On November 22nd, 2010, StatsCan released the results of a survey of innovation and business strategy, looking at strategic decisions, innovation activities and operational tactics used by Canadian enterprises.
What were some of the findings?
- The majority of firms in Canada (77.1%) focus on already existing products – how to promote them, how to improve them, how to expand sales on them.
- Approximately two-thirds of Canadian companies have done some sort of innovative work between 2007 and 2009, including product innovation, process innovation, organizational innovation and marketing innovation.
- The three largest obstacles and impediments to innovation are: uncertainty and risk, lack of skills and internal financing.
- The three largest obstacles to working in a global market are: distance to producers, trade tariffs, and identifying potential suppliers.
Full results of the survey can be found here.