Canada’s tech sector is experiencing unprecedented growth, but is it enough to keep up with global competitors?
In a recent Bloomberg article, “Who Just Beat the Bay Area in Tech Jobs? Toronto,” the Canadian city is heralded as the fastest-growing tech-job market of 2017. Given the number of new jobs, the big tech companies flocking to the city, and the increased investment toward Canadian startups, it’s hard not to be excited about the health of Canada’s innovation economy.
In the midst of the positive coverage however, The Logic published a piece titled, “Canada’s tech sector is falling behind the rest of the world, says internal government report.” The 20-page document compares Canada’s performance with other advanced countries and reveals that the country’s Information and Communication Technology (ICT) sector contributes less to the economy than average. Many factors contribute to this problem. The country shows slow technology adoption rates which inhibits companies’ ability to scale, The top 10 largest employers employ 12.6% of the ICT sector workforce, but 8 of the 10 employers are foreign subsidiaries. Despite being a prominent leader in machine-learning, Canada only holds 2% of patents compared to the U.S. who holds 54%.
While the spotlight is on Canada as the next big tech leader, what are your thoughts on the future of Canada’s tech ecosystem? We’re curious to know and would love to hear from you at connect@thec100.org. We may feature you in our upcoming newsletter! |