Thank you, Peter.
Thanks as well to committee members for their attention and interest in our research activities.
The wealth and economic prosperity generated by university research are a mandatory reality for Canada, if it wants to remain competitive.
How we do this depends on our ability to turn our research into successful commercial opportunities and to strengthen existing companies.
Five years ago we began developing the McMaster Innovation Park. Today the first building is at capacity, and the addition of CANMET-MTL will create one of the most dynamic materials research clusters in the country. Plans for an automotive research centre and a life sciences complex are under way, but infrastructure funds are needed to complete the development.
The McMaster Innovation Park is a turning point for our community, and the one-time federal investment of $10 million to match the provincial investment will accelerate the development of the park and create economic prosperity for the region.
Start-up companies have profound effects on regional economies. A critical component is the need for space. Canada already has some strong, innovative initiatives through federal subsidies and tax incentive programs. We need to develop model mechanisms for global companies to expand and invest in Canada to take full advantage of these programs. To further this effort, a federal investment of $15 million over five years will allow Canadian universities to increase their capacity to develop and promote programs that will result in significant university spinoff companies.
Canadian universities need to market their research to industry to capture its true economic value.
The universities must also support current businesses through an industry engagement process. Businesses need to be informed of the capacity and faculty that are unique to Canadian universities.
Canada's world-class research universities are now producing a high level of patents, licensing agreements, industrial research, and spinoff companies. To capitalize on this activity, a federal investment of $25 million over five years is required to guarantee that our research output is moved quickly and efficiently from our laboratories and marketed globally while creating industry engagement opportunities for our universities.
Thank you for your time and your continued investment in Canada's research community.