That question is actually central to any country's strategy. As you say, some research leads to commercialization; it could lead by six months, sometimes three years, sometimes ten years, sometimes a generation, and sometimes never.
I have two examples. If you go to a hospital and want the chief diagnostic for certain possible diseases, it's magnetic resonance imaging. It's derived from what's called nuclear magnetic resonance, developed in the 1950s. But the transformation from that basic research—which serves the research community very well as a general diagnostic—to its application for health took from about 12 to 15 years. It was not foreseen. Of course you are aware of the laser, which has fantastic applications now, be it in treatment of eye disease and in many different sectors, but it was discovered from very basic research.
Having said that, it is my personal view—and I'd like Heather to give her perspective on this, as I think she'll agree with me—is that to have a proper balance between excellent research and.... What I mean is that the signature has to be excellent; that drives whatever we do. We need excellence in basic research and excellence in applied or targeted research. A country needs to make choices for areas of accelerated development. That's why Australia did it, Japan has done it, the U.K. is doing it now, etc. And we have done it. We define four areas in the strategy where we make recommendations on sub-priorities, with the themes within those areas, just as Australia and others have done. As vice-president of research at the University of Ottawa, I led the process for setting strategic areas of development, with four areas and three to four themes.
Doing that exercise is important for several reasons. I discovered this during the Australia exercise. It builds cohesion and direction. Even the people who are not in one of those strategic areas know where the country is going; they know the direction. So a certain proportion of allocated resources needs to go into what I'll call areas for accelerated development, that is, the priority areas. However, basic research is absolutely key to support that, for exactly the reason you cited.
So a significant amount of money--the majority, in my personal view--should go for basic research, and a substantial minority for these targeted areas or areas of strategic development.