Where does ASX fit in that ecosystem that has changed over the last 25 years?

I mean, there's probably three or four major changes.

But one big one was I think in 2012, 2013, we saw money come into and the establishment of a few venture capital funds.

Because if you look at the U.S., which is probably 50 years ahead of us in terms of the venture capital industry, You need a thriving venture capital industry to then be able to fund early stage companies who then go on to become larger companies who can then perhaps list at some point.

So that's what Australia didn't have back in the day.

And the ASX still used to play a role at the time where you could list these tech companies quite early, and we have examples of that being, you know, Xero is a classic example.

They listed when they were, I think, $10 or $15 million.

Maybe tell us a little bit more about that.