That's great. Thank you.
We heard in our earlier testimony, and we hear again today, that we have the talent and that we're providing about $10 billion in public financing to support these efforts. However, we learned that only 12% of patents filed in Canada come from Canadians, while over 87% of our innovation is foreign-owned. Worse, only about 5% of patents created at Canadian universities ever become licensed, meaning that 95% of public research lies dormant in what we call the valley of death. This costs our economy nearly $75 billion per year.
We own ideas, but we fail to commercialize them. How do we work to rectify that?