The first Action Canada conference was an intensive, exciting and thought-provoking five days spent in Quebec. On my way back to Toronto, I found myself reflecting on a talk given by Dr. Gilles Patry, President and CEO of the Canada Foundation for Innovation.
We were sitting in a conference room in Wendake, traditional home of the Huron-Wendat Nation and close to historic Quebec City, which may seem like an unexpected venue for a talk about innovation. However, Dr. Patry did exactly that. I enjoyed the session and resulting discussion on the issue of innovation and competitiveness in a global context.
Why does innovation matter? Dr. Patry made the argument that it matters because innovation, particularly, technological innovation, leads to wealth creation which results in a higher quality of life. High quality of life is one of our strengths and Canadian cities are often ranked among some of the best places to live globally. Innovation also matters, because we are transitioning from a resource-based economy to a knowledge-based economy. To stay globally competitive, we must innovate.
Dr. Patry talked about the importance of translating ideas into successful businesses. The path between ideation and formation of a successful business includes converting the idea into an invention, which then translates into a product, which can then be used to create a business. He emphasized the need to focus our efforts on keeping companies Canadian.
Dr. Patry also touched upon the sensitive topic of artificially protecting Canadian companies through regulations, such as the ones we see in the telecommunication industry. I found myself in agreement when he made the argument that regulations actually prevent innovation, and we have to work towards deregulating the markets. He ended his talk by saying, to promote grass root innovation we have to develop and celebrate the culture of innovation and entrepreneurship.
I believe innovation matters, and Dr. Patry inspired me to find this quote in Inventing Canada by Ron Mayer. “Our innovators have given novelty, variety, and color to our lives with their great practical gifts, and the world would be an exceedingly boring and grey place without their vitality.”
