‘Innovation’ is a key factor in the diversification of Newfoundland and Labrador’s economy. Innovation in product, process, service, business model, or market segmentation contributes to the long-term international competitiveness of firms and industries by improving productivity, creating new jobs, and driving new growth.
From a green economy perspective, Newfoundland and Labrador’s balance between economy and environment is challenged by its distance from large markets, population geography, and natural resource dependence. New and creative ideas are required to develop the unique solutions needed to avoid or mitigate the environmental effects of business activities. The solutions found in Newfoundland and Labrador can be exported to other remote, island, or ocean environments.
As innovation does not happen in isolation, and as this province scores low in innovation metrics compared to other jurisdictions, the private sector in Newfoundland and Labrador needs support in establishing the culture necessary to foster innovation.