Western Economic Diversification Canada
www.wd-deo.gc.ca
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Entrepreneurship and Innovation
Strategic Outcome:
A competitive and expanded business sector in Western Canada and a strengthened Western Canadian innovation system.
- One of the department’s more challenging risks in this outcome area is associated with the need to improve the technology commercialization success in Western Canada. Knowledge-based research and development is critical to the new economy, and there is significant opportunity in key sectors to improve the performance, and, in turn, Canada’s economic performance in the global economy. Advantage Canada articulates clear direction in this area, and the department aligns itself with this agenda.
- The dominance of the energy and resources sectors in Western Canada is both a risk and strength for the economy. Capital investment in the dominant industry is strong, but it has implication for access to capital in emerging sectors. WD has made increasing access to capital a priority as a means to achieve a competitive and expanded business sector.
Innovation drives business growth and competitiveness, and the future of Western Canada’s economy and continued success will be determined by the degree to which our businesses and industries adapt to, and engage in, growing and competitive markets. WD has set a series of priorities in this outcome area to help ensure this occurs.
Program Priorities:
1. Technology Commercialization – In order to facilitate the translation of knowledge and technology into commercial opportunities, WD will make strategic investments in technology commercialization and adoption projects leading to an increase in the number of technologies developed in research institutions that have commercialization potential, and an increase in technologies adopted by existing firms.
2. Trade and Investment – WD recognizes that the region’s interests are best served as part of a coordinated national trade agenda, with many trade and investment partners working together on improving international competitiveness and strengthening trade and economic corridors of importance to the West. WD will focus its efforts on enhancing SME participation in international business development; enhancing investment attraction and branding; and enhancing trade corridors between the US, Asia-Pacific and Western Canada.
3. Business Productivity & Competitiveness – To support the growth and competitiveness of western Canadian small business, WD will focus on:
The risks that might impact our outcomes, and ways these risks are managed, include:
- Western Canada is also a relatively small market, with strong trade interests and appetites. This means the economy is at risk due to fluctuations in the global trading and investment environment, but similarly at risk if strong trade ties are not pursued by our emerging businesses. WD focuses on improving trade corridors, diversifying markets for business, and helping SMEs and industries to compete in the global economy.
- A major risk to the Western Canadian and national economy is one associated with a relative lack of competitiveness and productivity. Without advances here, the long-term strength and sustainability of the economy is at risk. WD has made investments that improve productivity and competitiveness a priority to help ensure this risk is managed.
- improving access to risk capital and business services to SMEs through programs and services offered in conjunction with other business services organizations and associations, in order to improve general availability, and the coordination and collaboration on investments and service delivery; and
- working with western Canadian business, industry and research organizations to undertake systemic initiatives to enhance business productivity and competitiveness. Activities supported by WD in this area may include promoting awareness and adoption of new management and business practices (i.e. lean manufacturing), access to supply chains, creation of business networks and access to skilled labour.
4. Rural Diversification – WD will promote rural diversification through support for projects that will increase the capacity in rural communities to undertake applied R&D and value-added processing and encourage new opportunities for skilled employment. In addition to supporting projects, the department will undertake research to identify opportunities to further diversify the rural western Canadian economy.
Other Areas of Opportunity:
Increasing value added-processing in resource and manufacturing sectors of the economy by supporting systemic or industry-wide initiatives in priority sectors to introduce new products, technologies, or innovations to existing production and processes.
We will measure our success for this strategic outcome by:
- Real gross domestic product (GDP) growth;
- International Trade: Value of exports, excluding primary production sectors ($ millions); and
- Research and Development (R&D) Intensity: Gross Domestic Expenditures on R&D (GERD) as a percentage of GDP.
