Policy

This is evidenced by the advent of the sharing economy and other unfettered innovations that are increasingly being empowered by everyday entrepreneurs. The increased pervasiveness and impact of the Internet and hyper-connectivity on the global economy is also a subject of great interest of many governments around the world. Fostering open and inclusive Internet policy is seen as paving the way for economic and social well-being.

The accelerated wave of business transformation in Canada, however, comes against a backdrop of a sluggish global economy, and soft commodity prices. Despite a weaker Canadian dollar, Canada’s trade deficit has not seen significant improvements, resulting in only modest GDP growth for the last three quarters. Additionally, amidst the recent Brexit fallout in Europe and the looming presidential elections in the US, trade expansion may also prove to be challenging. Positioning Canada in a global market place will be key in the coming years.

Canada’s digital economy currently contributes around $74 billion per year or 5% of GDP, and employs around 1.15 million Canadians. As technology continues to permeate every sector of the economy, the cumulative contribution will be a strong driving force behind our nation’s economic growth and prosperity.

While the conditions that underpin an innovative digital economy are somewhat universal around the world, ICTC believes that economic innovation must be combined with social innovation to provide a true measure of prosperity.

ICTC will be exploring, over the course of this year, a range of key policy measures that contribute to a successful ecosystem of innovation, these will include: the talent imperative (entrepreneurial & workforce), advanced digital infrastructure and services at competitive pricing, open internet, Canadian skills in a digital world, strong fiscal and financial measures, access to international markets, vibrant R&D base, consumer trust and security online, as well as many others.

With the recent successful launch of the Innovation Agenda by the federal government, ICTC will seek to provide an understanding of how each part of the digital innovation ecosystem works and how different aspects contribute towards Canada’s standing in a global environment.