Ontario’s AI ecosystem is on a strong growth trajectory Canadian Business Journal

TORONTO, Nov. 10, 2022 (GLOBE NEWSWIRE) — Today, the Vector Institute released the third annual Ontario AI Snapshot produced in partnership with Deloitte. This report shows that the AI ​​sector has been resilient over most of the last year (April 1, 2021 to March 31, 2022) while navigating a series of complex social, political and economic challenges. It suggests that we have proved Additionally, Ontario’s AI ecosystem continues to attract significant investment, create jobs, and support economic growth.

The report specifically shows:

• Over 22,000 AI jobs were created in Ontario last year. This is a 210% increase over the previous year. [nearly a third of those AI jobs paid more than $85,000 and was held by a graduate from an AI program]
• About 60,000 AI jobs were maintained in the same period last year, up 334% year-on-year.
• 56% of Ontario C-suite executives and senior leaders surveyed for the Ecosystem Report say their company has commercialized an AI product/service or is using AI to market a core product or service said. Fifty-one percent of these executives and senior leaders say AI is strategically important to achieving their business goals.
• Last year, an estimated $2.86 billion in venture capital investment flowed into Ontario’s AI ecosystem. That’s a 206% increase for him from his $936 million last year. Similarly, 273 unique corporate investors invested directly in Ontario-based AI companies. This is a 29% increase from last year. Last year, 50 of his companies moved offices and operations to Ontario’s AI ecosystem, compared with 13 the year before.

“When we published our first Ontario Ecosystem Snapshot in January 2021, we believed the province to be a global hotbed of AI research and talent, but we lacked the data to back it up. Now in its third year, our annual snapshot shows steady year-over-year progress on key metrics, confirming our commitment to Ontario as the world’s leading AI hub. Rather than resting on laurels, it is important to use this momentum to open the door to the next phase of Canada’s AI journey: the development of AI-powered products and services. Commercialization and competitiveness both domestically and internationally, said Garth Gibson, President and CEO of Vector Institute.

“This report explains why all Ontarians should be optimistic about the future of our AI economy, and why growing interest in AI is solidifying Canada as a global leader in the field. AI will create more than 22,000 jobs, accounting for nearly a third of those earning more than $85,000 a year AI will create new economic opportunities and It’s making a broad positive impact on lives, and the ecosystem is poised to grow, with over $2.86 billion in VC investment in Ontario’s AI ecosystem. And as the world as a whole faces moments of geopolitical and economic uncertainty, our AI economy will provide stability, resilience, and opportunity for all to thrive and do better. Provides a strong foundation for: Based on current momentum and deep relationships with stakeholders and public authorities, it is clear that Ontario has a strong foundation to become best-in-class. said Anthony Veale, Managing Partner and Chief Executive Officer of Deloitte Canada.

Covering the period from 1 April 2021 to 31 March 2022, the Ontario AI Snapshot tracks 10 metrics including AI job creation and retention, investment, application and commercialization. These metrics serve as benchmarks to measure the overall progress of governments, businesses, and institutions to further strengthen Ontario’s AI ecosystem. Further data and analysis on the growth of Ontario’s AI ecosystem, including R&D investment and talent development, are included in the report.

About Vector Institute

Launched in 2017, the Vector Institute works with industry, institutions, start-ups and governments to develop AI talent, advance AI research excellence to develop and sustain AI-based innovation, and drive economic growth. and improve the lives of Canadians.

Vector’s three-year strategy aims to advance AI research, increase adoption in industry and health through programs for talent, commercialization and application, and lead Canada towards the responsible use of AI. Led by top AI practitioners, industry programs provide a foundation for application in products and processes, company-specific guidance, expert training, and out-of-the-box talent connections.

Vector is funded by the Province of Ontario, the Government of Canada through its Pan-Canadian AI strategy, and key industry sponsors across multiple sectors of Canadian industry.

For more information, please contact:

Orli Namian, Vector Institute

[email protected]

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