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Canadian businesses are more innovative

Canadian businesses are more innovative

Posted on: 11/5/2018 | Author: ATB Financial's Economics + Research Team

​​Blockchain technology, artificial intelligence, and 3D printing are just a few technologies set to change the business landscape in 2019. According to the latest Statistics Canada Survey of Innovation and Business Strategy (SIBS), more Canadian businesses may be using these and other technologies to help their businesses.

Between 2015 and 2017, the number of innovative enterprises increased 12.5 percentage points to 79.3 per cent. That number is up from 63.5 per cent between 2010 and 2012 and 66.8 per cent between 2007 and 2009. Statistics Canada notes that the higher propensity to innovate by Canadian businesses may reflect the availability of affordable and accessible technological solutions.

The innovation rate was highest among large and medium-sized (85.9 per cent and 83.5 per cent) enterprises in 2015-2017. Small enterprises had an innovation rate of 78.3 per cent. Compared to 2010 to 2012, the most significant movement was among medium-sized enterprises, where rates increased 23 percentage points.

The most popular form of innovation was organizational. That is the introduction of new methods in business practices, workspace organization or external relations with other organizations. Organizational innovation remained the most prevalent of innovation types (59.5 per cent) in 2015-2017, increasing from 37.9 per cent in 2010-2012.

Marketing innovation was the second most popular type of innovation among Canadian businesses. This includes the use of new media or techniques for promotion, new methods of product placement or pricing, or changes to aesthetic design or packaging. Marketing innovation rates rose from 33.3 per cent in 2010-2012 to 54.4 per cent in 2015-2017.

Innovating by adopting the latest forms of technology is key for increasing the productivity and competitiveness of businesses. It also helps encourage economic growth.

Survey of Innovation, graph​​

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