How can marketplaces like Forge and EquityZen attract institutional investment to complement their retail investor base?

So I would say, as mentioned, the marketplaces that exist today are very much for servicing those investors who may not otherwise be able to get on a company capital table otherwise. So they use the marketplaces in order to act as a function or utility to access that secondary, and at times it might be in a pooled entity, otherwise frequently utilized as a special purpose vehicle, for example, in order to land that spot on the cap table and ensure that the right of first refusal risk is mitigated based on the pure size of the power of that kind of crowdfunded entity.

So I would say it really services those retail and smaller investors in that way. And in order for those marketplaces to go more upstream towards the institutional size, they have to be showcasing and emphasizing blocks of stock that are larger in size in order to attract the check sizes that come from the institutions.

Because the institutions really aren't looking to scoop up 50 to a hundred thousand dollars worth of stock unless maybe they have a position in that company already and they're just  looking to add to that, which is very practical. So in order to attract the institutions, you've got to get the larger blocks of stock.

The larger blocks of stock usually come from very sophisticated shareholders. These might've been early investors in the company. They're larger investors. And those investors, they want a very high touch relationship through the transaction. And that's where I think the broker community has really filled this up through now in that they are servicing the really large institutional investors who aren't looking to click around to all the platforms and get a sense of where things are trading,and is it even real, and is this the real market price of the stock today. I would say, they're too busy to be shopping around and looking at all these prices and they don't necessarily want to put that work in themselves anyway. So again, this is where the broker community comes into play. And I feel as though the way you have to serve that community in order to go upstream is service the brokers and give them the tools to enable them to do their jobs through your platform.

And yes, they will share in the revenue of that. Because you're giving them utility to do more volume for their own book of business. I would say that's probably a very high level function of what could occur in order to boost those marketplaces into a higher transaction threshold.