James B. Milway

Executive Director – Martin Prosperity Institute, Rotman School of Business, University of Toronto

Innovation Gap and Public Policy

Abstract

Many observers here in Canada and around the world note Canada’s under performance in productivity and innovation.  Federal, provincial, and many local governments have adopted innovation agendas to commercialize research and stimulate the growth of new industries.  Based on the research conducted by the Institute for Competitiveness & Prosperity, Milway will discuss Canada’s innovation gap and identify some of the factors that help explain it.  He will focus on the requirements for good public policy on innovation – the need for effective support for innovation and competitive pressure.  Innovation is the result of an eco-system that has both support and pressure.  However, much of our public policy is based on the premise that innovation is a linear process of commercializing research results.  Consequently it is too often aimed solely at providing support, particularly for the hard sciences.  Innovation policy needs to be balanced with efforts at strengthening management and boosting competitive pressure in the economy.