The Economic Innovation Council formed to stimulate Canada’s tech economy after the pandemic

A new collective voice for the ecosystem launches its first white paper

TORONTO, April 28, 2020 / CNW / – The founders of the new Economic Innovation Council (CEI) – March, OCE, Communitech, DMZ, Invest Ottawa and CCRM – published the group’s first white paper: The post-viral pivot: How Canada’s tech startups can boost recovery from COVID-19.

The IEC was formed as an informal coalition of industry leaders defending the interests of start-ups at the onset of the COVID-19 crisis, and examines how from Canada established businesses should work with innovators to navigate a post-COVID-19 world. Going forward, the new council will produce white papers and organize events to help shape a new industrial innovation policy for the country.

The IEC Inaugural Report was written by Barrie McKenna, former Globe and Mail columnist, with data and analysis from Nigel biggar. He examines how from Canada startups are best placed to lead from Canada the post-COVID-19 recovery, well beyond the confines of the startup ecosystem itself – and the consequences if they are not properly taken care of. The report’s findings show that all sectors of the Canadian economy depend on an extensive supply chain of technology companies to meet needs in areas such as cybersecurity, artificial intelligence, data privacy, e-commerce, clean technology and advanced manufacturing. These companies also have some of the highest productivity rates and generate more economic returns for every hour worked. A disproportionate share of job losses in these advanced industries would hurt productivity nationally.

The white paper also highlights critical startups that shifted gears during the pandemic to meet new demands and opportunities. Businesses that pivot with their customers are best positioned to help the Canadian economy rebound. The IEC recommends that governments work together to design a new industrial innovation policy that supports leading startups and industries that can help fuel the post-pandemic economic recovery.

The main findings include:

Tech startups are already driving jobs and growth

  • A 25 percent drop in employment in the tech startup sector would eliminate 274,000 jobs across the country – nearly 130,000 in Ontario alone. But it’s not just job loss that matters. Through case studies of promising start-ups, the report shows how from Canada The tech ecosystem provides jobs and growth today, as well as new ideas that will propel the economy for years to come.
  • The vast majority of the hub’s customers operate in a group of advanced industry groups that account for nearly 12 percent of from Canada GDP and nearly two million jobs.
  • Companies involved in the design of computer systems have created nearly 90,000 jobs since 2009
    – more than three times as many as the automotive manufacturing and auto parts industry as a whole. Many of these startups also support established businesses, providing innovative back-end data solutions.

Startups help high-tech industries overtake their weight

  • Advanced industries create jobs and grow at a much faster rate than the economy in general. Employment in software publishing, for example, grew nearly six times faster in Ontario since the 2008-2009 recession that overall job creation in the private sector and four times the pace Canada-large.
  • The software industry’s GDP grew at six times the pace of the overall economy in Ontario.

After COVID-19, startups will help established businesses pivot

  • Startups and tech companies can pivot quickly to support their customers and help the economy become more resilient, which is essential as global supply chains face massive disruption. This is evident with the number of startups that have partnered with established companies to create products that work to contain the virus and support the community.

The IEC recommends that the federal and provincial governments work together to implement stimulus measures that will build the physical and digital infrastructure that will serve as the foundation for from Canada economy over the coming decades and spur technology adoption. In addition to ensuring that Canada has the channels to bring products to market, Canadian companies must be leaders in the global digital marketplace. Policies should also focus on improving the resilience of national supply chains and promoting collaboration among Canadian businesses.

Founders of IEC:

from Canada the economic recovery from COVID-19 will be driven by our high growth, technological and innovative businesses. If you pair the companies we work with for job growth, the technology and innovation sectors have grown dramatically over the past couple of years, far surpassing traditional industries. All sectors of our economy depend on our targeted businesses to stay connected and agile in times of enormous change. And we need to have a cohesive game plan that draws on data and factual information, reflecting the voices of our entrepreneurs, to make smart policy decisions that provide entrepreneurs with all possible opportunities while creating a sustainable economic advantage for them. our country. Now more than ever, we need innovators to chart a bold new future for Canada. “

Yung wu, CEO, MaRS

“The health of our economy is inextricably linked to the health of our innovation ecosystem, highlighting the critical role the technology sector plays in the robust and interconnected supply chain that drives our economic strength. As global supply chains experience massive disruption, the ability of our startups and SMEs to collaborate and pivot is a central force in fostering economic recovery and resilience. Ontario companies have the support, talents and tools they need, we can accelerate our transformation towards the digital economy, fuel the development of Made-inOntario solutions and develop the local talent needed to become a global leader in technological innovation. “

Claudia Krywiak, President and CEO, Ontario Centers of Excellence

“The Innovation Economics Council represents a crucial next step in the development of from Canada the innovation sector, so that we can help our province and our country win in the new economy. We intend to play a leading role in helping our country make the transition to a more secure and technologically advanced economy that is creating very successful and vibrant businesses, sectors and supply chains. “

Iain Klugman, President and CEO, Communitech

from Canada community of startups galvanized to create a common good in order to support its ecosystem through the COVID-19 pandemic. As a result, our lobbying efforts have seen more inclusive programs for small businesses across the country. We are the nation with the greatest immediate capacity to make a positive difference. We can’t miss the opportunity to focus on the positive difference we can make and continue to bring our talent and innovation to the world. “

Abdallah Snobar, Executive Director, DMZ

“As the COVID-19 pandemic emerged, the world was well into the Fourth Industrial Revolution, characterized by the merging of the digital, physical and biological worlds. Startups have introduced specialized technologies into all facets of our economy. Canada. As a nation, we can reappear as leaders, building on years of systematic cultivation and investment in tech startups. To lead in this new global economy, we must protect and exploit from Canada tech startups to drive innovation, growth and job creation. The choices we make today will define from Canada economic future. “

Michel Tremblay, President and CEO, Invest Ottawa and Bayview Yards

Canada is a leader in the science of regenerative medicine, including cell and gene therapy. Our growing ability to offer bioproduction and healthcare delivery in this sector will help propel the nation beyond being licensed generators of intellectual property to sustainable economic and health benefits – and global leadership in the sciences. of life. ”

michael may, President and CEO, CCRM

About the Economic Innovation Council
The Innovation Economy Council is an independent voice for the innovation ecosystem founded by MaRS Discovery District, Ontario Centers of Excellence, Communitech, DMZ, CCRM and Invest Ottawa. It brings together entrepreneurs and leaders from industry, academia and the investment community to from Canada industrial innovation policy.

SOURCE Innovation Economy Council

For more information: Media contact: MaRS, [email protected]

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