Think traditional companies are losing the innovation race? Think again.
The Globe and Mail recently published an article, Traditional Companies Getting in on the Innovation Push by Tavia Grant that explores how traditional companies are making a comeback in the innovation realm.
In January, The Boston Consulting Group released their report outlining the Top 50 Innovative Companies. The 2 indicators used were priority of innovation and innovation spending. In previous years “trendy” companies dominated the list with technology and telecommunications making a strong presence. However, traditional companies are now sneaking their way back onto the radar.
Just this year the Canadian government announced the renewal of the Automotive Innovation fund. Although Canada was left off the Top 50 list this year, it is supportive moves like this one that offers hope for a better showing on future reports.
Canada has a few hurdles to get over if they want to see improvement. A few years back, the Conference Board of Canada gave the country a “D” rating for innovation. Most companies that received high marks on this report were companies that indicated innovation as a priority. In regards to countries it appears that substantial help from the government is a key factor. Unfortunately, there are still companies not taking advantage of government programs available including the SR&ED Tax Credit. If Canada continues to re-invest in R&D, it may well have the opportunity to hold a spot as an innovation powerhouse in the future. Not just the tech savvy businesses, but all companies involved in R & D in Canada.