Nova Scotland Research And Development Case Study

Research and development (R&D) is a crucial contender in a province’s economic growth, Newfoundland and Labrador’s being no exception. Innovation is a key factor in the competitiveness of a region through the creation of new markets which stimulate employment rates, increase the efficiency as well as the quality of services and goods, and ultimately fuel the economy. Since R&D is both similar to as well as essential to the innovative process, R&D’s importance to the financial status is evident. Furthermore, due to NL’ recovering economic state, aging population, and historic dependency on natural resources, economic growth through R&D activities is a must.

For example, take a look at Nova Scotia, a fellow atlantic province famous for its lobster. However, they are also paving the path when it comes to ocean-based research and innovation. In the past, Nova Scotia was quite comparable to NL, with natural resources being pillars that held the province above water. However, again, just like NL, the area was hit with shutdowns of many of industries due to overexploitation. But that’s where a lot of the economic similarities end as the government of Nova Scotia then encouraged local R&D as well as innovation considerably, clearly boosting the province’s economy. …show more content…
Whether it be from a geneticist’s standpoint or from that of a marine biologist, there are endless opportunities that can improve this province’s financial