Current State of the Financial Technology Innovation Ecosystem in the Toronto Region (original) (raw)
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Innovation is the implementation of new ideas that lead to breakthrough products and services for customers and stakeholders 1 . The Global Innovation Index (GII), introduced by the World Intellectual Property Organization (WIPO), evaluates the innovation capabilities and outcomes of 130 countries2. Over recent years, Canada has seen a consistent uptick in its position, now standing at 15th, just ahead one G7 peer. Additionally, it holds the 15th spot among the 51 high-income economies and ranks second in North America. Despite this, Canada maintains its position in the innovation ladder, indicating it is performing above expectations. However, Canada has yet to return to its best position a decade ago (11th in 2013). A second report by WIPO points out that Canada excels in innovation input (9th in 2023) but lags in output (20th). In other words, Canada is currently producing fewer innovation outputs relative to its investment level3. The report aims to analyze Canadian innovation landscape using macroeconomic indicators and then delves into sectoral and provincial levels to provide a more comprehensive understanding.
The Innovation Journal, 2012
Knowledge has become a fundamental resource of production in the economy; a major element for the innovation and the competitiveness of firms, regions and nations. This knowledge is available through the interactions between firms themselves and also with others organizations and stakeholders. These interactions often occur in places known as clusters and one of the main roles of the public bodies in economic development is to create a favourable environment to foster industrial and social development. Following the growing interest for industrial clusters, many regions have considered it as an interesting tool for public policy but in many cases, public policy has not integrated the knowledge of citizens or other stakeholders. Among these actors, we find what we call intermediary organizations (for example, professional associations, chambers of commerce, community organizations, and various new forms of governance networks), that contribute to the creation and the support of social dynamics within the networks of innovations and could be used more extensively in order to enhance public policy and introduce innovation in the public sector. In this article, we consider the role of the organizations on the meso level and we do a regional comparison in order to investigate the role of the intermediaries. We use the data from the survey of innovation done in 2003 by Statistics Canada in order to compare Ontario and Quebec, centering our analysis on the information and communication technologies (ICT) sector which is one of the most innovative in Canada. Our results show that the innovation performance relies on sources of information and high skilled labour to innovate. Also important are factors such as: The proximity of the universities and research laboratories, the presence of local and regional industrial associations, the presence of venture capital organizations, the presence of governments" organizations, as well as government financial assistance for research and development, but also new rules that meet the firm"s needs for intellectual protection. These are elements on which cluster policies should thus be centered. In such a context, cluster policies appear particularly pertinent, as this is one of the possible forms of public intermediation to be considered.
2012: The Actors of Innovation in the Province of Quebec, Canada
2014 IEEE International Conference on Management of Innovation and Technology (ICMIT), 2014
The aim of this paper is to map the innovation actors of Quebec, Canada, through an exploratory study based on Etzkowitz’s Triple Helix model. It is sought to identify the role of each actor that favor local development through innovation and cooperation. Qualitative, descriptive and exploratory methods were used to collect data. The content analysis procedure, carried out through the use of the Atlas.ti® software, suggests that the university, the government and the industry work together in favor of innovation. The identification of the Quartier de l’Innovation, of the University Valorization Society and the SR&ED are among the main models of organisations identified that seek the development of the region through innovation and cooperation
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SSRN Electronic Journal, 2012
Foundation (ITIF) is a Washington, D.C.-based think tank at the cutting edge of designing innovation policies and exploring how advances in information technology will create new economic opportunities to improve the quality of life. Non-profit and non-partisan, we offer pragmatic ideas that break free of economic philosophies born in eras long before the first punch card computer and well before the rise of modern China. ITIF, founded in 2006, is dedicated to conceiving and promoting the new ways of thinking about technology-driven productivity, competitiveness, and globalization that the twenty-first century demands. ITIF publishes policy reports, holds forums and policy debates, advises elected officials and their staffs, and is an active resource for the media. It develops new and creative policy proposals, analyzes existing policy issues through the lens of bolstering innovation and productivity, and opposes policies that hinder digital transformation and innovation. The Information Technology and Innovation Foundation is a 501(C)3 nonprofit organization. For more information, visit www.itif.org or follow ITIF on Twitter @ITIFdc.
Innovation changes and the traditional financial sector
Humanities & Social Sciences Reviews, 2022
Purpose of the study: The main objectives of this work are to analyze the innovation process in general and financial Innovation in particular, during which potential effects will appear on the financial structures of economic units and considering the recent financial events of the crisis of the subprime discuss whether financial Innovation is a source of growth or, on the contrary, is a source of financial instability. Methodology: The financial crisis has cast a shadow over recent financial innovations, particularly those that call for risk elimination. This research used secondary methods for innovation changes and traditional financial sectors. The secondary research method will collect data through google, websites, books, and other sources. Main findings: The main goal of financial technologies offered by entities in this sector is to improve the efficiency and availability of financial services, both from the customer and the perspective and a financial institution. The digi...