The Conference Board of Canada has released its most recent Report Card on Innovation in Canada and, unfortunately, Canada’s rank continues to be a “D”. Although this is the same overall mark as the previous report from a few years ago, there were differences in a few categories.
Out of 16 countries including Japan, Switzerland, USA and Ireland, Canada is currently 13th, while last year Canada was 14th out of 17 countries. One of the most notable differences between this year’s report and the last is the absence of As in the report. Canada received 2 Cs, 6 Bs and 13 Ds.
Here are a few important takeaways from the report:
In a recent survey, Finance was seen as the #1 innovation challenge; however this is certainly not a surprise.
Not all is dark and gloomy on the report. Canada fared well in the Quality of Research, Creation of New Business and Public R&D Spending categories. There are still quality innovation projects being done in Canada creating not only new products, but jobs as well.
So, how can companies continue to grow and excel in the innovation sector? One possibility is to re-invest SR&ED tax credits right back into innovation projects. As the Conference Board of Canada mentions in their report, “Canadian business leaders must recognize that the cost and risk of not spending on R&D are outweighing the cost and risk of spending and innovating”.