IRAP is building a competitive advantage for canada through excellence in science and technology (Views: 3086)
Tue, 28 Jan 2014
Stephen Poloz, Governor of the Bank of Canada, expects that the plunge in the value of the Canadian dollar will help exports recover from 23 months of consecutive trade deficits. Although a 90 cent dollar will definitely favor Canadian exporters and the trade balance, the real problems are Canada’s commodity-linked export base, its declining international competitiveness, and its sluggish growth in productivity.
Focusing on long-term solutions, the National Research Council of Canada (NRC) is convinced that access to new international markets and achieving lasting competitiveness must be founded on excellence in science and technology. With these goals in mind, the NRC’s Industrial Research Assistance Program (IRAP) provides innovation and funding services customized to the specific needs of small and medium-sized enterprises (SMEs) and helps accelerate their business growth through innovation and technology. Similar complementary NRC initiatives include the Venture Capital Action Plan (VCAP) and the Digital Technology Adoption Pilot Program (DTAPP).
We can easily see why the NRC is placing so much emphasis on these initiatives when we reflect on how technology is providing companies with the tools and know-how to research new business opportunities and keep ahead of the competition, improve communication with customers, increase the efficiency of operations, create a better team dynamic within the business, and improve security.
The Digital Technology Adoption Pilot Program, for example, is designed to speed up the rate at which SMEs in Canada adopt digital technology and build digital skills as well as understand how the adoption of digital technologies can impact their potential for productivity growth. Likewise, recognizing that the availability of venture capital financing is an important driver of a successful private-sector-led venture capital sector, the Venture Capital Action Plan, announced in January, 2013, will deploy $400 million in new capital over the next 7 to 10 years to strengthen venture capital in Canada and is expected to attract close to $1 billion in new private sector investments in funds of funds.
Undoubtedly, the high cost of research, innovation, and the introduction of new technologies has represented a significant obstacle for the majority of small and medium-sized enterprises. However, the above-mentioned NRC initiatives address this issue, and SMEs are encouraged to look into and take advantage of these programs in order to place themselves in a better position to innovate, develop and implement new technologies, and improve their productivity and competitiveness in local and foreign markets.
For more detailed information on each of these programs, please take advantage of the links included above.
By Stephen Hanley
Leave a comment
Please complete empty fields.
