AI | Feb 29, 2024
Canada’s tech sector voices concern over slow AI adoption, risking its global AI leadership status
Canada’s reputation as a frontrunner in artificial intelligence (AI) is under threat due to its sluggish pace in adopting AI technologies, according to voices within the country’s tech community. At the MaRS Impact AI conference in Toronto, experts discussed the critical need for Canada to embrace AI more rapidly to sustain its position as a leader in this innovative field. Krista Jones, Chief Delivery Officer at MaRS Discovery District, highlighted the slow adoption of Canadian-made AI technologies as a significant challenge, potentially jeopardizing Canada’s leadership in AI. Note, Canada ranked 5th on last year’s Global AI Index and Deloitte reported that there were 670 Canadian AI startups with good potential.
See: How AI is Shaping the Future of Financial Services in Canada
- A KPMG study revealed that only 35% of Canadian companies had adopted AI by last February, compared to 72% of U.S. businesses, underscoring the urgency for Canada to close this gap.
- Canadian companies face several obstacles in embracing AI, including funding shortages, risk aversion, and a lack of clear starting points for implementing AI technologies.
- Catherine Fortin LeFaivre from the Canadian Chamber of Commerce advocates for starting with small, manageable AI applications to overcome the paralysis caused by aiming for large-scale AI strategies.
- Tomi Poutanen, head of AI health company Signal 1, pointed out the difficulties in AI adoption within healthcare due to regulatory hurdles and funding constraints, emphasizing the need for innovation-friendly policies.
- Elissa Strome of the Canadian Institute for Advanced Research called for government action as procurers or first customers of AI technologies and suggested incentives for domestic companies purchasing Canadian AI to stimulate the local market.
Why It Matters
The urgency for Canada to enhance its AI adoption is about securing a future where innovation, economic growth, and societal well-being are intrinsically linked to technological advancement. Canada’s ability to keep pace will determine its role on the global stage, impacting everything from job creation to healthcare, and beyond. As Canada faces the risk of falling behind, the call to action is clear: embrace AI more broadly and swiftly, or risk losing its esteemed position on the global AI stage.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/canadas-lagging-ai-adoption-needs-to-accelerate-to-compete/
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