The Canadian Innovation, Science and Economic Development Minister, Navdeep Singh Bains, believes the key to securing Canada’s place in the new industrial era is innovation, which he says must be one of the country’s defining values.
Today, innovation is transforming the entire world. Economies have realized that innovation can improve quality of life while creating jobs, and countries such as Canada are reaping the benefits.
Bains said that the world is in the throes of change. Countries joining forces to act on climate change has accelerated the switch to low-carbon energy sources, and technology is constantly evolving and changing lives.
Today, economic sectors are witnessing a change due to the Internet of Things, clean technology, regenerative medicine, additive manufacturing, and quantum technology. Moreover, technology and innovation are being used for the benefit of society.
The Innovation Minister believes that innovation determines the success of a country in modern times, and that is why he supports innovation as one of the defining values of Canada. Bains states that Canada can taste success in an economy that is digital and global since the country boasts a highly educated population, public investments in research and development, a global reputation for discovery and scientific research, and liberal research and development tax incentives. He went on to say that Canada is home to less than 0.5 percent of the world’s population, yet it has the distinction of publishing nearly four percent of all scientific papers and publications.
Around 11,000 new businesses start up annually in Canada. This is because the country has strong regulatory processes in place and attractive low taxes. In addition, its diverse population has a penchant for innovation and entrepreneurship.
Innovation has now become a basic requirement for continuous and sustained growth and job creation, which is why the government has been placing such a strong emphasis on it lately. Even Prime Minister Justin Trudeau has been promoting Canadian innovation on different forums and platforms as well as within the country.
UCW has made innovation an integral part of its MBA program. UCW MBA students are presented with real-world business challenges and are encouraged to come up with unique solutions to these challenges. By the time UCW MBA students finish the program, they are equipped with innovative thinking skills, which they can use along with other business skills to promote organizational success.