7 February 2023
Canada’s Top 100 Corporate R&D Spenders posted $13.92 billion in joint research and development spending in Fiscal 2021. This was a hefty increase of 10.9% over Fiscal 2020 among the 99 companies for which complete data were available, according to Research Infosource Inc., which released its annual ranking.
Leading the pack with $1.07 billion of R&D spending in Fiscal 2021 was Shopify Inc., with an impressive growth of 44.6%, moving them into the #1 spot on the list. Constellation Software Inc. ($965.2 million, up 19.3%) and TELUS Corporation ($799.0 million, up 44.5%) took second and third spots respectively. In Fiscal 2021, 92 companies reported revenue totaling $378.19 billion. Overall research intensity (R&D as a percent of revenue) among these companies was 3.1%.
Of the 99 firms for which complete data were available, an overwhelming majority (71) expanded their R&D spending, compared to 28 firms where R&D spending declined.
“Fiscal 2021 was a solid year for corporate R&D spending growth”, said Ron Freedman, CEO of Research Infosource. “A majority of firms grew their R&D spending, often by double and triple digits.”
Twenty-five (25) Top 100 companies gained membership in Research Infosource’s $100 Million Club of companies that posted over $100 million of R&D spending in Fiscal 2021. Club members accounted for combined R&D spending of $11.06 billion or 79% of total Top 100 R&D spending in Fiscal 2021.
Research Infosource is Canada’s source of R&D intelligence. Drawing from proprietary databases, Research Infosource publishes Canada’s Innovation Leaders, which includes Canada’s Top 100 Corporate R&D Spenders, Canada’s Top 50 Research Universities, Canada’s Top 40 Research Hospitals and Canada’s Top 50 Research Colleges. As well, Research Infosource publishes specialized reports.
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