Consider this: a successful innovation economy requires not just innovative ideas and the research and development to develop these ideas, but also financing to commercialize that R&D.
Canada's emerging technology companies generate an abundance of innovative ideas and rich R&D. Canada is among the world's most generous countries in its financial support of R&D for emerging technology companies. Canadian government support for business R&D as a percentage of GDP is the second highest of any OECD country and ahead of the U.S.
But Canada is facing a dire shortage of venture capital dedicated to commercializing that R&D. In 2010, the Canadian VC industry experienced its worst fundraising in 16 years and is virtually moribund. Without VC financing, the R&D of emerging technology companies cannot be commercialized into products and services to be sold in the global market to create jobs, revenues and exports. The shocking result: much of Canada's R&D is going to waste. The Canadian government's billions of dollars in annual R&D support has effectively become a vast program for creating advanced aircraft when there is no fuel to fly them.
To read the full, original article click on this link: How the feds can spur tech commercialization - Opinion - Ottawa Business Journal
