is exempt from university overhead.

So every dollar really goes to
work to work on the research.

And it doesn't matter if I'm
a Georgia Tech faculty member

whether I'm spending G R A money at
Georgia Tech or let's say Emory or

Georgia state throughout
the state system public and

private institutions overhead is waived.

So when you look at what that is percent.

That's actually is a sizable
turnaround in dollars.

It's a little bit about
the incubation Philly's.

At Tech we have a group called the
Advanced Technology Development Center.

We affectionately call it eighty D C.

It basically helps incubate
new start up companies and

we have specialists aligned there based on
the domain expertise of the technology.

It also is a means to
access what we call G.R.

a Phase three loans which are loans
that gap to get matched one.

Three four one I guess.

We have access to
George's Seed Capital Fund which is

a small state venture funded I venture
fund to make investments in companies.

We operate in in collaboration with
the minority business enterprise center.

We've managed to attract a lot over
the years of about thirty years

National Venture Capital type
attention primarily in our

more computer hardware and software and

electronics areas which are you
know traditional areas of strength.

And more recently in the bio
science arena years and

then the state of Georgia has
various centers of innovation

which are state wide technology
areas that the state supports.

A.T.C. offerings in a nutshell are really
focused around providing strategic

business advice in the form of
consulting free community interaction

with entrepreneurs connections to people
and resources that can help get our start

up companies the kinds of information and
solutions to problems they need.

We do have physical facilities for
startups on the Georgia Tech campus we

have a wet lab incubating and
anybody who knows Georgia knows that.

Well labs are in short supply.

So right now we have sixteen companies in
that incubator with the exception of one.

They're all based on
Georgia Tech technologies.

They're all by.

Science related with the exception of
another one which is biofuels related and

these are just basic right laboratory
spaces nothing fancy in which these

companies can grow and
exist in avoids the issue of

who owns the IP because they're not
working in the university labs officially.

And it brings a lot of
external recognition

to startups that have grown through
the detail kind of mentoring formal and

informal processes we offer a T.D.C.

as a commercial was just recognized a few
months ago by Forbes as one of the the top

ten technology incubators but in fact is
changing the world in their language.

Now this only works if you
have a cycle of renewal.

So we wrestle service a bridge to
other resources in Georgia Tech and

services that may help propagate the next
stage of advancement in that technology.

Is there's a logical progression here

because the faculty member we don't
want them to leave the university.

Right.
That would be a terrible loss so but

as you've had one success that tends to
build the interest in future successes and

there's a network amongst faculty who
have successfully started companies

that have done it several times
the tend to talk to one another and

that builds additional interest.

We offer seminars workshops
technology briefings and

we offer access to be able to kind of
test out the concept around whether

the technology should be company
a company or be licensed.

We have the research
labs we talked about and

we helped bring access to the kinds
of unique and expensive equipment

that no small startup company could
afford to go out and buy on their own.

So you know these successful companies
that spin out from universities and

this is not unique to Georgia Tech.

But what you know.

They often turn times turn around and
sponsor research back at the institution

which point they do pay
our overhead charges.

Importantly they serve as a source of
employment for many of our graduates and

that's really good.

If they themselves oftentimes
will spin off new companies.

So and then what happens with
our successful graduates

they do things like give money to
the institution help our endowment.

That's a good thing.

They oftentimes if they're successful
will turn out to be angel investors.

These are people who make relatively
small but still meaningful investments

in technology companies they oftentimes
understand the technology they were

offered their free time and advice to
you know people who are emerging as

entrepreneurs for startup companies to
help them avoid some of the same mistakes

that we all inevitably make
going through this process.

And that provides further nutrients for

the ecosystem because the more
of this you have around you.

The easier it is for a new start
a company to emerge and be successful.

So so that's kind of my cycle of
ecosystem life around commercialization.

I want to turn turn
the tables a little bit and

talk about the importance of patents.

Now the data I'm going to show you
is based on pharmaceuticals and

that's only because the data on medical
devices realm trending in many of the same

directions is just not as solid or the
data and pharmaceuticals is pretty solid.

This was from a survey done in
one thousand nine hundred six

by Mansfield published in management
sciences and it talks about it.

Asked a variety of companies
in a survey format.

By industry types.

What would happen if you
didn't have a patent and

case of pharmaceuticals sixty five
percent of the the products that they

have developed wouldn't
have been developed.

That's a pretty high percentage
stands out amongst all the end.

Stree medical devices pretty much approach
those numbers chemicals are a bit

longer and you can see where the more
industrial type industries go

yet at the same time in
the last twentieth century.

We've had tremendous
scientific driven explosion.

In knowledge which is fueled a whole
variety of different kinds of innovations.

Everything from new agents
to treat disease to

new approaches to eradicating
disease in the developed world and

undeveloped world and this just
highlights a few of those for you.

Now this song gets paid for
by somebody which I guess is changing.

The but I thought it was
important to put in perspective.

Where does your health care dollar go
today and point out that despite all

the rhetoric we constantly hear
about pharmaceutical prices

only ten percent of the total health care
dollar goes towards pharmaceutical costs.

This is data through two thousand and
nine.

So it includes the benefit
of the Medicare drug benefit

that was introduced in a rare in two
thousand and seven two thousand and eight.

I also want to emphasize the fact that

this is what's happening
to health care spending.

Now.

That's a reality.

And it's probably driven by the increased
cost of most of the new discoveries.

