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Canada has an innovation problem. Despite a highly educated workforce and strong research capability, we consistently lack commercial success and innovation-based economic growth. This is Canada's innovation paradox, a problem the Canadian Centre for the Innovation Economy is here to address. Read more in our recently released 2024 Innovation Report Card: https://bit.ly/4cMF5dz

In June 2023, the Senate Banking Committee published one of our most important reports in recent years called, “Needed: An Innovation Strategy for the Data-Driven Economy” (https://bit.ly/3qZ6yp5). Exceedingly briefly, our five recommendations focused on: 1. Accelerating the implementation of a globally competitive intellectual property (IP) regime. 2. Establishing a national data strategy and digital standards. 3. Unleashing new streams of capital. 4. Modernizing government procurement policies. 5. Urgently updating federal framework legislation for data usage, privacy and competition. This week, the The Conference Board of Canada released their frighteningly sobering 2024 Innovation Report Card. The rest of this post includes quotes from that report: “The alarm bells are ringing… Canada’s inability to speed up innovation-based economic growth isn’t just a business risk. It’s also a prelude to reduced international leadership potential, less availability of quality jobs, and a subsequent decline in its citizens’ living standards. Failing to reverse this trend will put what we hold dear as Canadians at risk.” KEY FINDINGS • Canada has lost its way regarding innovation. Our nation scores a “C” on the Innovation Report Card, ranking 15th among 20 countries. • Canada’s Innovation Paradox is greater than ever. The country does relatively well at building its innovation capacity but fails to keep up with peers in innovation activity or see innovation-based economic results. • Compared with its peers, Canada is marked by a strong foundation in higher education and a vibrant spirit of entrepreneurialism. • The country has a dire need for change across multiple facets of the economy—cultural, governmental, industrial, and technological—to reverse its lagging performance. • Canada’s innovation journey is marked by a slipping performance relative to peer nations. Canada heavily underperforms in technology adoption that includes robotic deployment, high-tech exports, and mobile app development. • Canada is a risk-adverse innovation culture… [despite] …a remarkable tendency for early-stage entrepreneurship and vigorous belief in Canada’s entrepreneurial capabilities. RECOMMENDATIONS 1. Improve productivity by adopting new technologies. 2. Make intellectual property (IP) and research and development (R&D) the key drivers of commercial success by improving funding and programs. 3. Expand the venture capital (VC) landscape to provide the financial backbone for startups and innovative projects. 4. Support advanced manufacturing in Canada to rejuvenate our manufacturing sector. 5. Inject a competitive spirit within the business ecosystem. 6. Encourage new businesses by lowering risk and providing deep support for innovators. 7. Reinforce our strengths in higher education and research by fostering entrepreneurial opportunities. #ProductivityMatters #Innovation #IPMatters #CompetitionMatters #VC #Investment #Entrepreneurship

🚀 I am thrilled to share The Conference Board of Canada's 2024 Innovation Report Card is now available. This report involved the incredible hard work of our dedicated #innovation and #technology team and the Canadian Centre for the Innovation Economy. A huge shoutout to the brilliant Zafer Sonmez, PhD who led this effort, as well as to Alain Francq, Michael Bassett, and Nicholas Palaschuk for their relentless commitment and expertise. 📊 While I am proud of the quality and depth of our analysis, the findings present a bittersweet reality. Canada is still lagging behind its global peers in innovation, earning a C grade. As we say in the report "The alarm bells are ringing...Failing to reverse this trend will put what we hold dear as Canadians at risk." 👀 As disheartening as this may seem, there are some bright spots. The results show that Canada is marked by a strong foundation in higher education and a vibrant spirit of entrepreneurialism. These strengths provide us with the foundational capacity to speed up innovation-based economic growth. 💡 I invite you all to read the full report here: https://lnkd.in/eRX_2QEs. Let us know what you think are ways we can reverse this trend. 🔗 Hon. Colin Deacon Hon. François-Philippe Champagne Kyle Briggs Rick Perkins Brian Masse Nicholas Schiavo Daniel Munro Dan (Danny) Breznitz Paul Preston #Innovation #Canada #Research #GlobalTrends

