Second this. I had similar experience in 2003-2004. I guess things haven't changed much in last decade. Another issue was the Canadian VCs being followers. It

Second this. I had similar experience in 2003-2004. I guess things haven't changed much in last decade. Another issue was the Canadian VCs being followers. It was funny when I was raising money in Canada. A few Canadian VCs I talked didn't return calls until I sent them email mentioning that I am visiting U.S. VCs tomorrow. The C. VCs called me at 11pm few minutes after I sent emails. I came back to U.S. by end of 2005. It is most probably handout by politicians to their favorites. I had some interesting experiences trying to get govt funding too in Canada.