I agree with your comment that Canada is missing the latest round of froth, but I disagree with your conclusion as to why. I don't think that money is the problem, though without a doubt, having lived in Seattle for a while (which, compared to the Bay Area, is downright conservative about financing new ventures), I know for a fact that Americans are just wired differently about this stuff. The "let's put on a show" mentality, and the assumptions around risk and reward are just fundamentally different. Plus, smart people working on smarth things beget more of the same -- we are short on critical mass up here. So why are we missing out? Well, as I say, it's not cash. Money is sloshing about, looking for a home, even in tight-fisted Toronto. However, it is predicated on one having a good, BIG, fundable idea *and* a strong team. The real problem is that the last two are not in great supply -- or perhaps they are all over the place and the means of linking all the above are missing, but it sure doesn't feel that way to me. I'd also say that missing out on the froth, while not cool or fun, isn't necessarily a bad thing -- we won't know for sure for another couple of years. Fact is, much of the stuff being breathlessly blogged and hyped about don't feel awfully sustainable to me. Much will simply go away. I'd just as soon buy my own drinks and create something profitable, sustainable and important to customers for the long haul, if it's all the same to you. -- Stuart