The function of research is to acquire new knowledge, according to the OECD. Afterwards, it is the job of the intellectual and business community to disseminate that knowledge and turn it into commercial products and technologies that will benefit the world at large.
The Canadian Federal Government has committed about $5 billion in direct expenditures towards innovation initiatives and $253 million towards research measures in the 2022 Federal Budget over the next five years. Will these measures spur long-term economic growth or address the risks facing Canada today?
Furthermore, Canada contributes about 1.4% of global investments in R&D. The challenge is, how can we access the other 98.6% of the world’s knowledge from R&D in order to meet Canadian needs?
In order for Canada to reverse decades-long declining trends in R&D, innovation and productivity, we need a whole-of-ecosystem approach where collaboration and responsibilities are shared amongst government, academe, non-profits, and the business community to improve the lives of Canadian households.
Global Advantage Consulting Group has decades of expertise in providing strategic advice, consulting and whole-of-ecosystem analysis to help your organization understand and navigate Canada’s R&D/innovation ecosystem, recognize its strengths and opportunities, and position yourself within it.
