Whe we are preventing is duds getting the funding and the reputation. Any applicant of quality, we welcome him or her but we don’t want duds. We don’t want this or that. They’re not going to build a global hub.

The best schools in the world; they have a low acceptance rate. 100 people apply and five people get in, so 95 are knocked back. Do you call this a failure because 95 have used their time to prepare an application and gotten rejected, or do you look at the five and be satisfied you have established a process to identify the cream of the crop?