That's a great question. Thank you.
I think it's really important to understand our strengths and weaknesses in the innovation ecosystem. My view is that we do pretty well at what I would call the beginning of the continuum, which is the intellectual capital part of it—human capital, universities, R and D—and VC is better than it was, I would say, but once we go to the continuum to scaling, I think global champions in advanced industries is where we're lacking.
This is where we need to go, because, as I stated in my remarks, competitiveness on the economic front happens in advanced industries. This is where advanced economies compete. If we don't have scaled companies in these highly advance sectors, we're not going to be competitive. Our current account deficit is not sustainable in advanced industries. In other words, if we're a net importer in all of the key advanced industries, we're not going to become more competitive. In fact, we're going to be less competitive.
This is where we need to focus. I find that in Canada we are spread too thin across the spectrum and so, when one speaks about the innovation ecosystem, I think we need to be really focused on these key advanced industries, scale our companies, create IP, retain it, leverage it and make sure we have more IPOs in Canada.