Canada can be proud of its talent pool, its rising number of university graduates and science post-graduates. In comparison to other OECD countries, Canada fares rather well in the areas of education, university-funded R&D, competition and peer review. Where we are not delivering is in transferring the knowledge from our talent pool to the marketplace.

The State of the Nation 2010 report, issued by Canada’s Science, Technology and Innovation Council states “research and development performed by business in Canada is low by international standards.” This is reason for serious concern.

It was with great interest that we, at the Ontario Chamber of Commerce (OCC), read Paul Davidson’s article “We need a culture of innovation: Build links between business and academe” (July 5, 2011). The article highlighted the findings of this report and rightly emphasized the need for Canada to foster a culture of innovation by building stronger links between the private sector and academic institutions.

In an age where innovation is essential to remaining globally competitive, Canada and its provinces cannot afford to lag behind.

For the last eight years, the Ontario Economic Summit (OES), an initiative of the OCC, has been bringing economic leaders from business, government, academia, labour and non-profit communities together, to address some of the most pressing concerns affecting Ontario’s economic prosperity.

In recent years, leaders participating at the OES have pointed to the need for a dialogue about how business-academia collaborations might be enhanced to help build a robust innovation climate. In response, the OES and the Council of Ontario Universities partnered to develop the “Connect to Innovate” (CTI) initiative in 2010.

These workshops, facilitated by local chambers of commerce and boards of trade, were held in Sudbury, London, Vaughan and Windsor. They featured senior administrators from each University with one of their research partners from the business community – exactly what Paul Davidson’s article said was needed for this country to remain globally competitive.

Clearly, one of the most significant challenges we face is an inadequate innovation culture, as noted in Paul Davidson’s article. OES “Connect to Innovate” set us moving in the right direction.

The discussions held were open and honest and demonstrated a sincere desire from all to foster closer relationships with a view to a more innovative economic climate. Most importantly, they provided insight which could lead to additional solutions as we move forward with Ontario – and Canada’s – innovation agenda. A full report of our findings can be found at www.occ-oes.com/connect-to-innovate <http://www.occ-oes.com/connect-to-innovate>.

We found that academic institutions and businesses across the province were shifting their mindsets and opening themselves up to new collaborations or building on existing ones in more innovative ways. They recognized the strategic importance of being innovative in the way we work together, to advance our standing on the international stage.

We thank Paul Davidson for showcasing the importance of innovation in our economy – and society. We are pleased to be part of the solution as we host additional workshops in other communities across Ontario throughout 2011 and 2012. This unique program will be extended to include Ontario’s Colleges and we will review our progress at the next Ontario Economic Summit, taking place November 21-23, 2011 in Toronto.

On February 28, 2011, the Ontario Chamber of Commerce along with its Québec counterpart, the Fédération des Chambres de commerce du Québec, staged the very first Ontario-Québec Economic Forum.

Hosted by Hon. Sandra Pupatello, Ontario’s Minister of Economic Development and Trade and Clément Gignac, Québec’s Minister of Economic Development, Innovation and Exports, the initiative brought together 150 leaders from both provinces, representing the business, academia and not-for-profit sectors.

During the course of the day, participants tackled some tough issues, including:

1. The Ontario-Québec productivity gap
2. How to encourage businesses to better leverage new technologies
3. How to foster more effective cooperation to enhance innovation
4. Investing in talent through education and profound changes to corporate culture

You can now access streamed videos and photos from the event.

Ministers Pupatello and Gignac Take Questions from CBC's Amanda Lang at the Ontario-Québec Economic Forum on February 28, 2011

A Starting Point for Follow Up Action…

 Post-Forum, the time for action and engagement remains. The Ontario-Québec Trade and Cooperation Agreement Private Sector Advisory Committee (PSAC), co-chaired by Heather Munroe-Blum (Principal and Vice-Chancellor, McGill University) and Mark Lievonen (President, Sanofi Pasteur Limited) is leading the way. Their recent call for action to all Forum participants includes a request to identify specific barriers to interprovincial trade, investment or labour mobility and to put forward some suggestions to remove such barriers.

