The Globe and Mail reports in its Thursday edition that Canada is developing its first comprehensive defence industrial strategy. The Globe's guest columnist Ian Whytock writes that there is a risk, however, of repeating past mistakes by equating industrial strength with protecting existing companies. The recent launch of the Defence Investment Agency, meant to improve procurement, will handle contracts of $100-million or more, sidelining small and mid-sized defence innovators that create critical technologies like sensors and cybersecurity platforms. Industry Minister Melanie Joly reinforced this focus, emphasizing traditional sectors and a framework to "build Canadian champions." This approach, however, favours larger incumbents while neglecting the start-ups that drive innovation in technology. Critics sometimes frame defence spending as a zero-sum trade-off, guns versus butter. However, CIBC analysis shows that when channelled through R&D and domestic production, defence investment can be a net growth driver. According to CIBC research, R&D-focused defence investment in Canada carries an economic multiplier of about two to 2.2, meaning every dollar spent can generate more than $2 in economic activity.