Industry committee  We're partners with OMERS, the pension fund, and the Ontario Centres of Excellence in a big data incubator called OneEleven that's focused on financial services, because there's a plethora of products. The thing about big data is that it also raises lots of privacy and security issues.

Industry committee  I think you raise a good point. It's very hard to pick winners. I think that's why partnerships across sectors are absolutely critical. We've not seen a hugely successful track record when any particular sector, particularly government, with due respect, says we're going to invest in those people but not others.

Industry committee  Exactly.

Industry committee  I think it's like anything. Fertilizer can be used for good and it can be used to make bombs. Going back to one of my earlier points, I think with all of these technologies it's going to be critically important to think about the impacts, both positive and negative, the policy implications, and some of the issues that you raised.

Industry committee  It's complicated.

Industry committee  It's a good question because we have different criteria. In our learning zones, the principal criterion is student learning opportunity. So whether they succeed, fail, or make a lot of money or not, we run a program that's funded by the province called Summer Company. They get $3,000 to start a business in the summer.

Industry committee  They've already dropped math.

Industry committee  I think the strongest predictor of entrepreneurship is if your parent was self-employed—a farmer, an entrepreneur. In Canada, because of the structure of our economy, we don't have as much as some other countries do. I think there are groups like the Learning Partnership, for example, that try to get in even as early as grade 3 and let kids start their own businesses, even if they're just selling things back and forth to each other.

Industry committee  That's a super important question. People always want to say pick one or the other, and that's a mistake. John Polanyi points out a perfect example. Research in lobster ophthalmology—the study of lobster eyes—I think in Newfoundland, created breakthrough technology for the cutting of silicon chips.

Industry committee  I think it's an excellent question, and I think the younger we start, the better. The first thing you need is someone who has that entrepreneurial intent, and the percentage of Canadians who think about starting their own businesses is smaller than we would like, so you have to start early.

Industry committee  Okay.

Industry committee  One of the things that results in success is failure. You have to be able to tolerate failure. You have to be able to allow them to say, “This isn't going to work”, to pivot, or to join a different company. I would say that we'd rather have three out of five than two out of two.

Industry committee  Sure. I want to give a short answer, and then I can provide some follow-up after the meeting because I know time is short. Essentially, right now, faculty members are rewarded for doing traditional research. If you look at the funding the federal government provides to support university research, the focus for the most part is on publishing papers and performing in that domain.

Industry committee  My apologies. I think that one of the things, and we can talk about this more in questions, is that universities are basically medieval institutions. There are many changes that could be wrought to actually transform education for the 21st century. Bringing together government, educational institutions, and industry is a very important part of moving that forward.

Industry committee  Thanks very much. I want to echo the other panellists' comments about how pleased we are that the committee is looking at these issues and also that we have the opportunity to speak to you today. I will try to restrict my comments to some high-level issues that I would like you to keep in mind.