GenAI adoption can boost Canada’s GDP
Artificial intelligence is top of mind across Canada’s tech universe, from the arrival of Google’s newly rebranded chatbot, Gemini (formerly known as Bard), to sector expert Yoshua Bengio’s push for rampedup regulations in the House of Commons, to new polls that suggest Canadians are increasingly using AI tools. (Young academics with lofty aims and the inclination to relocate can even pursue a bachelor’s degree in AI at the University of Pennsylvania — which claims it’s the first Ivy League school to offer such a program.)
Adding to that buzz, a report from the Canadian Centre for the Innovation Economy released this week found that generative AI could add almost two per cent to Canada’s GDP. Adoption of the technology is on the rise: a survey of startups across the country conducted by the CCIE as part of the study revealed that the majority are already using the technology (46 per cent) or exploring it (38 per cent).
But for many businesses, implementing the technology can be a challenge. According to Melissa Judd, the vice-president of research operations and academic partnerships at the Vector Institute, while Canada has “punched above its weight” when it comes to development and research, homegrown companies often can’t afford the infrastructure required to use AI in their operations. Apprehension about the unknown is also a factor: citing Canada’s “hesitation nation” reputation, Judd says there’s an innate tendency among potential corporate adopters to wait until all the risks are addressed before embracing new tech.
For the Canadian economy to fully benefit from AI-related productivity boosts, Judd says more extensive adoption of the tech is required. “Opening up new opportunities to support the responsible adoption of AI across our society is critical, so that people are not left behind,” Judd says. This also has the potential to “improve our health and education systems and enhance the quality of our lives across the board.”
Opening up new opportunities to support the responsible adoption of AI across our society is critical, so that people are not left behind.
MELISSA JUDD VECTOR INSTITUTE
Innovation hub OneEleven has a new managing director
Chris Greenfield has been named the new managing director of Toronto-based tech incubator OneEleven. Greenfield, who headed up Canadian Tire’s Innovation Discover Group and founded the seamless-donation platform Tiptap, has years of experience working with startups and leading creative and development teams. The appointment follows some significant changes for OneEleven — including a temporary shutdown early in the pandemic and its acquisition by the Ontario Centre of Innovation.
TSX Venture 50 highlights greentech boom
The latest edition of Venture 50, which ranks the top performers on the TSX’s venture exchange over the past year, is dominated by greentech companies in the energy sector, including Toronto-based CHAR Technologies, which transforms organic matter into biocarbon and renewable energy, as well as solar energy firm Westbridge Renewable Energy Corp. This boom highlights growing interest in the transition to clean energy.
Accolades for
OVIN Demonstration Zone
A collaborative effort from the cities of Markham and Vaughan and the Ontario Vehicle Innovation Network, the OVIN Demonstration Zone won the Community Economic Development Award from the Economic Developers Council of Ontario. The OVINDZ comprises two neighbourhoods — one in Markham, one in Vaughan — where stakeholders can test out smart city infrastructure, autonomous technology and other mobility solutions.
Congestion Task Force to tackle T.O. gridlock
The Toronto Region Board of Trade has unveiled its Congestion Task Force, which brings together local business leaders to identify and champion practical solutions for the city’s notorious traffic issue. Among the group members is Kurtis McBride, CEO of Miovision‚ whose company has helped with safety assessments for similar initiatives including the King Street Transit Priority Corridor project.
By the numbers $6 million
The amount AI investment research platform Sibli has raised in seed funding, courtesy of venture capital firm Staircase Ventures and other partners.
$2 million The amount raised by Evercloak in its seed round. The company has developed a more efficient approach to dehumidification — the most energy-intensive aspect of air conditioning.
$1.08 million The amount designated for Project JumpSTART over the next three years. The program provides mentorship, workshops and training to women and international entrepreneurs in York Region.
REBECCA GAO WRITES ABOUT TECHNOLOGY FOR MARS. TORSTAR, THE PARENT COMPANY OF THE TORONTO STAR, HAS PARTNERED WITH MARS TO HIGHLIGHT INNOVATION