At the 2004 SIIA Summit, many open and revelatory panel and informal discussions were offered. Three hundred and five registrants attended at the Union League Club in an intimate setting with a limited guest list. Panelists and keynote speakers expressed excitement about recent novel work in the industry, interesting verticals emerging, and venture capital opportunities. However, the tone was more measuredly optimistic than buoyant, and much of the summit focused on business issues related to software, rather than technology issues. Speaker John S. Suhler, for instance, used many financial terms as indictors of expansion and recession and compared BIS EBITDA margins to those of the VSS Top 50 and the S&P 500. BIS margins had led the others since 1978, but have dropped in back of the VSS Top 50 since 1998. This is partly due to consolidation in the media industry. Among those commenting on their predictions for the coming year was Roger Krakoff of JEGI Capital, who said verticals dominating an industry vertical innovate less. Also discussed were the recent industry consolidation; its implications on innovation or lack of innovation; and the danger of generalizations. Diana Noble of Reed Elsevier Ventures says there is now more money available for investment. Krakoff points to management as the only important factor in evaluating capital opportunities, and Martin Nisenholtz noted the importance of a pragmatic and effective 'business model versus a good idea.'