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Innovation a key economic engine |
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Written by Lethbridge Herald
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Wednesday, May 13 2009, 7:46 PM |
The good news is, Canadian high school students are excelling at science, math and reading.
Further on the good-news front, only Sweden stands ahead of Canada in terms of funding for university research in a ranking of 30 countries.
Unfortunately, Canada isn’t doing as well in turning those strengths into business research and development, according to a recent report by the Science, Technology and Innovation Council (STIC).
Canada ranks sixth among G7 industrialized countries with respect to research and development as a proportion of gross domestic product, says the council. In addition, Canada sits near the bottom of a list of 26 nations in terms of business sector collaboration with governments, universities and other companies.
The report’s authors say a greater emphasis on business innovation is needed; failure to do so could hamper Canada’s ability to turn research into new products and services that can be sold on the global market.
In other words, Canada is missing an opportunity to add some horsepower to the country’s economic engine.
STIC chair Howard Alper says while Canada is improving, other countries are improving faster. “Canada remains a solid mid-level performer, but given the importance of innovation to our future, this is not good enough. We need to set our ambitions higher in keeping with what Canadians are capable of achieving.”
The STIC report says Canada has been slower than other countries to turn its innovation potential into something marketable. The authors say Canadian companies don’t put as much money into research and development as do their main competitors around the world.
Working to improve links between all sectors of its science, technology and innovation system will enable Canada to establish a place among the world’s leading innovative countries, says the report. That, in turn, will allow Canada to maintain its economic independence, competitiveness, productivity and quality of life.
The council isn’t the first to recognize the strengths of an innovation-driven economy. Alberta has also made an effort to broaden its economic base by investing in nanotechnology research and by pouring millions into commercializing research, something Canadian companies often struggle to accomplish because of the difficulty in raising the necessary investment capital.
Another challenge the report notes is that although Canadian universities are engaged in cutting-edge research, they often lack visibility internationally.
If those obstacles can be overcome, it will pay handsome dividends for Canada. The report indicates: “Seizing opportunities to strengthen Canada's innovation performance will help develop a stronger economy and enhance Canada’s potential as a leader in science, technology and innovation.”
That’s an innovation that would be well worth the effort.
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