Canada may be one of the wealthier countries on the planet, we are a member of the G8 and we are attached at the hip to the largest economy in the world, but that world is changing. New jobs are created as technology and innovation propel an economy forward. In Canada’s case, we’ve been slow in joining the new economy; the one that involves creating those technologies, materials, systems, and jobs, necessary to meet the needs of people and firms in the 21^st century. This is according to an article in the Epoch times. The article quotes Gregory Smith, the president of Canada’s Venture Capital & Private Equity Association. Smith voices concern in the article regarding the decline in investment in the Canadian technology sector, as much as 35% in 2008, and emphasizes the importance of an integrated approach to making Canada a competitive and innovative technology producer. As Mathew Little, of the Epoch Times summarizes:

“Those elements include investment, infrastructure, relationships with universities and centers of excellence, entrepreneurs, and large innovation-based companies that provide a snowball effect that grows the entire ecosystem.”

You know…like in other countries.

This comes at the same time that a panel of experts from universities, government, and private businesses, raise concern that Canada is at risk of losing researchers in nanotechnology because of a lack of support from the Government. There’s plenty of support from federal and provincial governments to keep our unsustainable fisheries and tar sand production going though.

We can’t survive on selling raw resources forever here people (er…government). Depending on raw, unprocessed, value un-added resources makes our economy basically a wealthier version of a less developed country. Yes we have Bombardier, yes we have RIM, and yes we have Vancouver’s Thirdi, thank goodness there’s that, but Venture capital has been shouldering the burden of innovation and technology in this country for too long without some help. Subsidies to old and inefficient industries keep us stuck in the old economics, and the old economy. Initiatives and incentives for innovative technology, green tech, and other modern companies will propel us into the new economy. Support for R&D from the Canadian government (like in the US) and incentives (TAX BREAK PLEASE) for venture capital to focus once again on Canadian innovation and technology will create jobs, will create solutions, and will put Canada on competitive footing when the global economy really gets going again. Or we can continue to cut trees down and dig things out of the ground, while the rest of the world makes history around us.

Related posts:

1. Canada to become an unrivaled technology hub
2. Rogers Ventures gives needed support to Canadian technology start-ups
3. Canadian parents obstructing our ICT sector? Whuddya wanna do with your life!

Tags: Bombardier, green tech, Nanotechnology, RIM, Tar Sands, Thirdi, Venture Capital

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