Yes. It's really on two fronts.
If you look at our research institutions, it's philanthropy. We're giving this stuff away. Universities are great. We do two things well, education and basic research, but that's being given away.
When it comes to applied research and commercialization, it doesn't happen. There was $4.5 billion spent on research and development at universities in 2018. Guess how much they made in commercialization? It was $54.4 million. Anybody can turn $4.5 billion into $54 million. It's easy. You can make more money: Just don't spend as much money as you spent before.
It's not happening. Universities are not doing commercialization. They're doing either basic research or philanthropy. We need to get more of the reorientation around supporting Canadian companies and having Canadian headquarter companies commercialize and scale globally.
If you look at some of the funding initiatives, even as recently as yesterday with Ericsson and Nokia, Canadian public funding is there. These are global companies. We're giving them money to generate IP, and then we're going to buy that back from them. Maybe it's a little bit better than Huawei, but it's still no good.
This is not what innovative economies need to be doing. We need to be the ones setting up Canadian branch plants in Finland or Sweden, or wherever else there's great talent, harvesting data and IP from them and then commercializing it globally. We're doing it backwards.