This op-ed was originally published online by HillTimes.com.

The global environment in which Canada competes for talent, market share, and economic growth is changing. Our aging population, high levels of consumer debt, volatile resource prices and the rapid pace of global innovation mean we must aggressively develop new, long-term, competitive and strategic advantages. In a world where innovative techniques, technologies, and businesses transform economies everywhere, we can protect and enhance our economy and quality of life only by turning our innovation ecosystem into our core competitive advantage.

To build this competitive advantage, we need to enhance our research and development landscape in Canada so that it fosters innovation at a truly world-class level. That’s how we will not only compete, but thrive in this knowledge-based economy. With the launch of the Canada First Research Excellence Fund, coupled with a renewed Science, Technology and Innovation Strategy, Canada has created two important features of that landscape.

The fund is unique among our existing granting instruments. It will allow large and small universities alike to pursue projects that explore research challenges of global significance. The most critical hallmark of these projects can be articulated in one word: excellence. Through these research initiatives, which build on the federal government’s previous strategic research investments, Canada has the opportunity to vault higher on the world stage. We can become a leading destination for top researchers and international students, and keep our best and brightest engaged and employed to their fullest potential.

The novel and exciting projects the Canada First Research Excellence Fund supports will, by their merits alone, attract international and private-sector partners. These partners will be eager to generate the new discoveries that will propel domestic and global economic growth. Although critics have suggested the Fund requires applicants to recruit private-sector partners with leveraged investments, partners are not required to secure a grant. If partners enhance a project, however, the fund’s application process encourages their participation. Likewise, some have suggested the Fund serves a narrow policy agenda by aligning with the strategic priorities the federal government outlines in its Science, Technology and Innovation Strategy. We believe the strategy’s strategic priorities provide broad scope for researchers eager to apply. We also anticipate that as the global research and innovation agenda evolves over time, the strategy’s priorities will also shift and expand, in tandem with the fund’s granting priorities.

Our research universities advocated for strategic investment in these research and development initiatives, via these particular instruments. We did so because we understand the importance of giving Canada advantages in the global competition for creative, well-educated and talented people—the greatest assets of any country.

China, India, and Brazil, as well as Japan, Germany, France and South Korea, amongst others, are making large, targeted investments in select universities. They have grasped the importance of creating the conditions necessary to support innovation. Their goal is to secure a knowledgeable and flexible workforce, poised to adapt to the challenges and opportunities technological change affords us all. To compete with our global neighbours, we must pursue similarly strategic research investments and increase incentives for university, non-profit and private-sector partnerships. We must stimulate private-sector investment in research that drives improved productivity.

By 2030, Canada needs to be the most innovative country in the world. Our research-intensive universities are fostering a culture of entrepreneurialism on our campuses, encouraging start-ups, engaging more directly with the private sector, and establishing the internships and other experiential learning opportunities that will better prepare our graduates to enter the competitive, diversified marketplace.

Canada is well-positioned to meet this ambitious goal. We must commit to sustained, predictable and indexed investments in the granting councils that have already brought us so far: the Natural Sciences and Engineering Research Council, the Social Sciences and Humanities Research Council, and the Canadian Institutes of Health Research. The Canada Foundation for Innovation, the National Research Council, the Canada Excellence Research Chairs and the Canada Research Chairs are also critical pillars of our research and development strategy. We should also seek new and creative opportunities to increase support to the outstanding researchers who will make Canada’s name synonymous with excellence and innovative, and provide them with the infrastructure they need to deliver on their ideas.

This is Canada’s time to “own the podium” on innovation. Let’s make a commitment to reach that goal.