Good morning. I am pleased to be here to make the case for stronger funding for applied research at small post-secondary institutions like Loyalist College, which are deeply connected to their local communities.
Our capacity to provide valuable solutions to economic, social, health and policy issues is largely dependent on timely access to tri-council and Canadian Foundation for Innovation funding. With the current level of federal research funding, we face considerable constraints in addressing local and national priorities related to community health, climate adaptation, labour market development, affordable housing and the bioeconomy.
While we recognize the importance of investment in discovery research, we are here to highlight the value proposition of industry-driven and community-driven applied research.
At Loyalist, applied research goes beyond serving the immediate R and D needs of our partners. Our labs and centres of research excellence attract and retain regional talent, create employment opportunities, make local businesses more competitive and strengthen our communities.
More equitable funding distribution to the college sector will bring tangible social and economic benefits to our region. Increasing the level of federal funding from 3.1% to 6% will have a transformational impact on Canada's college research ecosystem. It will expand the existing funding programs and establish challenge funds for applied research that responds to urgent sectoral needs.
I have two additional considerations for this committee.
First, enhanced funding for NSERC-funded technology access centres—TACs—will benefit the college sector. Seed funding provided by this program supports specialized research centres that provide timely research and training services to private, public and non-profit organizations. Colleges rely heavily on TAC grants for building enhanced expertise and technological capacity for regional economic development and social innovation. At the current funding levels, securing funding for new TACs is becoming extremely difficult.
Second, through their industry-friendly intellectual property approach, colleges drive innovation and maximize productivity in the Canadian economy. Our sector needs federal funding programs that provide wraparound supports for IP development and commercialization for local partners. IP protection is a pillar of the innovation economy and—