To ensure success and prosperity in the decades ahead, Canada must become an innovation leader. Too often, the support available to business innovators is too hard to find, too hard to access, or too little to matter. We heard that the government should be more focused on helping innovative firms to grow and, particularly, on serving the needs of small and medium-sized enterprises SMEs. A minister should be designated as the voice of innovation, and an external Innovation Advisory Committee should be created.
Our panel's report outlines six broad recommendations that form a framework for action.
A federal minister for innovation must have two portfolios for commercial and social innovation but two portfolios that are not siloed. Canada Competitive Advantages We believe the federal government should focus its efforts on growing innovative firms into larger enterprises, rooted in Canada, facing outward to the world and equipped to compete with the best. EDC - Integrative Trade 9.
Simplification of the tax credit system used to support small and medium-sized businesses. Help high-growth innovative firms access the risk capital they need through the Business Development Bank of Canada Innovative Canadian companies face real challenges in getting start-up funding and late stage risk capital financing. Leroux, David Naylor and Nobina Robinson for their contributions. Establish a clear federal voice for innovation and work with the provinces to improve coordination. Establish a clear voice for innovation, create a whole-of-government Innovation Advisory Council of external experts, and engage in a dialogue with the provinces to improve co-ordination and impact. Today, Canadians still struggle to keep their own bright ideas right here at home.
Federal support for business innovation will be outcome oriented, collaborative and innovative in its implementation. Expect plenty of comment, feedback and analysis over the next few weeks. The creation of an arm's-length funding and delivery agency — the Industrial Research and Innovation Council — would begin to streamline the process as the development of a common application portal and service to help businesses find the right programs for their needs a "concierge". Create a Community Research and Innovation Council with a strong focus on campus-community collaboration.
Create a tax system that provides incentives for investment in social innovation and social enterprise see the Canadian Task Force on Social Finance. I found these two events to be an incongruous juxtaposition. Dismantle the National Research Council The business-oriented institutes of the National Research Council should become independent, not-for-profit organisations that focus private sector research. Doing Business in Canada Canada offers businesses assured access to a lucrative North American market Related Interests. The Government of Canada will have assumed a leadership role by establishing innovation as a whole-of government priority and by engaging the provinces, businesses and post-secondary institutions in a national dialogue on innovation.
This is what I imagine these recommendations to be. Between and , Canada was the worlds 8th largest destination of global FDI inflows. Regionally oriented programs to support business innovation should focus on creating the capacity of firms in the target region to succeed in the arena of global competition.
Today, Canadians still struggle to keep their own bright ideas right here at home.