Innovation is the key to global business success
UCW News Team | July 27, 2016
Forbes and Bloomberg have stated that Canada is the best country among the G20 nations for business. KMPG found that among the G7 group of countries, Canada has the lowest costs when it comes to research and development and one of the most competitive corporate tax rates with its 15 percent federal tax.
Therefore, it is not surprising that Canada is one of the best countries for start-ups and global businesses. In fact, the country has the distinction of attracting the highest foreign direct investment per capita between 2010 and 2014 within the G7, and it also offers the highest economic freedom among the G7, according to the Heritage Foundation.
Accelerator Centre Chief Executive Officer Paul Salvini, who was recently in Seoul for the Canada Investment and Innovation Forum, stated that in order to enter and succeed in the global marketplace, businesses have to be able to attract a diverse range of talent. Salvini said that innovation was the key to a talent pool of technically sound, creative and entrepreneurial professionals, and this, in turn, would allow companies access to global markets from the word go.
Salvini explained that Canada has centres of excellence that provide innovation, inspiration, education, discovery, incubation, and partnership. These centres function as business incubators and are spread across regions that have strong research capabilities and capacities.
The Consider Canada City Alliance, which promotes the country to international investors, has said that Canada provides political stability, the highest-educated workforce of all OECD nations, a high quality of life, access to North American markets, and competitive cost structures, making it an attractive destination for investors.
Salvini believes that Canada’s education lays the foundation for innovation, and this has helped the country become a success in business innovation. However, he went on to state that the real test begins when students are introduced to real-world problems.
Today, students are breaking convention and discovering innovative pathways. Incubation and acceleration help these innovations become tangible and commercially viable businesses. This, in turn, allows students to partner and connect with businesses around the world.
There is no doubt that innovation is the key to business growth and success in today’s world. The UCW MBA program understands this and has made innovation a part of its program. Students are encouraged to use critical thinking and analyses and provide novel solutions to real-world business problems. This nurtures the innovation that UCW MBA graduates put to use in their workplace to help their organizations succeed in a competitive business environment.