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Economic Viewpoint

Propelling Canada into the Future with Disruptive Innovation

October 10, 2023
Kari Norman, Economics Document Production Specialist, Randall Bartlett, Senior Director of Canadian Economics, and Mirela Pirlea, Lead Partnerships Innovation and Entrepreneurship

In this second in a series of three notes on innovation in Canada, we highlight five disruptive innovations at the forefront of revolutionizing how Canadians go about their daily lives. Featured at the 2023 Collision Conference, these include generative AI, clean technology, 5G, the Internet of Things and blockchain‑related technologies.

At a societal level, advances in these and other areas have the potential to address myriad global challenges, such as climate change, healthcare accessibility and outcomes, food insecurity as well as the quality of life for all Canadians.

Disruptive innovation creates fundamental changes in the marketplace, such as new products, services and production processes. It can topple established companies as emerging market leaders sell their products to a wider customer base, often at a lower cost. Nationally, this can lead to more jobs, higher incomes, greater international trade and improved productivity.

But there are barriers to disruptive innovation that must be addressed. These include the fear of change, insufficient resources to scale up or adopt new technologies, and legal or regulatory issues.