The Conference Board of Canada has raised Canada’s mark in global innovation from a D to a C since its last report. The report also ranks Canada ninth among 16 peer industrial countries in the area of innovation, leaving it far behind class leaders like Sweden, Denmark, and Finland. The change in grade is partially due to a new criterion for entrepreneurial ambition, which Canada scored well in. The country has also made gains in venture capital investment, although the report reminds readers that Canada still lacks in labour productivity, corporate investment in research and development, and new patents. The report concludes that a combination of risk aversion, complacency, and overreliance on natural resources has hampered Canada’s efforts to become more innovative.
Globe and Mail | CTV News | Maclean’s | Report