We need a culture that recognizes there are tremendous risks in not taking risks
entrepreneurial values, especially the acceptance of competition and teaching children to be independent.
That’s partly because of Canada’s good fortune in terms of natural resources, stability and ready access to the American market, which influence Canadians to have a culture of complacency. Necessity is the mother of invention, and our lack of necessity has made us risk averse. We need an entrepreneurial culture that recognizes there are also tremendous risks in not taking risks.citizens of other G7 countries in citing “fear of failure” as a roadblock to becoming an entrepreneur.
Global innovation rankings show that Canada performs abysmally compared with its peers in key entrepreneurial competencies. According to a survey by the Conference Board, Canada13th out of 16 peer countries in terms of its innovation index, which assesses 21 measures such as patents by population and new firm creation.
Also, while Canada is a global leader in research, we do an exceptionally poor job at commercializing our scientific discoveries. For instance, while many of the fundamental breakthroughs in generative artificial intelligence took place in Canada, most of the economic benefits are going to other countries.
Canada’s lack of entrepreneurial culture results in companies being too risk averse, and investing too little in research and development. In real terms, Canada’s research spending
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