Innovation policy and regional economic development: an overview of the cybersecurity sector in New Brunswick

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University of New Brunswick


Many jurisdictions globally are pursuing regional economic progress through innovation and entrepreneurship. The function of technological innovation as a major driver of economic growth has become widespread in developed economies. The term innovation policy is now generally used to describe policy that may have a role in supporting innovation. The utilization of such policies by various levels of governments in Canada to advance emerging sectors such as cybersecurity has generated considerable discourse among various stakeholders in academia, business, and government. Cybersecurity is among the fastest growing technology-based sectors in the world. The global cybersecurity market size is forecasted to grow exponentially in the near future. New Brunswick was the first province in Canada to develop a comprehensive provincial cybersecurity strategy as part of its innovation policy. This report reviews the provincial innovation policy and the growth of the cybersecurity sector in New Brunswick. Although regional economic development is a multifaceted topic, this report will be useful to policymakers in the evolving discussion on optimal use of innovation policy and programs by governments to promote economic development within a regional context.