Fostering Innovation Presented to Treasury Board Secretariat June

Fostering Innovation Presented to: Treasury Board Secretariat June 12, 2018

Case for Change � Rapid technological change and innovation � Need for the regulatory system to facilitate safe and efficient entry into the market � Advisory Council of Economic Growth: “…catalyze innovation across the economy through regulations that accommodate emerging technologies and business models, especially in high-potential sectors. ”

Areas of Focus � Foresight ◦ Regulator to maintain high levels of awareness of innovations in product/service development ◦ Regulator to provide innovators with certainty New Pro Step 1 duc Step 2 t De velo Step 4 pme Step 5 Step 3 ent m n iro nv E ory t a l u Reg nt Successful Entrance to Market

Areas of Focus � Responsive Regulatory Frameworks ◦ Manage risks through a mix of tools ◦ Enable agility in the regulatory system ◦ Enhance expertise/competence

Areas of Focus � Building trust ◦ Matrix relationship between the public, the innovator and the regulator ◦ Leverage open government initiatives to develop and understand innovations Public Trust Innovator Regulator

Recommendations � Fund public policy and regulatory activities (e. g. , advisory boards, forums) at the outset of government initiatives that support research and innovation � Make third-party interlocutors (e. g. , Business Development Bank of Canada) available to innovators

Recommendations � Build capacity so that federal regulators are better able to assess technological risk and accommodate innovative technologies and business models � Support review and amendment of existing regulatory frameworks to enable innovative technologies and business models

Recommendations � To build and maintain trust, disseminate more plain language information to make regulatory decisions better understood by the public. � Bring together the regulator, the industry/innovators and the public more frequently.

Conclusion