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Globalization could improve innovation and performance of Canadian businesses

Globalization could improve innovation and performance of Canadian businesses

The Conference Board of Canada’s Centre for Business Innovation has published an insightful new report called Strengthening Symbiosis: International Business Innovation. The report states that Canada requires an integrated approach toward innovation and doing business internationally. Thinking globally could help the country strengthen its innovation performance. 

The Conference Board of Canada’s Vice President of Industry and Business Strategy for The Conference Board of Canada, Michael Bloom, said that federal and provincial governments and businesses in Canada need to understand that globalization and innovation go hand in hand. Internationalization offers incentives to innovate, and innovations require a global market to be commercially viable. 

In Canada, innovators are provided financial support, but some of them do not have the international business skills that can help them commercialize their innovations. It has been observed that exporters are encouraged to do business with global markets, but they do not have the necessary innovation skills to succeed in these markets. This is because innovation and globalization policies are not integrated, according to the report. Hence, a majority of innovative companies are unable to expand globally.

While Canada has witnessed an increase in innovative companies, not many have been able to transition to the global market. In Canada, just 100 companies out of 1.3 million have a global presence. Research by The Conference Board of Canada has also found that just 10 percent of small and mid-sized enterprises in the country export to global markets. 

The report stressed that just having ready-to-enter global market businesses is not enough. These businesses need to have unique services and products, or they need to customize their offerings to cater to the different markets in which they want to operate. This will allow firms to enter the global supply chain and build their own supply chain. Moreover, such businesses must have the right leaders at the helm who have the international knowledge and expertise needed to spur success. 

The report has made several recommendations that it believes will improve Canada’s innovation performance by taking the global route. 

Entrepreneurs who want to reach a global market successfully will benefit from a UCW MBA degree. The UCW MBA program is designed to spur innovation in a global business environment. The program helps students acquire skills that aid innovation performance and also equips them with the right knowledge and expertise to work in an international business environment. UCW MBA graduates use critical thinking, analysis, and swift decision-making to find innovative solutions to business problems, collaborate with diverse teams, and ensure the successful completion of tasks and projects. The UCW MBA program creates effective leaders who can work in a global environment and drive workplace success.