Deloitte has released a new report on productivity and innovation in Canadian companies. The report, titled “The Future of Productivity: A Wake-up Call for Canadian Companies“, reveals that 36% of Canadian businesses aren’t aware that they are under-investing in research and development.
The Science, Technology and Innovation Council also released its third public report that benchmarks Canada’s science, technology and innovation performance against international standards of excellence. According to Michael Geist, the report reveals “The most glaring shortcoming comes from the lack of business investment in research and development activities. Canada ranks 25th out of 41 economies with Canadian businesses failing to keep pace with competitors around the world. Investment in information and communication technologies, which are viewed as an engine of innovation, fared particularly poorly.”
The Conference Board of Canada recently assigned Canada a “D” rating for innovation in its annual report card that compares Canada to 16 other industrialized nations.
In 2011 an Independent Panel on Federal Support to Research and Development reported on the findings of its comprehensive review of support for research and development and made a number of recommendations in its final report “Innovation Canada: A Call to Action“.
As students, where can you get information about a company’s involvement in research and development activities or innovation?
– company financials often include R&D expenditures as a line item in the Income Statement (also referred to as the Profit & Loss Statement).
– company annual reports may discuss research and development initiatives
– news articles and trade publications will often report on company innovation