 Thank you, Wendy, for that introduction. Tēnā koutou katoa. Good evening everybody and great to be here in Auckland and on the campus of the University of Auckland for talking about a topic nere and dear to my heart, which is of course innovation. But look, in the 12 minutes that I have, I'd like to—and I've got a little road map here of what I want to cover so that I hopefully don't waffle too much. But I wanted to talk a bit about why R&D is important as part of innovation, what are the characteristics building on some of Sean's points, the characteristics of innovative cities, how well Auckland, the ways in which Auckland is demonstrating that kind of innovative behaviour and resources, and then some thoughts about what Auckland could or should be doing to go to the next level of being an innovation hub. So, why is R&D a critical part of innovation? It's really the fundamental. It's what everything else comes from, and it's scientific breakthroughs and the applied research that figures out where that science could be useful, and then the product development that turns it into something useful, that really is at the heart of all prosperity, all productivity improvement. I'm not an economist, but that's my definition of how the world works. So, that R&D is really fundamental to innovation. Sometimes it can be quite informal R&D and sometimes very long-term, very expensive equipment, big labs and so forth, but absolutely critical. And it's not just where the R&D is even the corporations doing the R&D and the products they're developing that's so beneficial. It's the spillover effects to other businesses that build products based on one company's new idea, and it's also the spillover effects for society as a whole. There's a fantastic book, The New Geography of Jobs by Enrico Monetti that I'd recommend if anyone's interested in this, but he points out that for every R&D or high-tech job that is created, five other service jobs are created in that community or society. Two of them highly skilled service jobs on average, doctors, lawyers, accountants, three of them less highly skilled, whether taxi drivers, restaurant, hotel employees and so forth. So huge economic benefit. And the other really interesting data, and he does a comparison across American cities, is showing that in cities where there's a high incidence of R&D technical jobs, the wages for unskilled jobs are all so much higher. In fact, he compares, say, San Jose, California, part of Silicon Valley, with Merced, California, that's only less than 200 miles away, and the percentage of the workforce with university degrees in San Jose is 47%. In Merced, it's 11%, but in San Jose, people with a high school education earn as much as people with a university education do in Merced, California. So amazing data on the spillover effects and the economic and social benefits of having a community that's got lots of businesses, lots of industries that are R&D intensive and are innovative. So what are some of these characteristics of cities that become successful innovation hubs? In general, they have one or more really significant research universities, and we've commented on how Auckland has the benefits of the huge success of University of Auckland, but also AUT, also Massey University with campuses here in the Auckland area, plus, I think, five significant polytechnics that do some R&D as well, and particularly in applied research. So Auckland is well resourced in terms of having academic university tertiary education level research. The really interesting thing is that the existence of universities, however good, is a necessary but not sufficient condition. And the data shows that it's not that the university exists. There's many cities in the United States where the university is very good, but that it's never become an innovation hub. What makes a difference is one or a handful of superstars at that university or a superstar entrepreneur. So the whole development of Silicon Valley, you know, the invention of the semiconductor, fair child semiconductor, sort of the ground zero of Silicon Valley. If you go back far enough, Eastman Kodak Company, George Eastman, Rochester, New York was the centre of the whole optics technologies that survived for close to 100 years in that city. So it's quite serendipitous. A really good example, Bill Gates started Microsoft in Elbuquerque, New Mexico. Moved the company in its very early stages to Seattle. Huge difference today between the economies of Elbuquerque and Seattle. Completely serendipitous because that was his hometown and he thought Boeing was there. There'd be lots of engineers that he could tap into. So really interesting now. It seems like that's something government couldn't really influence, local or central. So quite interesting. University of Auckland had proposed a sort of entrepreneurial programme to attract superstars, if you like, really highly skilled research teams from around the world. And there's funding available, not just the University of Auckland to do that, but across New Zealand University. So I think it's going to be a really, really interesting experiment. It's quite difficult to pull off, but good on the universities for giving it a go and we'll see if it works. Can you actually pick the right superstar and embed them in a different country? Now, Ireland did it quite successfully. So there's reasons to believe it'll work. So fantastic that Auckland led the charge to do that. Another thing that's really critical is the technology transfer. So great to see Andy Shank here from Uni Services. Getting that science out of the university and research institute labs and into business who can actually commercialise