Innovation Canada: A Call to Action

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Innovation Canada: A Call to Actionfirms can be financed through early and latestages while a diversified portfolio is still beingbuilt. But these economies of scale and scopeappear to be exhausted relatively quickly: thebest returns in the US are obtained on funds inthe $200–300 million range (BDC 2011, p.13).The Panel’s interviews with pension fundmanagers further indicated that it is moreefficient to focus funds on particular sectors.The government should deploy the additionalfunding in stages in order to assess periodicallythe effectiveness of support.7-20
Leadership for InnovationChapterLeadership forInnovation8Countries around the world are sustaining andeven accelerating their investments in businessR&D and innovation, and are continuouslyimproving the programs through which theyprovide this support in order to achieve moreinnovative, productive and competitiveeconomies. In a study of innovation policies, theOrganisation for Economic Co-operation andDevelopment (OECD forthcoming) identifies anumber of international trends regarding themix of policy instruments being employed tosupport business innovation.A growing attention to demand-sidepolicies. The increasing focus on demandsidepolicies (such as innovation-orientedpublic procurement) reflects a recognition inmany OECD countries that their primaryinnovation challenges lie not in thegeneration of knowledge and ideas but intheir commercial penetration.A growing use of indirect support forinnovation, notably R&D tax incentives.Twenty-two OECD member countries nowprovide some form of R&D tax incentive, upfrom 12 in 1992 and 18 in 2004.Shifting emphasis in direct support forinnovation. Direct support measures areincreasingly emphasizing partnerships andcollaboration, venture capital and start-upfirms.A growing attention to policy evaluation.The need to assess the efficiency and impactof public policies in support of businessinnovation has become a particularlyimportant focus in the wake of the economicdownturn and resulting pressures on publicspending.The Panel believes that it is essential for Canadatoo to continuously improve how governmentsupports business innovation in order toencourage a more productive and competitiveprivate sector. The recommendations of thisreview will deliver on this belief and are entirelyconsistent with the above-noted areas ofcontemporary emphasis in business innovationpolicy. In the foregoing chapters, the Panel hasmade recommendations that address the issueshighlighted by the OECD.Create an Industrial Research and InnovationCouncil (IRIC), with a clear business innovationmandate (including delivery of business-facinginnovation programs, development of abusiness innovation talent strategy, and otherduties over time), and enhance the impactof programs through consolidation andimproved whole-of-government evaluation.Simplify the Scientific Research andExperimental Development (SR&ED) programby basing the tax credit for small andmedium-sized enterprises (SMEs) on labourrelatedcosts. Redeploy funds from the taxcredit to a more complete set of directsupport initiatives to help SMEs grow intolarger competitive firms.8-1
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Dear Minister,Please find attached
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The Context of the ReviewChapterThe
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Vision and PrinciplesChapterVision
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Vision and Principlesout in Chapter
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Innovation Canada: A Call to Action

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