 It's a part of this. Thank you. Just a little bit of background. I've long been interested in Armenia. I was first mentioned to this by my family, and then by my history teacher when I was about 16, who mentioned, of course, Churchill's on this Armenian brandy. So immediately I had a very positive reference from my relationship with Armenia. And I visited Actomar Island. It's sort of good for Armenian church on Actomar Island many years ago. I like to go to Armenia now. I didn't, so I feel very good. I should be enlightened here. I address the nation and jagged it. So thank you very much. I'm hugely, hugely impressed by Yerevan. I was at the manuscript library today, which is absolutely incredible. I knew a little bit about the cultural gene of Armenia before, but when you actually see the evidence in that library, it's really quite remarkable. I haven't had the time to go to the National Gallery, but I'm going to go to the National Library. To see a little bit about the Lewis Foundation, you know the Lewis Foundation very well. We know Lewis Foundation largely as a source of, at least one excellent scholar, this is Amalia. Is that better? It's just too loud. One excellent scholar, actually more than one excellent scholar, but Amalia is our current excellent scholar. And I put you on notice, actually, because all of you here are very, very welcome to apply to study at Cambridge University and to come to Hughes Hall, the history of which is there on the chair for you all to read. So I hope to steal a few of you for the college, but return you to Yerevan, where you can do great things like the other lawyers, as I call it, Lewis Foundation scholars. So what I'm going to talk about now is, I'm going to talk about, I suppose, some philosophical issues relating to democratization of intellectual property, just to take up the theme that Jacqueline touched upon there. And I'll also, I'll go on to talk about the experience of UK universities, especially Cambridge University, of course, because I can speak about that. And then I'll go down the next level to the college. Cambridge University has 31 colleges, which of course were one. And we, as Aaron said, set up an enterprise society in 2014. And I'll give you one particular example at the end of my presentation, which you can, on the subject of democratization, you can take away and use no cost whatsoever, no patent, no licensing. Actually, one other person to mention before I start the presentation is Garen, who I sat next to on the aeroplane on the way here. And he said, what were you doing here? And I told him and he said, I'll come along and listen to you. And in spite of listening to me on the aeroplane, he's still here. So I admire your patience. It's nice to see you, Garen. So this is okay in terms of volume. Is this okay in terms of volume? It's okay. The universities historically had two missions. Since the first universities were opened in Europe in the 13th century, came to be one of the first teaching and research. Much more recently, you probably take the origins. Can you hear me again, or shall I speak? I'll do it again. I'll keep wondering about it because that's my habit this term. My habit this term, is that working? In that case, I'll say I won't wonder about it. So the university is traditionally two missions, teaching and research. You might take the beginning of the third mission. Entrepreneurship is beginning at Stanford in the 60s. MIT would be another originator. Cambridge following thereafter in Europe. And so it's interesting that this third mission has been added to the traditional historic missions of universities. This brings a lot of good things with it, but it also brings some things which, not bad things necessarily, but which are challengeable. So what I'm going to do is talk about the two sides of the coin in terms of the good and bad aspects of bringing entrepreneurism into our campuses and having posters everywhere demanding that all of our students become entrepreneurs in quite an insistent way sometimes. And then I'm going to talk about the Cambridge experience, which I think resolves some of the conflicts quite nicely. You can be the best judge of that. And then I'll also just give some practical examples of what's going on in Cambridge, but we can talk about those in more detail in the question and answer session at the end if that sounds all right. So I'll talk for 20 minutes, but I usually go on a little bit, as Karen will tell you. So I'm going to begin with a story about stove. Can anyone translate the word stove for me in case people don't know what it means? Stove is something which heats wood. Can you shout? Varagana. Varagana. Just tell everyone, okay, is there anyone known to stove this? I'm taking you back to 1742 and the stove of 1742, Benjamin Franklin, better known for other things such as being the US president, also was quite a remarkable man actually. I'm not sure about Benjamin Franklin, except to say he's a remarkable, remarkable man. America produces a lot of remarkable men as we've seen recently. So his stove, to put this very, very simply, his stove created more heat and less smoke. So that's the essence of it. And this is what he said, writing in 1742 about his stove. I know you didn't come here, I expected you to hear about stoves, but it's a nicer surprise for everybody. I made a present of the model to Mr. Robert Grace, who, having an iron furnace, found these stoves a profitable thing. To promote that demand, I wrote and published a pamphlet entitled An Account of the New Invented Pennsylvania Viplace, where in their construction, sorry, five places where in their construction a manner of operation is particularly explained, there are advantages over every other method of warming rooms demonstrated. Pennsylvania Governor Thomas, this is still the letter of Franklin, Pennsylvania Governor Thomas was so pleased with the stove as described in the paper that he offered a patent for the sale, the exclusive sale and vending of them for a term of years. I declined it, this is the important bit, I declined the patent from a principle which has ever weighed on me on such occasions, and the principle that weighed on Franklin on such occasions was that he, what he said was, I didn't want to take particular advantage of an invention when so many other inventions had benefited me in my lifetime and my friends and family, so I was happy to share it with everyone. So I declined it from a principle which has ever weighed on me on such occasions. So, marvelous man, as I say, so just bear in mind the story of the stove. So universities take on this third role of entrepreneurship and innovation and commercialising knowledge. You could take a very Marxist view of this, that the source of economic power now is in people's minds, it isn't in coal mines, of course it is to an extent, and it is to an extent in gas fields and so on, but a great source of economic power is people's minds, and the companies, of course, want to take advantage of this. Traditionally universities have been, they've always had links with commercial operations and never of a particularly close and collaborative kind, until fairly recently. So you might describe the universities as a fountain head of public knowledge, characterised by open dissemination of this knowledge and sharing open disclosure to the Benjamin Franklin model of the diffusion of knowledge in a democratic way. The primary protection is inevitably part of this story. The governments recognise that the universities are in a knowledge economy, that they're the most efficient, essentially they're the most efficient mechanism for transferring knowledge and making it marketable and profiting from it. And this can create problems. So we're talking about the kind of problems that go back to the Benjamin Franklin quote, which can arise from patents and licensing and so on, licensing agreements. Knowledge is essentially, is retained, it's made secret in a restrictive network of elites, let's face it, to whom universities may to some extent become, the danger is that they will become subservient to the market forces. So anyway, market orientation is introduced into research which was never really present before or at least was very, very marginally present. Of course people have always made money from their research. The history of patents actually goes back much further. There are patents in Venice, there are very possibly patents in ancient Greece that are referenced to what sound like patents in ancient Greece. Clearly people have restricted knowledge for their own profit but generally speaking universities that hasn't been their role. This is particularly interesting when we live in an age of new paradigms of innovation, open sourcing, crowdfunding, so quite democratic paradigms of innovation. So you have on the one hand open sourcing in this democratic dynamic and then on the other you have a more restrictive, potentially restrictive dynamic of closed knowledge and patents and so on. So the entrepreneurial university clearly has, it brings great benefits. You introduce new funding streams, you create a diversity of interest, you create a range of funding streams instead of being pretty much entirely dependent on government. And actually people talk just on the side, American universities, many of the best of which including Stanford are private, Berkeley for example is public. They still depend on federal money for research, so it's taxpayers' money which is often forming the foundation of their research funds. Thank you.