At the beginning of December 2014, Canada's Prime Minister and Minister of State (Science and Technology) released their science, technology and innovation strategy and launched the Canada First Excellence Research Fund (CFERF). This brief looks at the implications of the proposed policy on academic research and on research and development performed in Canada, and proposes a new direction in science policy. The "new strategy" continues with the overriding focus of the federal government's approach to science to support businesses in the commercialization of ideas and knowledge, while undervaluing basic, discovery-driven research.