My last blog discussed how Canada has received a ‘D grade’ in innovation from the Conference Board of Canada. It also mentioned how grass roots interactions and joint ventures between business and academia can support a path from a ‘D grade’ to a ‘A grade’ in innovation.

What we did not talk about is the role of government in the innovation game.

Already, there are many governmental programs which encourage innovation here in Canada. Both the Canadian federal and Ontario provincial governments offer various forms of financial support to companies involved in innovation.

These programs include:
-    Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
-    Ontario Innovation Tax Credit
-    Ontario Ministry of Research and Innovation’s Ontario Research Fund and Innovation Demonstration Fund

With these and other programs, there are many opportunities for companies to reduce their innovation expenses while achieving stronger global competitiveness. Although much more needs to be done to improve innovation on a national level, these financial programs certainly help many of us along the way.

More on how governments can support “grass roots innovation” in a later entry.

Regards,
Jeremy
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Jeremy Nickerson, BASc, MBA
Director, Helix Commerce
www.helixcommerce.com

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Feel free to view the below links to gain additional perspectives on this blog:
http://www.conferenceboard.ca/HCP/Details/Innovation.aspx
http://www.rev.gov.on.ca/english/credit/oitc/index.html
http://www.cra-arc.gc.ca/txcrdt/sred-rsde/menu-eng.html
http://www.mri.gov.on.ca/english/programs/MRI.asp#popsearch