This information should assist both governments in finding ways to further streamline processes, remove barriers to trade and provide businesses in both provinces with the best chance to sustain themselves, grow, attract further investments and create a true climate of collaboration.

Ontario Businesses to Weigh-in on TMX-LSE Merger

Since the proposed merger between the TMX Group and the London Stock Exchange Group (LSE) was announced last month, pressure has been mounting on all fronts. An array of differing views is showcased daily, with the latest being the announcement that four of Canada’s six leading financial institutions are opposing the deal, claiming it “would result in the loss of a viable global entity and perhaps thousands of well-paying jobs.” The banks’ influence weighs heavily, given that they drive more than 60% of the trading taking place on the TSX.

According to a recent study by Compas Inc., the business community is by and large supportive of the merger, which it sees as a major opportunity for Canadian companies to gain access to more capital and remain major players in a global financial services hub. Supporters of the transaction, which include Gord Nixon, CEO, Royal Bank of Canada, have expressed their concern over the potential risks linked to missing out on an opportunity of this scale. Mr. Nixon stated that “if Toronto is going to grow as a global financial centre, the benefits of a global exchange co-headquartered in Toronto likely outweigh the implications of a local exchange that will become increasingly less relevant over time as trading and exchanges globalize.” We can expect his opinion to be endorsed by a majority of business leaders, especially if the proposed US$10.2 billion takeover of NYSE Euronext by Deutsche Boerse is finalized in the coming months.

Those opposing the deal have made arguments based on pressing concerns about the impact on sovereignty, employment, clout as a financial centre, and loss of regulatory control over our own financial system.  Both Ontario finance minister Dwight Duncan and former federal industry minister Jim Prentice are calling for a formal review of the regulatory implications. After all, it was Canada’s strong regulatory regime that was credited in being a significant advantage in weathering the global financial crisis.  Moreover, Canada has recently exercised caution in dealing with foreign takeover issues. Last November’s quashing of the PotashCorp takeover by BHP Billiton can be considered one of the more controversial decisions the government has had to face.  The TMX-LSE merger, while not focused on control of natural resources, takes this debate to a new level.  We’re talking about a fundamental piece of our free market economy.  As international markets become increasingly intertwined, we should expect this trend to continue.

It is not surprising that the TSX matter has now moved from the business arena to the political one. In order to resolve this issue and achieve the best outcome for all, and most importantly for our businesses, an open and fair dialogue involving key players of our economy is critical.

Recognizing the urgency for such a dialogue to take place, the Ontario Chamber of Commerce will feature Thomas Kloet, CEO of the TMX Group at a special meeting of the Ontario Business Advisory Council (OBAC) on Thursday March 24^th, 2011.  The meeting will provide leaders from our business community with a timely opportunity to share their concerns, obtain clear answers relating to the deal and offer input. For more information about this OBAC session, please visit: http://occ.on.ca/events/obac/.

Image source: Shutterstock_1354404

I fully understand we are in the midst of an economic downturn and a lot of people are going through some very trying times. But what I don’t understand is why we are constantly bombarded with bad news – TV, radio, internet and print.

To be fair, there are some good economic stories out there but they seem to become lost in the sea of gloom and doom. 

So here’s a sampling of some recent good news… 

1. FGF Brands – Concord, Ontario

A family owned food business under the very innovative leadership of Sam Ajmera continues to grow at a 30% rate. [more]

2. Christie Digital Systems Canada Inc. – Kitchener, Ontario

As the leader in the transformation of mechanical cinema to 3D and digital imaging, the company has been able to continue to grow while investing more in R&D in Canada than its parent company is investing in Japan. [more]

3. Sweetpea Baby Food – Toronto, Ontario

This start up didn’t have the capital to dedicate to marketing its new line of baby food so they developed an “ambassador program” – a grassroots style of marketing using M2M (mom to mom) marketing. [more]

4. RIM – Waterloo, Ontario

After pushing hard to move their smart phones into the broader consumer market, even through the recession millions of people are purchasing new blackberry smart phones. [more]

Balance is key – it’s important to know both the good and bad so we can be inspired but also well informed at the same time. So get inspired and tell us your good news!