And then we have our student funds. The people and institutions that invest in our student funds are separated from those who invest in the company. In theory, they could invest in both, but they are two separate funding mechanisms. For our first fund, we had wealthy people and a foundation that gave us money to invest in students. And we are currently in discussions with institutional investors to build a more scalable financing structure on the revenue side. Mike Mahlkov: So Yale tried something like income-participation agreements, but they had some structural problems. In fact, everyone in one year at Yale was paid for their courses, and then they had to pay back the full amount until each course was covered. And there were some counter-reactions because some students were making a lot of money and had to subsidize all the other students. The value someone adds to you in exchange for a portion of your income is what varies from person to person. While Mr.
Musk pays here to teach at Denidas College at Nova Semita, we are investing in final year students by helping them create lucrative jobs by training them in areas that are most relevant in today`s marketplace, alongside a like-minded student community. As it failed in public in the 1970s, there was a lot of scorched earth in the United States. It failed again in 2011, when some startups tried. The regulations were not clear either, but that is changing. This is because you will find a wide variety of questions that you must answer before signing up for an ISA if you dig deeper. These clauses that are in agreement are not your friends, they seem reasonable to start with, but as you graduate in your career, you will realize that you are giving an unfair part of your hard earned salary. No matter what shares, incentives or bonuses they have, you always pay the same percentage of your income for years to come. Given the growing popularity of these agreements, I hope that we will see in India some legislation on MAXIMUM ISA percentages, contract lengths and mandatory payment limits.
I think the few current ISA programs are acting in good faith, but others could not come forward with the popularity of this agreement in the future.