OTTAWA — The us government is closely studying tips about how to help Canadian tech startups come to be global testimonials — transformations that could eventually provide a boost for the ailing economy.
Trudeau’s rebranding of Canada offers sunshine to Davos, but it is cold comfort for battered oilpatch
In an address in Davos, Prime Minister Justin Trudeau distanced Canada from the natural resource economy (i.e. oil and gas), and instead played up its economic diversity and it is technology brainpower in their efforts to “rebrand” the country
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The findings of the recent report are under analysis by the Liberal government, that has also been told internally that building small and medium tech firms into billion-dollar players remains a key challenge.
The review comes amid debate how better to revive the economy, which is experiencing low commodity prices.
The study, commissioned by the federal and Ontario governments, outlines possible ways of help budding entrepreneurs become high-growth operations.
Some startups pack the possibility to eventually drive national prosperity and be “significant employers of tomorrow,” said the September document made by the Centre for Digital Entrepreneurship and Economic Performance, an economic think-tank.
The research into the findings comes as the Liberals prepare their first budget, expected late next month. Some anticipate the fiscal blueprint to include measures to enhance the tech and startup sectors.
“Within an environment of stagnant domestic growth and continued global economic uncertainty, Canada has a quantity of critical economic priorities to deal with in the months and years ahead,” the research says.
Along with diversifying the economy and expanding trade and exports, the document highlights the need to turn research and technological innovation into high-growth Canadian firms that compete on the global stage.
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To make it happen, it explored six “priority areas” for Canada:
— Focus on better identifying companies rich in potential and enable them to scale up.
— Improve accountability by demanding better reporting and more data transparency from startup assistance groups — like business incubators and accelerators. It’s seen as a method to shed more light around the actual return on public investments.
— Attract more large corporations to sign up in the success of Canadian incubators and accelerators. These partnerships tend to be more common in the United States.
— Boost the quality of mentor programs by connecting more high-potential companies with business leaders who’ve experience building billion-dollar tech firms.
— Boost the exposure of startups to international markets.
— Explore new models to improve the function of investors in startups.
“Canada’s continued underperformance on the creation of high-growth firms, and limited transactional activity within its startup community, talks to real weaknesses in the entrepreneurial support ecosystem,” said the report, commissioned underneath the previous Conservative government.
The new government confirmed it will read the document to help its knowledge of how incubators and accelerators can “drive innovation, entrepreneurship and also the global competitiveness of Canadian companies,” Hans Parmar, a spokesman for Innovation, Science and Economic Development Canada, wrote in an email.
The government, he added, is dedicated to developing policy based on sound evidence.
Internally, a federal memo prepared last be seduced by the deputy minister of Industry Canada, said the six priority areas in the findings “could be taken by governments and also the BABI industry (business accelerators and business incubators) to assist address weaknesses in Canada’s entrepreneurial support system.”
The memo and the report were obtained through the Canadian Press underneath the Use of Information Act. A form of the research has also been posted on the think-tank’s website.
Meanwhile, “secret” briefing material sought to draw the interest of Navdeep Bains, the new Economic Development minister, to several “key regions of challenge” facing Canada and businesses within the global digital economy.
Growing small- and medium-sized tech firms to join the ranks of high-growth and billion-dollar companies was among the important challenges, said the “hot issues” memo. The document was also obtained through the Canadian Press under the Access to Information Act.
Since coming to power last fall, the Liberals have emphasized the country’s knowledge-based economy.
Last month, Pm Justin Trudeau used a high-profile international speech to promote the idea that Canada has more to provide than simply commodities, although he acknowledged these were still an essential part of the economy.
“My predecessor wanted you to definitely know Canada because of its resources,” Trudeau told the World Economic Forum in Davos, Switzerland. “I really want you to understand Canadians for our resourcefulness.”
The Canadian Press
