The Hill Times
TORONTO—There is this persistent Canadian idea that we are poised to become one of the top five innovation nations in the world. When he was industry minister, Navdeep Bains boasted his policies would accomplish this. His successor, François-Philippe Champagne, talks in similar boastful terms. Yet, we seem stuck much lower in global innovation rankings despite the accomplishments we do have, and the efforts of Canadian talent and entrepreneurs to do better.
This means greater reliance on equity rather than debt financing for young companies with access to patient equity capital so that they have the opportunity to scale up and grow into significant Canadian-owned corporations for future prosperity. We have lots of money in Canada—in our pension funds, for example. But today we are major exporters of capital rather than investing more at home.
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