it. And Auckland's got so much going for it in that space. So what Nick's talked about with Bizdojo, the grid precinct in the Wynyard Quarter, the university's engineering school and investment in Newmarket, the Ice House incubator, a lot of capability in the Auckland area to help encourage pulling science out of the academic environment and getting it into the hands of businesses that can build on it. The third thing that's really crucial is a skilled workforce. And probably every innovation hub struggles with this because there is a sort of a global competition for R&D talent, technical talent. We can either grow our own or we can import it through immigration. We probably need to do both. Here I think Auckland's international sort of education export strength, a different industry, but again brings a lot of students from around the world into the Auckland area and many of them with the right immigration policies are able to stay and contribute their education to New Zealand businesses. So again, a real strength that Auckland has in that space. The fourth one is capital and this is probably the biggest struggle. All of the businesses that I've talked to over the last three years about what's holding you back from growing bigger faster, can't find their skilled workforce, can't find venture capital. We've always had more sympathy for the former than the latter because the world is a wash and capital looking for great investments. So one of the things, you can count on one hand the number of venture capital firms in Auckland. A lot better than Anchorage where I lived for 14 years where there were zero venture capital firms. But still for the size of the population it would be really great if there were ways to get more of that venture capital that's so crucial for start-up companies and growing companies to be able to afford to hire the people and invest in the R&D that generates new products. So those are the four things so Auckland's got a lot going for it. Got some areas that need some work but certainly the building blocks are in place to truly be a world player in terms of an innovation hub. What are some of the things that Auckland might think about doing more of or doing in the future and they come down to three things for me. Global, virtual and visible. So global is about and I think both Nick and Sean have touched on this. Not thinking about Auckland as the biggest fish in the New Zealand pond but what does it take to really be an innovation hub on the world stage and Auckland can be that. And that's good for all of New Zealand the opinions of the dairy farmers notwithstanding because it really is the old saying about what's good for General Motors is good for the US but I think what is good for Auckland is an engine that pulls the entire New Zealand economy and what's also important is this is not a zero sum game. New Zealand probably could easily develop five or six major innovation hubs so Wellington, Christchurch, Taoronga Hamilton, Dunedin, go for it guys the fact that Auckland is doing well doesn't mean others have less opportunity to do well. So what does it mean to be really focused on global? It's building relationships with other hubs going from sister cities to brother hubs picking relationships with cities that are really doing this well. It can be Silicon Valley, Tel Aviv, London thinking really broadly about how to build those relationships and how to co-sponsor events in those other cities building on the visibility but learning from moving people back and forth students and scientists and entrepreneurs between Auckland and other major innovation hubs around the world. There's an element of virtual not thinking about Auckland just as a physical place but it's virtual connections and capabilities. Again, as a major centre of education there's a lot of potential here to accelerate for the tertiary education system in general to really grab hold of remote learning and think about building those R&D skills by tapping expertise, teachers of science, engineering, technology from anywhere in the world. It doesn't any longer have to be the instructor, the professor standing in the classroom. It could be the best teacher of that knowledge who's not always the best scientist sharing that knowledge from anywhere in the world with technology available to do that. How do we create portals in our labs to labs in institutes and universities, even corporations anywhere else in the world using technology to do that? How do we recognise job training more effectively and the training that people learn working for corporations because that's really not formalised as part of someone's lifelong learning and yet I would say probably in my career what I learned at Kodak at Xerox at Avid is probably many times more than that formal training in science as a student. So, in closing I think promoting Auckland internationally, making it visible, run with the big dogs until you get to be a big dog is really important. And then the last thing I'd suggest I was really intrigued coming back to New Zealand to hear about this Dunedin study where they took this cohort of about a thousand kids born in 1972-73. Why doesn't Auckland do that with a thousand, however many we've got high-tech start-ups that launch in 2017 and follow them for decades. Who do they hire? What businesses do they decide to go into? How do they raise capital? What are their failures? How do they deal with those failures? What causes them to start exporting? Would that be awesome? 20 years from now what we would know that we don't know today and the rest of the world would pay attention to that and put Auckland on the map and make us more visible. Thank you.