The best thing we can do as an innovation ecosystem is take note of where we stand and DMZ is committed to fueling research to learn how Canada can level-up. As part of the Canadian Centre for the Innovation Economy, DMZ helped create Canada’s 2024 Innovation Report Card which —unfortunately— gave us a C. Although we didn’t ace it, knowing where our shortcomings lie is the first step. Check out our four key takeaways in our recap blog below. READ MORE: https://lnkd.in/e9u2Pj8R The Conference Board of Canada

This is another reason to find out more and talk about the Nordics! Another Fascinating Study on Innovation: “Global Innovation trends in 2023” https://lnkd.in/dEnBicKj #NordicInnovation #nordic #Innovation

Investment in innovation is not enough alone. For countries to prosper from great ideas, innovation needs to diffuse and be adopted. The "Innovation Opportunity" report, commissioned by the U.K. Government, has revealed a significant barrier to national innovation. The authors argue that three missing ingredients are stopping the flow of innovation, and have created three calls to action for public sector leaders to enable "Innovation Diffusion and Adoption" (IDA). These findings offer broader lessons for public sector leaders more generally. The first call to action is to connect innovations to local demand, essentially taking a "supply chain" approach. The second is to put inclusion at the heart of every innovation, including creating and supporting diverse teams and providing support for innovators. The third is to iterate for success, involving end users earlier in the process, dropping expectations of perfection and reframing what successful IDA looks like. Do you think these findings apply to the public sector innovation opportunity within Canada? Share your thoughts in the comments below. #publicsector #innovation #lessonslearned

EU-Innovation: The EU's innovation performance shows a steady improvement, with a 10% increase since 2017 and a growth of 0.5% between 2023 and 2024, as per the EIS analysis. However, the EU is divided, with national innovation performance increasing for 15 member states and declining for 11. #EU #innovation #businessgrowth #market #impactyse #4u2win!

Canadian businesses faced significant innovation challenges during the pandemic, with a notable drop in product and process innovations, according to the 'Survey of Innovation and Business Strategy,' conducted by Statistics Canada | Statistique Canada for 2020-2022. https://hubs.la/Q02lV-ZQ0 #wealthmanagement #businessinnovation #COVID19 #Economy

The 2024 Global Innovation Index highlights a critical challenge for Australia. With a score of 48.1, our nation lags behind numerous developed economies across Asia, Europe, and North America in innovation performance. Strengthening our innovation ecosystem is imperative. Universities play a pivotal role in this effort, uniquely positioned to drive research, foster discovery, and cultivate our next generation of innovators. As developing markets continue to invest heavily in their tertiary education systems, global competition intensifies. A fundamental shift is needed in how we view and support our tertiary education sector. Increased investment in higher education and R&D is crucial to enhance Australia's global competitiveness and develop a more diverse, knowledge-based economy. More info here: https://lnkd.in/gFGbhBAJ

The 2024 Global Innovation Index, published by the World Intellectual Property Organization (WIPO), presents a valuable opportunity for Morocco. While we maintain a solid score of 28.8 within Africa, there is room to further enhance our innovation performance to reach the levels of many developed countries in Asia, Europe, and North America. To capitalize on this opportunity, strengthening our innovation ecosystem is essential, with universities playing a critical role in advancing research, fostering discoveries, and nurturing future innovators. As global competition intensifies with increasing investments in higher education by emerging markets, Morocco has a chance to position itself more competitively. By making strategic investments in higher education and R&D, we can further boost our global competitiveness and build a more diverse, knowledge-driven economy. This approach will not only benefit our innovation landscape but also drive sustainable economic growth for the future. Access the complete report here: https://lnkd.in/epyQ4r4G.