Abstract:
Canada is engaged in a global race for talent at the same time it is facing a serious productivity challenge. With research the key to a more productive future and prosperous economy, this panel brings together a new generation of entrepreneurs who have successfully transitioned their research from the university laboratory to the marketplace.

Summary of Conversations

The panel discussed building prosperity through research and innovation, emphasizing the role of infrastructure and collaboration. Key points included the importance of access to core research facilities for de-risking technologies, and the need for industry-academia partnerships to drive innovation. Success stories highlighted the journey from university research to commercialization, with a focus on synthetic graphite production and battery technology. Challenges in bridging the "valley of death" for startups and the importance of talent, capital, and networks were underscored. The discussion also touched on the role of government in de-risking investments and the necessity of transforming natural resources within the country to retain value.

Take Away Messages/ Current Status of Challenges

Key insights and challenges discussed include:

• Access to Infrastructure: Critical for startups and SMEs to access high-tech equipment and expertise, yet often limited.
• Funding Gaps: Significant challenges in securing second-round financing for startups, leading to a high failure rate even with promising technologies.
• Valley of Death: Navigating the transition from research to commercial production is capital-intensive and risky, especially for manufacturing.
• Talent Needs: Companies need diverse skills beyond technical expertise, including business acumen, communication, and storytelling.
• Ecosystem Collaboration: The need for stronger links between universities, colleges, and industry to foster innovation and technology transfer.
• Government Role: Importance of government support in de-risking investments and incentivizing private capital.
• Resource Transformation: Canada and Quebec face the challenge of transforming natural resources domestically to capture added value.
• Skills Development: Startups need to improve their skills in areas such as sales, marketing, and intellectual property protection.

Recommendations/Next Steps

Proposed actions and strategies include:

• Enhance Access to Core Facilities: Promote the use of platforms to connect businesses with research facilities across Canada.
• Targeted Funding Programs: Develop financial support mechanisms for startups to overcome the valley of death, particularly for scaling up manufacturing.
• Foster Collaboration: Create inter-order centers to bring together universities, colleges, and industry for collaborative research and development.
• Skills Training: Integrate entrepreneurship training and mentorship into academic programs to equip young scientists with business skills.
• Promote Customer Understanding: Encourage scientists and engineers to engage with customers and understand market needs.
• Support for Operating Costs: Provide operating funds for core facilities to ensure their long-term sustainability.
• De-Risk Investments: Implement government policies that reduce the risk for private investors to support innovative projects.
• Talent Development Programs: Expand work-integrated learning programs to provide students with real-world experience and connect them with potential employers.