Innovation is important at the firm level, as organizations that innovate successfully enhance their competitiveness and position themselves for growth. It is also important for communities, regions, and countries.
Canada exhibits relatively weak innovation performance, while Nordic countries are recognized as global innovation leaders. Denmark, Finland, Norway, and Sweden all outperform Canada on The Conference Board of Canada’s Innovation Report Card, which examines various indicators of innovation capacity, activity, and results.
Nordic Innovation Champions: Lessons From the Nordic Innovation Study Tour discusses the successes of Nordic countries, and that Canadian businesses will need to improve their ability to innovate to increase their domestic and global market shares. Small and medium-sized enterprises are a crucial piece of the puzzle, as they often drive the best innovative ideas forward and transform their local economies. Canadian governments and other stakeholders must continue to explore new and creative ways to support businesses in this quest.