Canada's innovation performance lags behind many of its peers. Canada ranks only 15th on this year's World Economic Forum Global Competitiveness Index (GCI), and 24th on the innovation and business sophistication sub-index. Countries that are strong innovation performers adopt more innovative business methods, which often translate into gains in productivity and competitiveness. The impact of Canada's poor innovation performance is reflected in its relatively low productivity levels. If Canadian businesses want to be more competitive on the global stage, they must improve their innovation performance.
Using findings from the World Economic Forum's GCI, this briefing examines Canadian business leaders' perceptions of Canadian firms' innovation strengths and weaknesses and compares them with those of business leaders in peer countries. It explores the underlying reasons why Canadian firms are less innovative than their global counterparts and sheds light on where and how Canadian businesses can improve, with a particular focus on inside-the-firm challenges and opportunities.