TORONTO — Tech experts are hopeful that more than two billion dollars in federal funding for Canada’s artificial intelligence industry will accelerate the adoption of technology and help businesses commercialize AI products and services.
TORONTO — Tech experts are hopeful that more than two billion dollars in federal funding for Canada’s artificial intelligence industry will accelerate the adoption of technology and help businesses commercialize AI products and services.
The federal government announced Sunday that its upcoming budget will set aside $2.4 billion to help bolster Canada’s AI sector.
Krista Jones, chief delivery officer at the MaRS Discovery District innovation hub in Toronto, says the announcement is exciting for the industry.
She said it will help the industry move from researching AI to more widespread commercialization.
“We were so ahead of the game on the research side and focusing on the talent that it took a while for us to focus on the next level, which is the adoption piece,” she said. “It’s better late than never.”
Jones said developing AI in Canada and the potential for it to become more affordable is also exciting for businesses.
However, she added, Canadian businesses have historically been risk-averse and financially conservative when it comes to adopting new technology.
Sometimes, she said, “people get hung up on the things about AI that are not happening today, and they miss what we call applied AI and applied AI adoption which will enhance the productivity of those sectors.”
“(The funding) is a badly needed kind of injection,” Jones said.
The federal government says the bulk of the AI funding will go into a fund that will aim to provide access to computing capabilities and technical infrastructure.
This will help startups bring new technology to market and accelerate AI adoption, an area where Canada has been struggling, said Carole Piovesan, managing partner with INQ Law.
The funding shows the urgency and seriousness of the government on the AI sector, and helps regain global momentum, said Karim Bardeesy, executive director of the policy and leadership think tank The Dais at Toronto Metropolitan University.
But, he added, the public funding alone will not be enough.
“The public sector is putting a lot of dollars in, but we need to see that the private sector and institutional investors play their part as well,” Bardeesy said.
He said Canada once had a strong lead in AI technology and that won’t be regained if the industry only relies on governments to pave the way.
This report by The Canadian Press was first published April 8, 2024.
Ritika Dubey, The Canadian Press
