Canada holds a position of leadership in perspectives like Science and Technology & innovation. In its present standing, with massive industrialization and having one of the highest GDP in the world, this country is considered among the most innovative as well as the strongest economies in the world. The paragraphs underneath will discuss on the Priorities and Strengths of contemporary innovations in Canada.
What are the key attributes that foster innovation in Canada?
Going deep into the topic, it is important to explore the factors that support innovative endeavors in Canada. As it comes up from the scopes of research, the following are the major findings in this regard:
- Though Canada houses just about 0.5% of the global population, the country produces over 5% of global knowledge.
- Canada has been successful in retaining a consistency in its performance in regards to standard of education, social factors, and market regulations. Aside, the country has a stable social and economic standing since the recent past.
- The Government has played an exponential role to support the innovative endeavors. As per statistics, the government has extended funding over 9 billion dollars since 2009, to support research and innovations that in turn has supported the growth of Canadian economy as well as the trade & commerce.
What are the priority and potential areas for innovation in Canada?
In a span of few years, the Canadian government has increased the focus and is giving more importance in areas like scientific and technological innovations as the prime element to support the prosperity of the nation. If you review and consider the budget for a few years in the past, you will get sufficient information to support this statement.
The government of Canada has consistently sanctioned more amount of money to support innovation in areas of science and technology and the projects that work on the commercialization of the latest innovations. The amount of funding extended to these projects has already crossed a few hundred billion dollars, since the last 5 or 6 years.
Fostering excellence in the sectors of priority
Canadians have fostered excellence in innovation at a global perspective and it has paid them the sweetest dividends. The scope of innovations has covered areas like healthcare, communications, science & technology. Some of the latest innovation projects in Canada has changed the usual conceptualization over various topics. Areas that have got the top-most priority will include:
- Environmental science & Technology
- Information technology
- Healthcare and Biomedical.
What had been the major National Strategies?
- Providing impetus to innovative endeavors in areas of science & technology- the nation has undertaken a multi-year and comprehensive policy to encourage innovations in areas of science and technology.
- Emphasis on trade and commerce to generate more employment opportunities: As international trade is a major contributor to the Canadian economy, the government has decided to provide impetus to international trade and investments with the objective to boost more job opportunities.
Till date, the rev opinion of the experts, this will only expand in the forthcoming time.