C grade for innovation

Photo: Contributed - iric.ca

An Ottawa-based think-tank says Canada's innovation record has improved but it still ranks only ninth among 16 peer countries and corporate spending on research has fallen to the bottom of the list.

The Conference Board of Canada says this country earned a C in the latest innovation report card.

That's an improvement from a D rating in the previous report, when Canada was ranked at 13th place.

The Conference Board says the latest analysis takes into account entrepreneurial ambition — a new measure that may account for some of Canada's improved scoring.

It says Canada's ranking also improved because venture capital investments rose in a number of provinces while venture capital spending has lagged in European countries since the recession.

However, it says Canadian corporate research and development spending has fallen to last place among the 16 countries.