VIDEO: Canadian firms use the least successful innovation strategies

Canadian companies that focus on expanding into competitive global markets outside of North America—and orient their innovation efforts to compete globally—reap the best bottom-line results. However, only about one-sixth of Canadian firms adopt an innovation strategy that focuses on competing in international markets, according to “2012 Survey Findings: The State of Firm-Level Innovation in Canada,” published by The Conference Board of Canada’s Centre for Business Innovation.

“Few companies pick the most successful innovation strategy of expanding to provide products and services to new international markets, even though these firms earn between 10 and 30 per cent more net income than their counterparts using other approaches,” said Bruce Good, executive director of the Centre for Business Innovation. “Most Canadian firms prefer to operate within provincial or national borders—or in North America—rather than competing in international markets.”