Author : The Expert Panel on The State of Industrial R&D in Canada
Publisher : Council of CanadianAcademies
Page : 220 pages
File Size : 13,29 MB
Release : 2013-08
Category : Business & Economics
ISBN : 1926558596
Book Description
"Industrial R&D (IR&D) is the private sector's investment of time and resources in the development of new ideas, technologies, and processes to promote business performance and create better products. IR&D also contributes to meeting pressing social challenges, ranging from development of new medical treatments to mitigation of environmental impacts to changing the ways in which Canadians work together. The returns on investments in IR&D can be high for the firms undertaking it, the economy at large, and, in particular, the region in which the IR&D takes place. IR&D and innovation are not synonymous. IR&D consists of any scientific research or technology development undertaken by Canadian businesses. Innovation, on the other hand, is a broader concept that can be defined as 'new or better ways of doing valued things.' IR&D is a critical driver of innovation, which, in turn, plays an important role in catalyzing productivity gains across the economy, thereby stimulating wealth creation and improving living standards for all Canadians. The historically low rate of investment in IR&D in Canada compared to other countries is one of the key factors that also accounts for the consistently wide gap in productivity growth between Canada and the United States"--Executive summary.