Innovation has always been about more than R&D, but without it, companies and societies will find it far more difficult to achieve and maintain global competitiveness. That’s why the data recently release by Statistics Canada should be of concern. The economic tsunami heading our way is going to decimate private sector R&D output.
Many nations, however, are concluding that innovation may be one of the most potent tools for weathering the storm. US president-elect Barak Obama gets it and there are moves afoot to convince Ottawa to follow suit with a stimulus package that targets high-tech as well as more traditional infrastructure.
Yesterday, the Canadian Advanced Technology Alliance (CATA) issued a battle cry (the association’s preferred mode of expression) calling for $60 billion on infrastructure stimulus. It argues that massive government spending should include support for green technologies and information and communications technologies. Support could include sectors which make up the service sector which now encompasses 75% of the Canadian economy.
With the possible demise of some of Canada’s most venerable high-tech firms, large-scale financial stimulus is unavoidable. The federal government should act now before the nation breaks for the holidays to ensure that the new year contains as few nasty surprises as possible.
In the meantime, continued support for existing R&D and innovation mechanisms is a given. It’s time for a comprehensive innovation strategy with resources as well as rhetoric.
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