Inventive spirit thrives in Canada despite challenges: Study



    
    Majority of Canadians have product ideas but lack of direction and
    funding prevents development of ideas
    

    TORONTO, April 2 /CNW/ - A national study commissioned by Nytric Limited,
a leader in Canadian innovation consulting, reveals that a majority of
Canadians have had ideas for new products, and many have considered marketing
their invention. However, the survey results identify specific barriers that
prevent inventive Canadians from realizing the potential of their ideas.
    When it comes to innovation, Canadians hold one another in high regard:
Seventy-six per cent of respondents perceive Canadians to be innovative. Three
out of five Canadians have acted on their innovative impulses and conceived
new product ideas; 14 per cent of Canadians have considered actively marketing
their ideas, according to survey results.
    "There has never been a better time for Canadians to pursue their
inventive spirit," says Av Utukuri, president and CTO of Nytric Ltd.
"Challenging economic times force us to seek out creative solutions to
everyday problems."
    Although Canada is seen as innovative, the survey reveals that many
Canadians face barriers in bringing their inventions to market. Sixty-six per
cent of respondents believe that not knowing where to start, and a lack of
funding, are the two greatest obstacles preventing them from further
developing their new product ideas.
    "Fostering innovation and entrepreneurship in Canada is essential to our
economic future. We should not only invest in our human capital, but also in
the innovative concepts developed by these enterprising Canadians," says
Utukuri. "Who knows what ideas have the potential to transform Canadian
businesses or whole industries?"

    
    Additional survey results:

    -   Only eight per cent of Canadians are aware that the electric oven is
        a Canadian invention.
    -   Most Canadians are aware that the goalie mask (71%), telephone (61%)
        and snowblower (56%) were invented by Canadians.
    -   Quebec has the lowest perception of Canadians as innovative (58%),
        while British Columbia has the highest (86%).
    -   Men are more likely than women to have new product ideas (66% vs.
        52%).
    

    An advocate for innovation, Nytric helps bring to life unique product
ideas like It's a Wrap - a state-of-the-art, fully-automated machine that
wraps and bands silverware in a table napkin for restaurants and hospitals -
and the P5 Glove - a wearable human interface device (HID) that offers a new
mode of 3D gaming interaction.
    In a bid to uncover and celebrate Canadian innovation, Nytric created the
Great Canadian Innovation Competition, a nation-wide search for the most
ground-breaking product ideas. The 2009 contest is currently underway; entries
close May 1, 2009, at midnight.

    
    About the Survey
    ----------------

    The online survey of 1,508 Canadian adults was conducted for Nytric
Limited by Leger Marketing between March 4th and March 8th, 2009. This method
simulates a probability sample which would yield a maximum margin of error of
+/-2.5%, 19 times out of 20.

    About Nytric:
    -------------
    

    Founded in 1999, Nytric is an innovation consulting and venture
technology firm that turns pioneering ideas into successful products. The
Nytric engineering team takes cutting-edge technologies from back-of-a-napkin
sketches to fully-functional, marketable products. Nytric's services span the
engineering spectrum, from hardware and software design to electronics,
mechanics and industrial design. The company also provides fixed-cost
feasibility studies, assists clients with R&D funding applications,
commercializes the finished product and coordinates off-shore or local
manufacturing agreements. With a complete concept-to-market solution and a
shared-risk financial model, Nytric is redefining innovation, providing
innovators and inventors around the world with the resources necessary to
create breakthrough technological innovation worldwide.
    For more information, please visit www.nytric.com




For further information:

For further information: For media enquiries, please contact: Gema Rayo,
Nazia Khan, Environics Communications, (416) 969-2665, (416) 969-2781,
grayo@environicspr.com, nkhan@environicspr.com

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