Why does Canada lag other OECD members in almost every measure of business sector innovation? What needs to change?
Creativity lies at the heart of
modern competitiveness. Innovation is the ability to create new products
and services, to produce existing products in new ways, and to develop
new markets. It drives productivity; it drives growth; and it drives our
living standards. The problem is that Canada is not an innovation
leader.
In 2007, the Canadian business sector ranked 14th among Organization for Economic Co-operation and Development countries in business R&D expenditures as a percentage of the economy. Canadian business R&D spending is only 1 per cent of GDP, well below the OECD average of 1.6 per cent. More troubling, it is roughly half of what the U.S. spends and even further behind countries such as South Korea, Finland and Sweden. Simply to raise Canadian business R&D spending to the OECD average would require an additional $10-billion annually.
To read the full, original article click on this link: Canada has everything going for it -- except innovation - The Globe and Mail
Author: Kevin Lynch
