Liz Lance

Passionate About Technology & Innovation

What is innovation?

The Oslo Manual for measuring innovation defines four types of innovation:

  • Product innovation: A good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, software in the product, user friendliness or other functional characteristics.
  • Process innovation: A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
  • Marketing innovation: A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.
  • Organisational innovation: A new organisational method in business practices, workplace organisation or external relations.
Since 2007, Elizabeth has helped science & technology companies access millions in tax credits via her role as co-founder of The Ingenuity Group®. Her clients testify to the breadth and depth of knowledge of the Scientific Research & Experimental Development (SR&ED) and Ontario Interactive Digital Media (OIDM) tax credit programs. In September 2015, she taught the first Introduction to the SR&ED program course offered by AJAG Professional Development For Accountants and subsequently taught Avoiding Common Errors with SR&ED Forms. A graduate of the Lead to Win program for technology entrepreneurs (see feature in TechVibes), she understands first-hand the challenges faced by young startups through her experiences with her own tech company, Virtuoso Music Technologies (2009-2011). Elizabeth has won multiple awards, including:
  • Forty Under 40 by the Ottawa Business Journal Ottawa Chamber of Commerce. (2013) “The annual awards program recognizes accomplished industry leaders who are under the age of 40 and also give back to their community. Nominations were assessed according to a 40-point system: 20 points for business achievements, 10 points for expertise and 10 points for community involvement.”
  • Named  one of Ottawa’s 100 Rising Star CEOs by Invest Ottawa (2012) “To be chosen as a Rising Star, the key criteria included creativity, growth of the operation, and overall impact in the community.”
  • Bootstrap Award Finalist & Silver Medal Recipient, Lead to Win for Women (2012) “The objective for Lead to Win for Women Award is to support women-founded enterprises, helping them to develop viable, sustainable, growth-oriented enterprises. This award recognizes Eastern Ontario’s and Western Quebec’s top female entrepreneurs whose enterprises have the highest growth potential.”
  • Recognized as an “Amazing Woman” in the Business category of CelebrateHER.org (2012). Featured in a week week-long photography installation at Alpha Soul Cafe, 1015 Wellington St. W., Ottawa (March 3-10, 2012) & publicly recognized at the 2nd Annual Celebrate HER Charity Soirée.
Elizabeth has completed a Master of Applied Science in Technology Innovation Management (Carleton University), where she used topic modelling (LDA) to explore Management Science.

What is Innovation Management?

Innovation management is a combination of the management of innovation processes, and change management. It refers both to product, business process, and organizational innovation.Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. It is not relegated to R&D; it involves workers at every level in contributing creatively to a company’s product development, manufacturing and marketing.

What is SR&ED?

The Scientific Research and Experimental Development (SR&ED) tax incentive program is the largest single source of federal government support designed to encourage research and development (R&D) in Canada.

Each year, the SR&ED program provides over $3 billion in tax incentives to over 20,000 claimants. Of these, about 75% are small businesses.

What is Topic Modelling?

In machine learning and natural language processing, a topic model is a type of statistical model for discovering the abstract “topics” that occur in a collection of documents. Topic modeling is a frequently used text-mining tool for discovery of hidden semantic structures in a text body.

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