The global economy is changing—and this represents a generational opportunity for Canada and Canadian workers. If we continue to make smart investments today, we can create more good middle class jobs that Canadians will count on for decades to come.
Canada has all of the building blocks required for an innovation-driven economy. Federal investments in discovery and invention have supported the creation of world-class research facilities, helped to employ top global talent in emerging technology areas, and supported start-up ecosystems that have given rise to new, innovative companies. We have long excelled at producing ground-breaking ideas and inventions.
However, Canadian businesses do not invest in research and development (R&D) at the same level as their global peers. This has resulted in their reduced capacity for turning new ideas and inventions into globally competitive products and processes, and challenges in creating and protecting intangible assets, such as intellectual property.
Too often, this means new opportunities for growth move elsewhere, and it has led, for decades, to economic productivity that lags many of our global peers. This is Canada’s longstanding economic Achilles’ heel.
To address this challenge, a new approach is needed. That is why we are establishing the Canada Innovation Corporation (CIC).
The CIC will not be just another funding agency. It will be an outcome-driven organization with a clear and focused mandate to help Canadian businesses across all sectors and regions become more innovative and productive. It will support them in developing and protecting intellectual property, and in capturing important segments of global supply chains that will help drive Canada’s economic growth and create good jobs.
The CIC will be led by private sector experts, and it will deliver the support that Canadian businesses need, at the speed of business.
Canadians are talented, creative, and inventive. Our country has never been short on good ideas. By helping Canadians and Canadian businesses take their new ideas and new technologies and turn them into new products, services, and growing businesses, the CIC will play an important role in building a stronger and more innovative Canadian economy for generations to come.