It’s time to dispel the myth that Canadian businesses are risk averse

The Rideau Hall Foundation recently released a survey of 2,000 Canadians on matters such as what they think innovation is and their personal risk-taking tolerance.

Mr. Johnston is not alone. For years, media, pundits and policy makers have used cultural theories to explain a dearth of innovation, even as many acknowledge that there is no hard data to support such assertions.

Statistics Canada data underscores this reality. In a 2019 report, it reported that of the 1.18-million small-and-medium sized businesses in Canada, only 3,000 have more than 500 employees. The majority of businesses — more than a million of them — are small, with between 1 and 99 employees. High-growth firms only represent 3.2 per cent of all businesses.

Governments at all levels now use the rhetoric of scale-ups in their innovation policy frameworks. However, much of the actual policy resembles that of the previous generation aiming to solve the entrepreneurship issue, via funding for incubators, accelerators and university research. They have also focused on luring foreign multinational technology companies to establish branch plants and on preserving jobs in declining industries with public funds.

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