Investment in innovation urgently needed.
Unless Canadians strive to become world-class innovators, a new report warns that it is unlikely that it can sustain or improve its standard of living.
The report was prepared by The Conference Board of Canada with input from a group of CEOs, deputy ministers, university presidents and institutional executives known as the Leaders’ Forum on Innovation.
The board calls innovation “a key driver of a competitive economy in the global marketplace.” According to the report, Canada has a poor record on innovation.
The report calls for the following actions in order to improve innovation in Canada:
•government must create the economic climate and develop policies that stimulate innovation. For example, the government should ensure that the overall tax regime is competitive within the North American context and should help small enterprises become successful medium-sized companies, where they can sustain innovation;
•business leaders need to increase investment. They should spend more money on research and development, knowledge, training and learning, as well as promote a risk-taking culture;
•good ideas should be commercialized. However, in order to do so, technical and business capacity needs to be enhanced and people with strong entrepreneurial management skills need to be developed. Business leaders should work with academia and government to create the appropriate environment for commercializing ideas.
The report was prepared by The Conference Board of Canada with input from a group of CEOs, deputy ministers, university presidents and institutional executives known as the Leaders’ Forum on Innovation.
The board calls innovation “a key driver of a competitive economy in the global marketplace.” According to the report, Canada has a poor record on innovation.
The report calls for the following actions in order to improve innovation in Canada:
•government must create the economic climate and develop policies that stimulate innovation. For example, the government should ensure that the overall tax regime is competitive within the North American context and should help small enterprises become successful medium-sized companies, where they can sustain innovation;
•business leaders need to increase investment. They should spend more money on research and development, knowledge, training and learning, as well as promote a risk-taking culture;
•good ideas should be commercialized. However, in order to do so, technical and business capacity needs to be enhanced and people with strong entrepreneurial management skills need to be developed. Business leaders should work with academia and government to create the appropriate environment for commercializing ideas.
