Inventive spirit thrives in Canada despite challenges, study says
A majority of Canadians have product ideas but lack of direction and funding prevents development of ideas.
A national study by innovation consultant Nytric Ltd. reveals that a majority of Canadians have had ideas for new products, and many have considered marketing their invention. However, the results identify specific barriers that prevent inventive Canadians from realizing their potential.
When it comes to innovation, the survey of 1,508 adults shows Canadians hold one another in high regard: 76 percent of respondents perceive Canadians to be innovative. Three out of five Canadians have acted on their innovative impulses and conceived new product ideas; 14 percent of Canadians have considered actively marketing their ideas, according to survey results.
“There has never been a better time for Canadians to pursue their inventive spirit,” says Av Utukuri, president and CTO of Nytric. “Challenging economic times force us to seek out creative solutions to everyday problems.”
Although Canada is seen as innovative, the survey reveals that many Canadians face barriers in bringing their inventions to market. Sixty-six percent of respondents believe that not knowing where to start, and a lack of funding, are the two greatest obstacles preventing them from further developing their new product ideas.
“Fostering innovation and entrepreneurship in Canada is essential to our economic future. We should not only invest in our human capital, but also in the innovative concepts developed by these enterprising Canadians,” Utukuri says. “Who knows what ideas have the potential to transform Canadian businesses or whole industries?”
An advocate for innovation, Nytric helps bring to life unique product ideas like It’s a Wrap—a state-of-the-art, fully-automated machine that wraps and bands silverware in a table napkin for restaurants and hospitals—and the P5 Glove—a wearable human interface device (HID) that offers a new mode of 3D gaming interaction.
In a bid to uncover and celebrate Canadian innovation, Nytric created the Great Canadian Innovation Competition, a nation-wide search for the most groundbreaking product ideas. The 2009 contest is currently underway; entries close May 1 at midnight.