Entrepreneurs, who now believe that they can both raise money on public markets to sponsor university-level research and in time spin out nanotechnology startups, face some challenges, including retaining the attention of investors, justification of stock price, and rollout of new technologies into revenue producing companies quickly enough to avoid having to give away lots of equity or pour money into years of expensive product development. Arrowhead Research and Advance Nanotech, for instance, have very similar basic business models. Both are sponsoring research at the university level in exchange for the right to commercialize the resulting intellectual property (IP). They will eventually form operating subsidiaries or spin off startups and then provide more financing and support services. If needed, they will organize a larger investor syndicate for a follow-on round. Commenting are industry experts, including Bruce Stewart of Arrowhead, who says he can obtain exclusive rights to leading-edge university research for about $225,000, more or less. Magnus Gittins of Advance Nanotech cites larger numbers. Arrowhead has three operating subsidiary companies, and Advance has one, with two others in preparation. Arrowhead has attracted 11 institutional investors, and Advance had none in early December, but is confident in its message. In contrast to Arrowhead's division of equity, Harris & Harris, a VC firm specializing in nanotechnology, microelectromechanical sensors/systems (MEMS), and microsystems, had 58 institutional investors that represented more than 26% of its outstanding shares and a more stable base of investors.