Jan 22, 2018

“The Economic Role of Innovation for a More Prosperous Canadian Economy”

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assignment is to read the article here below and write a five page essay,
single or double spaced, on “The Economic Role of Innovation for a More
Prosperous 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.

Your essay should have lot of economic content, theory and analysis.

Make innovation a
priority for N.B.
New Brunswick
Wed Nov 9 2011
Page: A7
Constantine Passaris Commentary

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

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

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

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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