When times are tough, the tough start innovating

Uncertain economic times may be leading some companies to skimp on investing in innovation, but not in Canada, a survey of business executives in 22 countries suggests. Commissioned by GE, the second annual “Global Innovation Barometer” found that 75% of global executives are reassessing the risks of innovation and more than 60% say it has become more difficult to obtain funding for innovation. Canadian executives, however, are more optimistic about the future of innovation in this country. “Canadians share a global conviction that innovation is a key driver of economic transformation,” says Elyse Allan, President and CEO of GE Canada. At the same time, the GE study contains some important lessons for Canada.  “We need to increase the speed at which innovative products are coming to market, improve the efficiency of public/private support, and tell a stronger story globally, if we want to improve productivity and drive next-generation innovation,” Allan says.