Paul Lucas, President and CEO of GlaxoSmithKline Inc., spoke about one of the main themes of this year’s Ontario Economic Summit (OES) – innovation. Lucas believes that “innovation is a do or die issue for Ontario.”

In Canada, the act of innovation is failing. “If businesses do not act quickly Canada’s standard of living and competitiveness are at risk,” Lucas says. Over the past decade, Canada has only risen 0.7% in innovation and productivity. This is only half the pace Canada attained in the last two decades. As a result of this decline in innovation, Lucas and the Coalition for Action on Innovation in Canada imposed the Action Plan of Prosperity.

“Canada must become a nation of innovators,” Lucas advises with concern of the coming demographic challenge.  Changing demographics (aging population and shrinking workforce) will require Canadians to earn more money for their work. With the decrease in employed Canadians and taxpayers, employers will find it difficult to bring in proficient employees.

The emphasis on the responsibility for innovation lies within the private sector of Canada. Lucas and guest panelists believe that businesses, academia and the government must work together to execute successful innovations in Canada’s economy. “Public sector funding alone is not in the cards for the future,” Lucas predicts, “the government needs to instill the right policy framework, while the private sector is under pressure to increase innovation.”

Dr. Rafi Hofstein, President and CEO of MaRS Innovation, referenced local initiatives for innovation, stating, “Local governments have to help us establish the right ambiance. Every region has unique features that need to be nurtured.” At all levels of Canadian government and businesses, innovation is a necessity in today’s economy.

Written by: Katie Laviolette and Stephanie Porter

The seventh annual Ontario Economic Summit is only halfway through its ambitious schedule, but is already making progress towards its goal – forging a roadmap for Ontario’s future prosperity.

Brining together leaders from a wide variety of business sectors, as well as labour, academia and government, the Summit is tackling the key issues facing Ontario’s economy as it struggles to emerge from the recession.

Highlights from the morning session Tuesday include:

• Summit Co-Chair Ray Tanguay, Chairman of Toyota Motor Manufacturing Canada, reminding the crowd that is was innovative Ontarians who invented ‘just-in-time’ practices.  In his optimistic remarks, Tanguay said the key to success is people – engaging, training and asking them for their solutions to problems.  With the tremendous power of our human resources, says Tanguay, Ontario can overcome its challenges of high costs and the high Canadian dollar.
• Ontario PC Leader Tim Hudak calling on the private sector to become the new engine of economic growth, with government focusing on setting the stage for job creation.  Hudak said that energy and transportation policies are really economic policies; investing in lower energy costs and better infrastructure is actually an investment in jobs for today and the future.  If he was Premier, says Hudak, he would focus on basic government priorities and restore consumer confidence with tax breaks for families.
• Paul Lucas, President and CEO of GlaxoSmithKline, telling the packed room that innovation is a “doe or die” issue for Ontario – without improvements in our lackluster performance, our quality of life and economy are at serious risk.  Lucas gave credit to the government and academic sectors for partnering and making enormous investments in innovation.  The challenge, he says, is for the private sector to step up and play a lead role again.

The common thread so far, including the insights from award-winning British economic writer Hamish McRae last night, is the human factor.  All agree Ontario has a tremendous advtange in its well-educated and skilled workforce – an advantage that must be better leveraged and strengthened if we are to recover our competitive edge.

And how do we create this 21^st century workforce?  Stay tuned … that will be the focus of tomorrow morning’s keynote address by Patrick Horgan of IBM Canada …

During the opening evening of the 7^th annual Ontario Economic Summit (OES), Len Crispino, President and CEO of the Ontario Chamber of Commerce (OCC), applauded all attendees’ for their willingness to come together to map out a path for post-recessionary growth and productivity. It is the collaboration and cooperation at the OES that will secure a future for Ontario.

The keynote speaker of the evening, Hamish McRae – Economist and Associate Editor of The Independent – spoke to delegates about the optimistic future of the Canadian economy. He says, “There is no such thing as a plan, but a mission that can be handed on.”McRae, also outlined the four major global trends, affecting the economy:

• Technology – brings business to an almost level playing field, as communications technologies have become virtually universal
• Demography – The developed world is getting older and the emerging world is “younger.” There are higher pressures in learning how to manage the young and how to utilize the older population
• Government - Governments will have to learn how to work within their means and prepare for the future. Governments cannot operate alone and need help from business communities
• Environment- McRae highly suggests all companies “Go Green.” It is a great advantage in terms of cost for Canadians and instills a strong reputation for business

To conclude the evening, Gordon Pitts – author of Globe and Mail Business Report- facilitated a question and answer period with McRae. Active participation from guests brought up issues concerning Canada’s government, education, “cashless” society, and manufacturing.

Written by: Katie Laviolette and Stephanie Porter

The 2010 Ontario Economic Summit (OES) will feature a Q&A session led by Gordon Pitts, a veteran business journalist of 34 years. Currently a senior writer for the Globe and Mail, Pitts has lead coverage on major issues impacting the economy both domestically and internationally.

As a five time author, Pitts was the winner of Canada’s National Business Book, Stampede: The Rise of the West and Canada’s New Power Elite. Pitt’s diverse understanding of business and economics will have an overall positive impact on the 2010 OES.

The Q&A session will feature Hamish McRae, one of Europe’s leading futurists on global economics, business and society. The inaugural evening will set the stage for what will be an exciting and noteworthy summit that will lay the groundwork for a more competitive and prosperous future for the Province.

The Ontario Chamber of Commerce with key partners and sponsors celebrated business success at the 28th annual Ontario Business Achievement Awards featuring the Ontario Global Trader Awards on September 20th, 2010.

12 Outstanding Business were recognized for their tenacity, creative vision, export excellence and entrepreneurial spirit. Read more about this event: http://occ.on.ca/2010/09/28th-annual-ontario-business-achievement-awards/