“”The Role of Innovation in the Canadian Economy”.

“”The Role of Innovation in the Canadian Economy”.

Your second assignment is to read the article here below and write a five page essay, single or double spaced, on “The Role of Innovation in the Canadian Economy”.
Your essay should include a complete bibliography of all the books, articles and web sites used in the completion of your assignment as well as footnoted references for quotations and other forms of academic attribution.

ARTICLE: Make innovation a priority for N.B.
Recently, I attended a meeting that literally lifted my economic spirits. It was organized by Enterprise Fredericton and provided an opportunity for the federal Department of Public Works and Government Services to show case their new Innovation Commercialization Program. The overarching objective of this new program is to kick-start innovation in Canada. It was the first time that I heard the federal government acknowledge a mea culpa and pledge to do better in promoting and sustaining innovation in Canada.
Canada is a country with tremendous economic potential but our record of innovation has been unremarkable. Numerous studies have shown that the Canadian private sector is near the bottom of the list in research and development investment when compared with our international competitors.
Innovation is the signature mark of the new global economy of the 21st century. The reason is quite simple. The old economy of the 20th century was about the resources under our feet.
The new economy of the 21st century is about the brain power between our ears. There is no denying that the new global economy places a premium on innovation. Indeed, I am hard pressed to conceive of economic success in the contemporary context without innovation.
Simply put, innovation is new knowledge that creates better products or processes which in turn add value to services and outcomes. It can result in higher levels of productivity, better quality products, a bigger economic pie and an improved quality of life.
In short, innovation contributes to wealth creation and adds value to our economic activity.
With the Canadian dollar hovering around parity against its financial cousin the U.S. dollar, the importance of innovation takes on added significance. The reason is that we can no longer hide behind a weak Canadian dollar in order to boost the appeal of our exports to the U.S.A. and other international markets. In this regard, investing in research and development, embracing the commercialization of innovation and improving our labour productivity have become essential economic ingredients in order to add fuel to the sputtering economic recovery that is currently underway.
The N.B. private sector needs to embrace innovation as the economic formula that will guarantee business success, new investment and higher profits. The time has come for all our private enterprise, from the largest corporation to the small and medium sized firms, to realize that the cost of not embracing innovation is far higher than the cost of investing in innovation.
At the same time, the private sector requires the financial and foundational support of the federal government in order to create pathways for implementing innovations from the designer stage to its ultimate destination and implementation.
We often associate innovation with the private sector because it is an effective tool for reducing costs, enhancing profitability and extending competitiveness. However, what is good for the goose is also good for the gander. The N.B. public sector must also embrace innovation. In fact, it is particularly urgent that we do so under the present challenging economic circumstances – the reason being that the Alward government, despite its best efforts, is confronting a situation of soaring unemployment, an increasing public debt and an economic recovery that is elusive.
It is imperative that innovation must permeate the organizational structure of economic governance in N.B. It must be adopted as the gold standard for renewing our provincial machinery of government and improving the efficiency and effectiveness of the public sector.
Most of all innovation must serve as the catalyst for resolving the skyrocketing cost of delivering our public services and programs, because we can no longer afford to throw more money at the bottomless pit of government expenditures.
Universities play a multifaceted role in advancing the frontiers of innovation. They empower the next generation of industrialists, entrepreneurs and innovators with the human capital they need to successfully navigate the new global economy of the 21st century. They also serve as incubators for scientific and technological inventions that in some cases literally change the world.
Their academic mission to promote research and scientific advances is an essential prerequisite for the commercialization of innovation. UNB’s creation of the Pond-Deshpande Centre for Innovation and Entrepreneurship is a stellar role model of the modern mission of contemporary universities.
It underlines the dynamite combination of innovation and entrepreneurship in promoting sustainable economic growth and development for New Brunswick in the 21st century.
In this contemporary journey, we need to draw a clear and unambiguous road map that will lead us to our innovation ambitions. Universities have their traditional role of teaching and research. They also need to redefine themselves in terms of building bridges with the business community, facilitating the process of moving innovations from the laboratory to the marketplace and serving more effectively the needs of civil society.

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