After hearing the news about Canada's new tarriff on EV vehicles from China, I opened my laptop this morning to read the Harvard Business Review newsletter and saw the article attached about the four strengths of China's ecomony and what it means for multinational companies who want to compete with them. While most of our 5300+ CFIN members are SME's creating new consumer food offerings or foodtech and science driven start ups, I think this article is still very relevant as it raises the question: Can Canada's IP driven food sector innovations win globally?
It's a fair question; as the article points out "China leads in 53 out of 64 critical technological fields, according to the Australian Strategic Policy Institute. This success is built on centralized planning and control, but also features ruthless competition that produces global winners able to compete on price and quality in developed and emerging economies alike. No other country can match China's market scale, or consumer enthusiasm for the latest tech wizardry."
I tend to be an optimist and to think that Canada has a lot to offer the world when it comes to solving global food problems but I want to hear what you think and to hear your ideas about how Canada can support food innovators so that they can compete globally against not just China but all other markets.
What are we doing now that is special?
What can we start doing to be more globally relevant and comptetitive?
Super interesting, thank you Dana for sharing this. From my point of view, the Canadian food industry enjoys an excellent reputation internationally; Canadian products and services are synonymous with quality and food safety. We stand out for our agility, our ability to constantly innovate. Another factor that distinguishes us internationally and makes us attractive as a market and as partners is our geographical location, neighbouring the Americans. I agree with Hubba, we need to increase our value by promoting and enhancing intellectual property with commercial value. Finally, one of the advantages of Canadian companies is the collaboration and support from organizations such as the CFIA to support their growth through, yes, grants, financing, but also through networking that helps projects move further and faster.
Dana, I see both the challenges and the immense potential we have in Canada's food sector. Speaking of the Prairies, I see remarkable advancements in plant-based proteins (some excellent ones showcased at Protein Symposium) and food processing technologies. As evident through our funding recipients, all across Canada, companies are also developing new ways to reduce environmental impact and create more sustainable products.
Where I see massive opportunity: Strengthening our IP protection and building greater global networks - we need to make sure Canada's food innovators have robust IP protection to safeguard their innovation (this also gives them the confidence to expand internationally). Also, supporting them and creating create more opportunities for our companies to enter global markets.