And importantly it's also driven by the
fact that the population is living longer.

So thirty years ago when I knew my
grandparents they died in their fifty's.

Nowadays we have people living into their
eighty's and ninety's quite routinely

now what's happening however
is these chronic diseases.

And now kept at bay being hyped.

Tension Diaby East even
cancer to a large extent.

And so they're living longer and
they get to get more chronic diseases and

they want to have more problems and
that's going to cost you in

hospital bills physicians bills and
drug bills for that matter.

But I do believe in my
my little commercial.

That these advances in medical
care is something that for

the American population.

I would call it a right.

But.

Some people call it an expectation but
but one of the things we

do very well in this country in supporting
this is we have parallel round roles

that are quite distinct between that of
the federal and academic institutions and

that of industry so on the left you can
see from I guess this was two thousand and

seven data and I H spending was around
thirty one point two billion dollars.

OK in the major emphasis it and I H.
is on basic research on those fundamental

discoveries increasingly we're hearing and
I each talk about translational research.

Everybody has also a different definition
of what translational research means

to me it means taking
the discoveries from the bench and

moving it to the bedside getting it
into a person where I can test it.

And I support some of that but

certainly not to the extent that you
find most of the industry doing.

Well a private sector is focused on
the later stages they want to take these

discoveries and translate them and
reach a decision on whether that discovery

has applicability to the treatment of or
diagnosis of human disease.

So I don't forsee is tends to be more in
the translational research aspects and

the clinical research that ultimately
supports the approval of that.

But this ecosystem between the federal and
the private indeed.

Stree is rather unique in this country and
the United States really

stands out in the world in terms of how
that information moves back and forth.

A little bit about medical research and
gentlemen the U.S.

just to give you an idea of number
of compounds in development.

This is data that covers from ninety
seven through two thousand and nine.

And the top line shows you that that
most of the compounds in development be

they by industry or by the academic world
are emanating out of the United States.

While areas like the European Union
in Japan have either been flat or

slightly deep declining and
this red line represents some areas

like the Soviet Union and
some of the Third World countries but

the lion's share of discoveries
are driven out of the United States.

Goes hand in glove with this is now I have
a discovery I've got to get it approved.

You've got to go through a process
that's called drug development.

It's a regulated process in this
country as well as overseas.

But but fundamentally despite
the advances in science.

Very few of the compounds we start off
with make it through these various steps.

Some are on the order of
twenty percent make it

through all the way if you're lucky.

And most of those fell out in the various
forms of preclinical research around

efficacy and importantly safety a small
number make it into clinical trials and

the clinical trial phase is have been
increased in terms of their duration and

scope and hence cost ultimately resulting
in an approval in our case by the F.D.A.

or in the European case by
the European Medicines Agency and

there's an ongoing period of post
marketing surveillance that legally is

required to monitor your product.

But but if you look.

This in just add up.

Even the minimum numbers you're
talking about nine have to ten years.

If you're lucky.

And at you filed your
I P somewhere over here.

So how much is really left.

When you get out over here.

You know less than half.

Now in the United States.

There have been various
patent extensions rules and

regulations put in place
which allow you to

recover some of the time consumed in
the regulatory process but not all of it.

And I'll give you incentives for for

example doing studies and
pediatric patients but none of those show.

Well come anywhere near to
the cost of developing a drug.

This is data from Henry Duke and this is
already old two thousand and five it cost

on average one point three billion dollars
to develop a drug to commercial markets.

Hoops.

And as I mentioned a small fraction
of the make it freely through and

since few of these are actually
a commercial success.

With every one of them you're
rolling the dice a C.E.O.

of a French pharmaceutical company who
I know pretty well actually used to say

they were very successful in central
nervous system does disease drugs

like depression therapies and used to say
we never seem to be able to follow on but

we still spend almost three billion
dollars a year doing research in

developing this area fundamentally because
we can't tell what's going to make it but

if we do make it with one.

We'll make an awful lot of money to
cover the sins of many other programs.

But this gives you the after tax
average return on those of course

and you can see very few drugs
managed to to meet the mark.

So that obviously raises the question of
the question which is what I'm going to

leave you with.

Which is how could anybody consider
doing this without the sense of security

which property rights give you.

And a property rights
significantly get reduced.

I would propose that the land much like
his nascent seven hundred seventy three

will rapidly become uncultivated and
will also suffer.

So I thank you very much and I guess I'll
try to get through any questions if we

have time when I'm going to be you know.

Well you know.

My.

Just my own yeah absolutely.

I would say.

You find a lot of these things
as I call a laboratory tools.

Well they would be good little businesses
for example for selling to other

researchers right someone has developed
a unique method toolkit right protected or

not you know because it's just not going
to be much competition along those lines.

The the other part that sits there.

Unfortunately actually and I would argue
most institutions in this country have.

Are under resourced in
the technology transfer efforts.

So what they have websites right.

So they think putting it on the website
which regurgitates what's in a faculty

invention disclosure is going to
attract industries interest and

they're going to come marching in and
licenses stuff.

Well first I don't work that way.

Right.
You have to like most other things

you have to kind of market him
in the first stage of that for

most research discoveries
you have to translate them

into something the world can
understand and where they're going and

then you have to market them to
selected targeted audiences.

I think if you do that you know
the investments that really come from

are dollars right in the form of and

I each dollars when I have a higher
likelihood of being recouped.