Prime Minister Justin Trudeau is trying to make Canada’s economy an innovation-based economy in the hopes of turning the country into a global hub for innovation that will attract more investors and create more job opportunities. Now, an innovation lobby group has called for the creation of an accelerator for start-ups.
The Canadian Advanced Technology Alliance, a Canadian innovation lobby group, has asked the federal government to start an accelerator in the National Capital Region that can help commercial research and development by government technologists, engineers and scientists. The group believes that such a move will benefit the private and public sector research and development that is already taking place in this particular geographical region.
The Chief Executive of the Canadian Advanced Technology Alliance, John Reid, said that setting up the accelerator would address the commercialization gap that currently exists. Some research and development does not make it to commercially viable products, and a federally-funded R&D accelerator will make sure that this issue is successfully tackled.
The Canadian Advanced Technology Alliance said that creating an accelerator along with a technology commercialization test bed would allow the country to showcase its innovation and also attract government scientists. The group believes the accelerator would help create entrepreneurs who have the knowledge and expertise of working with the government, and it would also make a significant contribution toward urban revitalization.
Reid states that digital media and software start-ups would naturally fit into the accelerator, which will not require too much funding from the federal government to launch. He opined that the accelerators have the ability to operate on a shoestring budget.
Reid and the Canadian Advanced Technology Alliance (CATA) will have the opportunity to present their request to Innovation, Science and Economic Development Minister Navdeep Bains during the 31st Annual CATA Innovation and Leadership Awards Gala on May 26.
Bains has already touched on the topic of commercializing Canada’s R&D during a speech he made at the Mayor’s Breakfast. He said that the country needs to spend more money on research and development and then transform that research into products that can be sold at the global level.
The UCW MBA program is designed to help students come up with innovative solutions to business challenges and issues. They also learn to work and collaborate with diverse teams in different situations to see projects through. UCW MBA graduates are effective leaders that drive and propel workplace success in a global business environment. If an accelerator for R&D gets off the ground, UCW MBA graduates will be prepared to join forces with the start-ups and make a meaningful contribution.