I'm going to echo my colleague in saying that one of the key issues holding back Canadian innovation and investment in innovation is this valley of death, this difficulty in accessing risk capital to get technologies to a point where the private sector can invest.
There are numerous examples to draw on. We heard about the SBIR earlier. There are successful examples in France. The U.K. was one I mentioned earlier. The role of the public sector and the impact of public sector funding is highest when it is invested early in the pre-revenue stages of getting things to the point where business can invest.
In terms of business investment in innovation, there are also knock-on effects on the competition side: There is nothing that motivates incumbent firms to innovate quite like many hungry start-ups starting to take their market share when they are enabled to get to that point.
I really do think that the core of the issue is what my colleague said earlier, which is a lack of risk-tolerant funding for that first stage of innovation to get across the valley of death, as it is called, and enable the creation of firms that both motivate investment from incumbents and enable innovation to get out of the lab.