Commercialization is where you actually get money for what you invented, and you get to employ people to do that. I think Canada's in the process of going through a major economic restructuring. If we think of Canada as a corporation, the lines of business are going to have to change over the next little while. We won't be able to rely on oil and gas to the degree we have up until now. That's going to mean that we're going to need to be able to grow new companies and they are, therefore, going to need to commercialize. What that means is they need to be able to finance scaled-up instances of their solutions. Examples might include new ways of deploying technology in cities through infrastructure spending; new ways of deploying technologies in public procurement; new ways of solving environmental problems within our large industries: forestry, oil and gas, and mining.
In each case, those deployments will have relatively little technical risk, but they'll still have financial risk. This means that the banks will not easily be able to underwrite those deployments, whether through project finance or through just basic working capital loans. In order for us to be able to commercialize new innovation in all parts of our economy, I've proposed, and I'm on the record as saying, that we need something like the CMHC for the low-carbon economy. We need to be able to backstop risk so that we can deploy innovation where, in a commercial way, banks.... The fact that it's been deployed three or four times is not good enough for a bank. They need 10 times. To commercialize, we need to stand behind these deployments and offer insurance across all different sectors, whether those are municipalities or the private sector. Just as we did when mortgages were new, we need to do the same thing again today so that we can actually deploy and commercialize our solutions.