The recent Conference Board of Canada report on innovation makes it clear that ‘firms that innovate successfully see growth. Countries and provinces with robust innovation activity see improvements in productivity, economic growth and job creation,’ says a Toronto Star editorial.
The report brings both good and bad news. Canada is registering improvements, moving up to 9 from 13 in ranking when compared to 15 other peer countries. Innovation indicators such as research and development and entrepreneurial ambition are particularly optimistic.
Yet, the country is still lagging behind in key economic indexes – with ‘alarming downward trends in some key areas that drive innovation’, according to the newspaper. Companies have indeed only been as ‘innovative as they have needed to be’. Both businesses and the government need to ‘step up their game on innovation, not just for the success of firms and other organisations, but for the economic and social well-being of communities, regions and the country’.
Read the full editorial here.