Even though venture capital funds are really the most important vehicle within the US market, it's quite important also to analyze the other four options, the other four vehicles we have evidenced of in the US market: SBICs, banks, corporate ventures, and business angels. Banks, we have exactly the same characteristics that we have evidence of in Europe. That means banks are marginal in investing directly for the same reasons we analyzed in Europe. That means banks typically act or as limited partners or general partners within a venture capital fund. It's much more interesting to analyze the other three stories. Let's start with the SBIC (small business investment companies). SBICs were created by an act in 1958, the SBIC Act which is considered quite relevant, it’s sort of milestone in the story of the US private equity. SBICs were created by the US government in 1958 to stimulate the private equity market and especially the venture capital market. The study of SBICs was so successful that SBICs are considered today the perfect example of a PPP solution, where PPP stands for public-private partnership, to stimulate venture capital. In many countries in Europe and in Asia, governments and policy makers are debating if it makes sense to introduce this kind of vehicle in their countries too. Let's try to understand what an SBIC is. An SBIC is a vehicle where we only have two shareholders: 50% and 50%. The requirement is that one of the two shareholders must be a US public admin, that could be a state, like California, municipality, like New York City, a US public admin. The other shareholder with 50% can be any kind of investor. Typically it’s a private investor: a bank, or a corporation, or a private individual. The duties and rights of these two shareholders are completely different. That is quite interesting, because the public admin is just simply a pure investor. That means the US public admin can not manage the vehicle, while on the contrary, the other share holder must manage the vehicle. Considering also the economic relationship, it’s quite interesting that both shareholders will receive a management fee to justify their presence, but in case of profit calculated with the current interest as usual, the distribution of profit is asymmetric. Asymmetric means that the US public admin will receive money up until a certain point written in the SBIC agreement, while the additional profit is for the other investor. That's great because the SBIC is a way in which a private investor can create a joint venture with a public admin, but the private investor has the possibility to manage the vehicle and to receive more profit than 50% of the share. In case of losses, losses are equally distributed 50% and 50%. A last benefit, which is quite interesting, is related to the fact that the vehicle can leverage exactly like in the venture capital funds, that means there is more money to be invested, but 33% of the leverage is guaranteed by the Federal Reserve of United States at a very special price. That means this vehicle has the possibility to raise money in the format of debt at a very low interest rate. You can imagine that the combination of these elements combined with the fact that this vehicle doesn't pay taxes, is an incredible way to promote venture capital and private equity in a system. And the United States worked a lot in the past. The other two cases are very interesting as well. Corporate venture is again a very special US story. What is corporate venture? Corporate venture is not a legal entity. Corporate venture is the department of a corporation where the aim of the department is only to run venture capital investment, mostly seed and start up investments. But the difference from venture capital funds is that the aim of corporate venture is not to generate IRR that means management fees and covered interest, rather the purpose is to generate good project that can be used by the corporation itself to increase the level of the value of the corporation. Lastly there are business angels. Business angels are very active in the United States, especially in the area of venture capital, mostly seed financing and startup financing as well. Business angels are regulated by law in the United States because business angels can be high net worth individuals, charities, and/or foundations; and they receive a very special benefit and the benefit is named the QSBS rule, where QSBS means Qualified Small Business Stocks. Where the idea is, if a business angel is going to invest in equity of a small business which is not listed in the stock exchange and the business angel exits, if the capital gain is invested again in another equity of QSBS, this business angel doesn't pay taxes. This is an incredible incentive to promote and to multiply the energy and the amount of money a business angel is willing to support in the venture capital system in the US. For this reason, this law is considered a sort of incredible format worldwide to be imitated.