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Home : Innovation
Innovation: Building a 21st Century Economy in Western Canada
What is Innovation?
Innovation is the process of transforming knowledge into new products, processes and services-which in turn generate new economic and social benefits. For this process to succeed, a complete system must be available that supports the movement of a new idea from the initial concept stage, through the research and development phase, and on to a commercialized, ready-for-market product. A highly developed innovation system, or "cluster", is focused on a specific area of strength and includes:
- Universities, research facilities, industry, government labs, and other "knowledge infrastructure" that develop new technologies and a skilled workforce
- Early stage venture capital financing to help bring technologies to markets
- Industry associations and other organizations that link the players in the innovation system
- Firms capable of developing and adopting new technologies, and that are connected to local and global markets
- A business environment that fosters innovation
What's the WD Connection?
WD works to improve knowledge infrastructure and capacity, to enhance technology commercialization, to help communities develop and implement innovation strategies, and to enhance the coordination and alignment of innovation priorities between innovation-system players.
Making Canada one of the most innovative countries in the world is a top priority for the Government of Canada, and for WD.
Innovation is an important element in developing regional economies, capitalizing on new opportunities and accessing global markets. WD acts as a catalyst by promoting innovation in communities throughout Western Canada.
Through investments and partnership building, WD works to accelerate the rate of technology transfer and commercialization, and increase cooperation between universities and industry. Collaborative initiatives range from joint investments and multilateral agreements between governments to cooperative arrangements involving industry associations and research institutions. WD's investments leverage public and private-sector funding to help build technology clusters in several sectors, including:
- Life Sciences – biotechnology, genomics, proteomics, health technologies
- Information Technology – new media, telehealth, geomatics
- Environmental Technology – fuel cells, water quality, alternative energy
- Other Technologies – wireless technology, design engineering, synchrotron, composite materials and micro/nanotechnology
WD investments aim to close the gap between the discovery of new ideas and the marketing of new products and services. WD builds on its direct investments in research and technology development by funding:
- Technology commercialization offices at universities and other research institutions;
- Technology incubators;
- National Research Council's Industrial Research Assistance Program ($3 million annually).
What's been accomplished?
Since its inception in 1987, WD has invested roughly $2.7 billion in Western Canada – and much of that in innovation. In 2002-2003 alone, WD invested $54.9 million, or 60 per cent of all new approved projects, to support innovation in the West, leveraging a total of $155 million. In other words, for every dollar WD invested, another $1.82 was leveraged.
According to a recent evaluation by Ference Weicker & Company, 89 per cent of WD funding recipients surveyed indicated that their project would not have gone ahead without WD support.
WD has invested in a wide range of innovative projects and sectors in Western Canada, including:
What's on the horizon?
WD will continue to act as a catalyst for innovation in Western Canada through partnerships and strategic investments that encourage technology development and commercialization. WD will also continue to foster emerging sectors, such as environmental technologies, that promise opportunity and benefits for western businesses, research institutions, and Canadians.
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