This first ‘Annual Innovation Report’ shows that Canada has been able to narrow but not close the sizeable gap separating us from the major economies in terms of the resources we devote to innovation.
Document Highlights
According to a recent Conference Board survey, most large firms in Canada innovate in one way or another. Almost all of them have introduced at least one type of innovation – products, processes, organizational change – over the last three years; however, only two-thirds have innovated in all three areas. There is significant room for improvement.
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- On average, only 10 to 12 per cent of the corporate revenue of large firms in Canada is generated from sales of new products.
- Too few companies make concerted efforts to understand where their competition is going, and not enough of them prepare alternative scenarios for the future.
- The use of tools and techniques for research project management is not widespread.
- Many firms tend not to be structured in ways that support innovation.
Canada has to look at its insufficient commitment to innovation, and firms need to improve practices and capabilities that foster innovation. Otherwise, we will not be among those societies that will prosper in the new millenium.
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