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Mike Spicer: Building on what Katja has said, it depends on the type of company and at what stage in its life cycle it is at. You can imagine a scenario where a very small technology company is just coming together. It wants a small cadre of highly skilled staff who are really invested in the growth of the business—a Silicon valley-type situation—and really motivated to grow the company. A company like that, of course, may reach a point when it needs to bring in outside investment. At that point, having a structure of employment where you have a number of employee owners might prove problematic at that stage of the business cycle. Typically, outside investors, angel investors and so on tend to prefer a smaller number of shareholders.