Yes, so in a word, very. I would say it probably has been for some time. While we invest, as you say, across multiple sexes, whether it's consumer business services, tech itself, or finance, there is a common thread, which is that we particularly like tech enabled businesses. They show consistently a level of resilience and dynamism that can often be lacking in other business types. And that can be in the form of long-term revenue, visibility, sticky contracts, or a diversified customer portfolio. And to take the example I mentioned, Travel Chapter, it's a holiday cottage business. So you could easily call that a consumer travel business, but in reality, it's a tech platform that makes cottage owners into holiday makers. So it is both. I don't think Covid-19 has drastically changed our approach in terms of our holistic attitude towards it cause it's always been there. But the portfolio seems to have held up well so maybe it's given us a bit more conviction around it, but truth be told I'm not sure we've had a huge amount of reflection time just yet. I'd say at a sector level, it has changed about how we look at certain sub sectors in terms of what we see as the potentially more or increasingly interesting areas of tomorrow that within some of our sub sectors, say consumer, we may want to focus on areas within that more so than we did because they've taken huge leaps forwards. So it's more probably changed our view of how we might look to invest in certain sub sectors as opposed to holistically.
Digital is our investment thesis. We're only investing in technology businesses. We're angel investors investing relatively modest amounts at early stage. So we have to look carefully at where we get most bang for our buck and basically technology businesses we'll get there faster and further with, with less, than other types of businesses. I think also looking at this from a top down perspective, the UK’s digital economy is outperforming every other sector. And also if you look at where UK exits are, I think 70% now come from tech. In terms of what we're doing specifically in response to Covid, following up on what Richard said, there are definitely some sub-sectors where the future is happening now. Things have accelerated really quickly around ed tech, health tech, tools that help employers manage a remote workforce or enable flexible working, things like that. As well as looking at aspects of our business, like how flexible their cost base is so they can respond to crises like this, and how agile they are as a business, and what other opportunities they've been able to take advantage of.
Yeah, I think same for us. I think the world after Corona will look different. I think certain industries will change forever. It might be early to tell, but I think we've already started seeing early signs for some of this stuff, and people have developed a certain hunch. I mean, SoftBank, as you all know, is a technology fund. So we don't do anything on deck either. And a lot of things that we've done, I mean, we have a diversified portfolio, we've done stuff in consumer, but a lot of the things we've done are in deep technology, whether that's within life sciences or within semiconductors, whatever that is. The way we are changing around this is I think we are looking to write smaller cheques. So because we think that the world after Corona will change. So our minimum cheque size used to be a hundred million dollars. Being situated in the UK, the filter after applying this with the number of companies you see are quite tiny anyway within Europe and the UK. And I think post Corona things might change even more, so I think we're willing to go down to $30, $50 billion dollars, which is a big change for us, given that we’re a big fund.