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 benefits. For this process to succeed, a complete system must be available that supports the movement of a new idea from initial concept, through research and development, to a 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, and
- business environment that fosters innovation.
What's the WD Connection?
WD is helping to improve western innovation by investing in technology clusters in several key sectors, including:
- Life Sciences – biotechnology, genomics, proteomics, health technologies,
- Information and Communications Technology – new media, wireless technology, telehealth, geomatics,
- Other Technologies – synchrotron, environmental technologies, composite materials and micro/nanotechnology.
We also build on our direct investments in research and technology development by funding:
- Technology commercialization offices at universities and other research institutions,
- Internships to create HQP (Highly Qualified Personnel) with expertise in technology commercialization.
What programs are available?
WD supports a number of programs that are helping Western Canada succeed in the 21st century economy:
- Western Diversification Program (WDP) (eligibility criteria) is the main program through which WD invests in projects that support our strategic priorities of innovation, entrepreneurship and community economic development.
- Western Economic Partnership Agreements (WEPAs) (eligibility criteria) are multi-year funding commitments to strengthen economic activity and improve quality of life in western communities. WEPAs are cost-shared equally with each of the four western provinces, with a total of $200 million allocated to initiatives identified as federal and provincial priorities. Specific priorities in some regions include tourism revitalization, development and promotion of environmental technologies, and ground-breaking health technology research and development.
- Canada Foundation for Innovation Support Program (eligibility criteria) reimburses qualified western research institutions up to 90 per cent of eligible direct costs incurred, to a maximum of $20,000, to assist with the cost of preparing a Canada Foundation for Innovation proposal.
What's been accomplished?
According to a recent evaluation by Ference Weicker & Company [WD: A Catalyst for Innovation in Western Canada], WD is an effective catalyst for western innovation; 89 per cent of WD funding recipients surveyed indicated their project would not have gone ahead without our involvement.
In addition, WD funding helps to attract additional investment in western innovation. For example, in 2004-2005, our $53 million investment in innovation – 44 per cent of all new approved projects – leveraged $176.6 million. In other words, every dollar we contributed attracted another $3.33 from other sources.
WD has invested in a wide range of innovative projects and sectors in Western Canada, including:
- Environmental Technologies
- Fuel Cells
- Canadian Light Source
- Other initiatives and innovation related projects
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 health innovation, that promise opportunity and benefits for western businesses, research institutions and Canadians.