Industry Canada

Industry Canada

April 29, 2009 14:05 ET

Ministers Welcome Council of Canadian Academies Report on Business Innovation in Canada

OTTAWA, ONTARIO--(Marketwire - April 29, 2009) - The Honourable Tony Clement, Minister of Industry, and the Honourable Gary Goodyear, Minister of State (Science and Technology), today welcomed the release of the Council of Canadian Academies report on the performance of Canadian businesses as it relates to innovation.

The report, entitled Innovation and Business Strategy: Why Canada Falls Short, examines why investment in innovation by Canadian businesses lags behind that in many countries of the Organisation for Economic Co-operation and Development. The report studied the factors that influence business investment in innovation and the relationship between innovation and productivity growth.

"This report will help governments and the science and technology community better understand Canadian business investment and innovation and will help identify areas for improvement," said Minister Clement. "Our government has enhanced Canada's competitive advantage through science and innovation to create jobs, to improve the quality of life for all Canadians and to strengthen the economy for future generations."

"Through our Science and Technology Strategy and Canada's Economic Action Plan, we are fostering a business environment that encourages private sector investments in research and development, advanced technologies and skilled workers," said Minister of State Goodyear. "It is vital to invest in ideas for developing highly skilled people and improving the long-term competitiveness of Canadian firms."

The report by the Council of Canadian Academies was commissioned as a follow-up to a commitment in Canada's Science and Technology Strategy, Mobilizing Science and Technology to Canada's Advantage, which was launched by the Prime Minister in May 2007. Encouraging business innovation to improve Canadian competitiveness is a key part of the Science and Technology Strategy.

The Government of Canada has pursued this goal in the past three budgets through improvements to competition policy and Canada's openness to international investment; support for venture capital; support for public-private research partnerships for university research commercialization; tax support for investment in information and communication technologies, machinery and equipment; and improvements to the $4-billion Scientific Research and Experimental Development tax credit.

Specifically, Budget 2009 provides more than $5.1 billion toward science and technology initiatives. This represents one of the single-largest federal budget investments in science and technology to date, including $200 million over two years for National Research Council Canada's Industrial Research Assistance Program to enable it to temporarily expand its initiatives for small and medium-sized enterprises. Canada's Economic Plan also provides $3.5 million over two years to the business-led Networks of Centres of Excellence program to offer an additional 600 graduate internships through the Industrial Research and Development Internship program. Together, these measures will contribute to the creation of a stronger, more innovative economy and a more prosperous Canada.

For more information on the Council of Canadian Academies and to read the report, please visit www.scienceadvice.ca.

Contact Information

  • Office of the Honourable Tony Clement
    Minister of Industry
    Pema Lhalungpa - Press Secretary
    613-995-9001
    or
    Office of the Honourable Gary Goodyear
    Minister of State (Science and Technology)
    Gary Toft
    Director of Communications
    613-943-7599
    or
    Industry Canada
    Media Relations
    613-943-2502