Canada: Heart Of The AI Revolution

Issue 23 - The European VC Market Heats Up & Other Trends

The content and distribution of Azafran’s INSIGHTS newsletter is focused to our LP, incubator, research, investment and partner ecosystem. As we look to build a two-way dialogue benefitting our collective efforts, each month we highlight important news and our approach to the emerging intersection of deep technology, end to end solutions and platforms driven by voice, acoustics/sensory and imagery.

This article is one section of an entire issue of INSIGHTS. Please sign up to receive access to past and new issues as they are published.

Subscribe to our newsletter

Canada: Heart Of The AI Revolution

[OFX] John Boyd, whose Boyd Company advises businesses such as Boeing, Chevron and JPMorgan Chase about where to locate, believes that artificial intelligence will be a major driver of economies of the future. Because Montreal and Toronto are major AI hubs, with universities doing advanced research and Silicon Valley companies establishing satellite offices there, he thinks the cities are terrific places to invest business capital for the future.

“They’re growing exponentially and attracting IT and banking talent,” he said. These cities — Canada’s two largest — are experiencing a snowball effect, drawing like-minded scientists, investors and entrepreneurs in a field where talent is scarce.

Google and Microsoft have offices in Montreal, and Facebook recently announced it will open an AI lab there.

Johnson & Johnson opened a branch of its JLABS incubators in Toronto. LG is launching a Toronto AI lab, as well as a five-year research partnership with the University of Toronto.

And universities in and around these AI- and business-forward destinations are graduating a slew of engineers and data scientists engaged in developing the next AI applications and more.

In addition, both cities epitomize the collaborative atmosphere and progressive ideals that appeal to tech companies, Boyd said. As AI gains a dominant position in industries and homes, Canada, which ranks a stellar fourth on the Forbes Insights/OFX Global Exchange Index (GEI) of the world’s largest foreign direct investment (FDI) recipients, could become the next global leader.

© Copyright 2017 - 2021, Azafran Capital Partners, Inc.