Introduction
In the dynamic realm of science and innovation, the Canadian Federal Government has historically played a pivotal role in nurturing activities that foster the creation of new ideas and their transformation into marketable products.
However, a recent commentary by Charles Plant via the C.D. Howe Institute reveals an interesting trend in government budgets and discussions — a notable emphasis on research and innovation, while seemingly overlooking the critical aspect of a commercialization plan.
In this blog post, we delve deeper into this phenomenon, exploring the government's focus on research and innovation, the neglected potential of a robust commercialization plan, and the implications of this approach.
Research and Innovation vs. Commercialization Plan
A word count analysis of federal budgets spanning from 2012 to 2022 unveils a significant disparity in the emphasis placed on research and innovation compared to that on a commercialization plan.
The former has been mentioned 34 times more frequently, indicating a clear preference for activities that generate new ideas and products, rather than those that guide these products to the market through a well-structured commercialization plan.
The Neglected Role of Marketing and Sales in the Commercialization Plan
Surprisingly, discussions surrounding science and innovation in Canada rarely address the importance of marketing and sales, which are integral components of a commercialization plan.
This oversight is evident in the Innovation, Science and Economic Development Canada's (ISED) 2022-2023 Departmental Plan, where the term "marketing" is conspicuously absent.
This reflects a common misconception that a superior product alone guarantees commercial success, undermining the pivotal role a commercialization plan plays in driving technology acceptance in the market.
Potential Implications of an Inadequate Commercialization Plan
The government's limited focus on marketing and sales programs, which are core to any commercialization plan, raises questions about its role in responding to an unclear market.
Surprisingly, discussions surrounding science and innovation in Canada rarely address the importance of marketing and sales, which are integral components of a commercialization plan.
While research and innovation are undeniably vital, the absence of a well-rounded commercialization plan can hinder even the most groundbreaking technologies from gaining traction.
This neglect may inadvertently impede the commercial success of Canadian innovations.
Conclusion
While the government’s emphasis on research and innovation is commendable, it is high time to acknowledge the indispensable role of a commercialization plan in bringing new products to market.
By overlooking this aspect, the government misses out on opportunities to support the successful adoption and commercialization of Canadian technologies.
A more balanced approach, which considers both research and innovation alongside a comprehensive commercialization plan, could pave the way for greater success in the innovation ecosystem.
Sources
Plant, Charles. (2023, August 1). The Missing Ingredient: Solving Canada’s Shortcomings in Growing Large Firms and Increasing Productivity. C.D. Howe Institute.
About the Author
Chris Herbert spearheads Mi6 Agency, emphasizing small business growth and entrepreneurship. On the agency's blog, he offers practical marketing insights and solutions to unique challenges faced by businesses. Herbert advocates for sustainable and responsible growth. His "Rural Entrepreneur Podcast" extends this mission, providing essential advice and experiences for entrepreneurs. He adopts a comprehensive approach, focusing on building sustainable businesses, community engagement, and active participation in entrepreneurial ventures.
