Supporting our entrepreneurs is vital for the Canadian economy’s competitiveness

The Conference Board of Canada recently published a study on the state of innovation in Canada that is both enlightening and worrying

The report (Innovation Report Card: Benchmarking Canada’s Innovation performance) makes some very positive observations, particularly with regard to the dynamism of our entrepreneurs, but also sounds the alarm about our overall innovation performance.

Let’s start with the bad news

In this ranking, Canada comes 15th overall out of 20 countries examined, based on 21 different indicators. Among the challenges facing our country are a significant lag in the adoption of certain technologies, notably robotics, in the export of new technologies and in the development of mobile applications. In the Conference Board’s assessment, Korea, Switzerland and Singapore take the top three spots. The United States ranks 7th, while Australia, France and Japan lag just behind Canada. So much for the gloomy side of the Conference Board’s report.

On a much more positive note

What I also take from this study, to quote it verbatim, is that “Compared with its peers, Canada is marked by a strong foundation in higher education and a vibrant spirit of entrepreneurialism”. This leads the organization to recommend, among other things, “encouraging new businesses by lowering risk and providing deep support for innovators”. For 20 years now, R&D Capital has been directly supporting innovative companies through financing solutions for their R&D refundable tax credits. I can personally attest to the resilience of our entrepreneurs and the critical importance of supporting them in their projects. The country’s economic future depends on it, when you consider that there are 1.2 million small businesses in Canada – those employing fewer than 100 people – and that they are responsible for almost 70% of all private sector jobs in Canada.

About us

R&D Capital is the Canadian expert in the financing of research and development tax credits, e-business tax credits and multimedia tax credits. Don’t hesitate to contact us. You’ll receive fast, courteous and straightforward service, and within 10 working days you’ll know what financing is available to you. For more information, you can reach us by e-mail at pbinette@rdcapital.ca or at (514) 798-0493, ext. 222. We look forward to helping you realize your projects and ambitions.