More investment is needed says latest report
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Canada needs to invest more in key areas of innovation to avoid falling behind its global peers.
A new report from the Conference Board of Canada shows that Canada still has a ‘C’ rating for innovation but has slipped from 9th to 12th among 16 peer countries.
Those on the rise include Australia, Belgium, and Japan.
"Canada once again faces the reality of its low innovation performance, falling in the Conference Board's innovation ranking as key international competitors surge ahead,” said Paul Preston, Director, Science, Technology and Innovation Policy of The Conference Board of Canada.
He noted that there have been improvements in venture capital investment and entrepreneurial ambition but there are some key areas of weakness.
“Canada's persistent weakness in business R&D, ICT investment, patents, and labour productivity make it hard for us to keep up with global peers," he added.
Ontario and Quebec are the top-rated provinces, while Prince Edward Island and New Brunswick are the lowest-ranked provinces. British Columbia experienced a dramatic decline from a "B" to a "D" grade and slipped from 10th to 17th place overall.
Canadians have entrepreneurial ambition
Canada earns its only "A" on entrepreneurial ambition—a measure of the share of the working-age population reporting early-stage entrepreneurial activity, such as attempts to establish or own a new business.
"Despite improvements in a few areas, Canada remains stuck in a low innovation equilibrium. Downward trends in some key innovation drivers highlights the need for the private and public sectors to improve their innovation game in a much more competitive environment," said Preston. "The federal government has clearly heard the message and is making substantial policy moves with investments in venture capital, procurement and the superclusters initiative. Hopefully businesses will respond and we'll see better performance in the years ahead."
