Council of Canadian Academies to launch assessment on Socio-economic Impacts of Innovation Investments

The Ontario Ministry of Economic Development and Innovation has asked the Council of Canadian Academies to assess best practices in measuring socio-economic outcomes and impacts of government spending on research and innovation activities that could be applied in the Ontario context.

In many developed and developing nations, innovation policy has become central to the efforts of governments at all levels to maintain their competitiveness in a global economy, which is increasingly becoming knowledge-based. The Government of Ontario has also made substantial investments in innovation, with the explicit aim of strengthening Ontario as a leading innovation-based economy.

However, the question remains: what are the best practices for policy-makers to evaluate and measure the impact of their investments in innovation in terms of socio-economic effects such as output, employment, tax, creation of new ventures, development of entrepreneurship and social impacts? The Council’s assessment will attempt to answer this question by drawing on experiences from other provinces and countries and adapting them to the Ontario context.

The Expert Panel on Socio-economic Impact of Innovation Investments is in the process of being assembled.

For more information visit the assessment page.

For more information, please contact:

Samantha Rae Ayoub

Communications and Publishing Director

Council of Canadian Academies

613 698-6765

samantha.rae@scienceadvice.ca