Commercializing innovation in the marketing industry

In his mandate letter to Canada’s new Minister of Innovation, Science and Economic Development, Prime Minister Justin Trudeau noted that one of his government’s top priorities is the development of an Innovation Agenda designed to “encourage innovation, trade and the growth of Canadian businesses.”

And, our CEO Adam Froman believes there is a great opportunity within that Agenda for the Liberal government to create policies that will support the innovation sector and help Canadian businesses scale up.

In a new article for Marketing Magazine, Adam says there is much that can be done to support innovation in Canada—and the first step is expanding the definition of what an innovation firm truly is.

“There are a growing number of companies in various industry sectors that are emerging as non-traditional innovation firms—these range from consulting firms to advertising agencies to market research firms and even manufacturers,” Adam writes. “They are using technology in innovative ways to adapt their businesses to the digital economy and some are even commercializing their innovation into new digital businesses. These companies present a significant opportunity to create jobs and wealth in Canada as part of the federal government’s Innovation Agenda.”

Adam notes that, like Delvinia, many of these companies are self-funded and through the success of commercializing their own technology-enabled innovations, they are now experiencing significant growth.

However, as the article says, “If you’re not a startup and aren’t building a new technology, then it can be very difficult to benefit from existing government innovation programs.”

Adam believes that by crafting policies that create incentives for companies to continue to commercialize and remain in Canada as they scale up globally, the government can realize their Innovation Agenda and help to create great Canadian innovation companies.

To read Adam’s article in its entirety, please visit Marketing Magazine’s website.

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