Investing in research and development is vital to playing a part in the future of technology and innovation. Without spending money to advance new and growing technology sectors, it’s easy to get left behind in only a few years. Increasingly, Canadian business people are convinced that Canada isn’t doing enough to stay globally competitive in the high-tech sector.
In a report by Bloomberg Intelligence, data indicates Canada’s research and development (R&D) spending steadily lags behind the United States and the rest of the 35 countries making up the Organization for Economic Co-operation and Development (OECD). Canada only spent about one percent of GDP on research and development, while the average member country spent over 1.5 percent, with the U.S. spending over 2 percent.
Discussing these numbers, Globalive Holdings Chairman Anthony Lacavera, appearing on Bloomberg TV, said that Canada is missing out on big opportunities like artificial intelligence and autonomous vehicles. He says that if spending in Canada continues to lag behind other countries in the same way, the country risks getting left behind and becoming unable innovate in a competitive way in the international market.