“More than a century ago, economist Joseph Schumpeter hypothesized that creative destruction — the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one — is driven by entrepreneurs. If that’s true, Canada needs to get better, quickly, at transforming leading research into digital businesses. Our future prosperity depends on it.” Despite Canada’s impressive R&D record, the country ranks fourth among G7 countries in terms of ease of doing business. Patricia Meredith writes that beyond the hurdle of bureaucratic red tape, “our financial institutions — accounting, banking and financing — have made life even more difficult for entrepreneurs because they have not kept up with the digital revolution.” It’s time, Meredith says, for an institutional renewal.
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