Maybe just keep it very focused on Japan for this question. I think the science in Japan is on a par with any science anywhere in the world, just as good as the US and Europe. The one thing maybe where the Japan ecosystem is not as strong is the entrepreneurs, the management from the biotech companies, there is not as much here. Boston is the world's center so it's hard to compare.

In Japan I think there's not as many entrepreneurs that could build the biotech ecosystem today. Now if you go back to Europe 10 or 15 years ago, that was very similar - it had great science but they didn't have all the entrepreneurs as Boston did. But that did change and now I'd say Europe is just as robust.

So the potential is definitely there and there's no reason why the Japan ecosystem won't be as strong. I will say it will take patience though, it's not going to happen overnight. The way Europe was successful is that a lot of people came over to Boston or San Francisco. They learned how the biotech ecosystem worked and then went back to their own countries. I think that will be replicated here in Japan but it will take time.

Today, China's not as much of a focus for me. That may change, you know there's incredible science over there as well. But with a small team I do have to be careful of the travel. Because when we do invest we're not a passive investor, we have to sit on the board and I prefer face-to-face meetings.

With the amount of travel I have to spend to come over here to headquarters, if I add China to that I need to be careful. It's more of a geographic focus in the size of the team today, but over time that may change.

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