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ARTICLE · 28 FEBRUARY 2017

Report Released On Unlocking Innovation To Drive Scale And Growth In Canada

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In its report released February 6, 2017, the Advisory Council on Economic Growth established by the Federal Minister of Finance gives its suggestions for spurring innovation in Canada.

CanadaCorporate/Commercial Law
Allan Goodman
Allan Goodman
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Summary

In its report released February 6, 2017, the Advisory Council on Economic Growth established by the Federal Minister of Finance (the "Council") gives its suggestions for spurring innovation in Canada. The report notes that while Canada has an abundance of entrepreneurs and small and medium sized businesses ("SMEs"), Canadian companies lag in innovation. The report primarily attributes Canada's innovation lag to three roadblocks: (1) a lack of connectivity between businesses and inventors, customers, experienced managers and other businesses; (2) limited access to capital for businesses; and (3) outdated government programs that are difficult to navigate.

The Council proposes the following "interlocking recommendations" which recognize and build on existing strengths and opportunities while reducing roadblocks:

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