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ECON 3505 – INFORMATION TECHNOLOGY AND THE CANADIAN ECONOMY
A Technologically Sustainable Canada (Outline)
OVERALL POSITION OF THE PAPER (include this stance where appropriate) – Investing in technology is essential for driving meaningful economic growth and creating a sustainable economic environment for Canada. Canada’s ICT sector should been seen as a catalyst for driving economic growth and developing a well-rounded economy.
Overview of Technology’s impact on the Canadian economy (facts and figures)
Discussion on how technology positively enables internetization, and how this can benefit firms, people and the nation as innovations occur and new services are developed
Example benefits may include, healthcare innovations, increased cybersecurity, access to new and improved services for individuals (i.e. a better mobile banking experience), increased opportunities to earn income (i.e. remote work, gig-economy, starting an e-commerce business)
Establish the economic imperatives of Canada to continue fostering and investing into the ICT sector
Benefits to the work force – potential to create jobs, training/education opportunities
One major inhibitor to Canada’s ICT sector growth is the lack of skilled workers. An investment in ICT means investing in training and education to produce workers capable of thriving in said industry. At the bare minimum, continued domestic investment will uncover an innovation that can mitigate or remedy the lack of talent problem.
Increases Research and Development
Canada’s tech industry is the country’s largest sector for research and development, but there is still room to grow
Access to more startup support and funding can help small businesses mature into healthy large firms
According to Vivek Goel, VP of Research, Innovation and Strategic Initiatives at the University of Toronto, the most successful innovation ecosystems around the world have an anchor academic institution (a leading global university) and multinational corporations investing into their startup ecosystem. Canada should adhere to this observation and foster relationships with its universities and large firms to cultivate rich entrepreneurial environments where small firms can incubate and scale successfully and more often. This model must be applied nation wide, not just in Ontario and Quebec where we see it most often.
Benefits to Cybersecurity
With the amount of cybercrime on the rise, and the number of smaller to medium sized firms being targeted by cybercriminals, it is important now more than ever to divert some investment into exploring security solutions. It is reasonable to assume that as our dependance on technology grows, as will the incentive to engage in cybercrime, it is therefore imperative we endeavor to protect our assets (businesses, bank accounts, operating systems, databases, etc.) and ourselves
Benefits to GDP – the ICT sector is a major economic driver, discuss this and how investing into the ICT sector can driver further innovation and cost savings, and ultimately increase GDP
Opportunities to Capitalize on
The ICT sector has had strong growth over the last decade, and is outperforming Canada’s other economic sectors
Second and third round funding is also increasing which helps create greater access to funds for startups
Also, there have been accelerated venture capital investments into Canadian tech startups which is also a good sign for the industry
From the perspective of the startups, there are also a lot of government grants to apply for, such as
Industrial Research Assistance Program Tech Funding
Sustainable Development Technology Canada
Ontario Centers of Excellence
National Sciences and Engineering Research Council
Mitacs Research Grants for Canadian Small Businesses
The Digital Divide – There is also an opportunity to provide increased access to technology and internet services in Canada’s more rual communities. Uplifting these regions in Canada helps the country progress technologically as a whole
Conclusion (Please refer to overall position of paper)
Please use the links below as references
https://www.oecd-ilibrary.org/sites/9fd6aae8-en/index.html?itemId=/content/component/9fd6aae8-en
https://www.conferenceboard.ca/insights/featured/innovation-technology/how-do-we-future-proof-the-canadian-economy

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