Canada has been working hard to position itself as a global leader in artificial intelligence and is home to 120 world-class AI research institutes. Canada is also home to a dynamic and welcoming start-up ecosystem, that is well positioned for companies looking to scale globally.
The Canadian government is encouraging startups as the economy opens for new, innovative, and industry-changing ideas. As a way to encourage growth, Canada actually initiated the Canadian Government Start-Up Visa Program to help incoming entrepreneurs here and abroad quickly scale their resources for the Canadian market.
If you’re a founder of an AI company, there are so many opportunities that start-ups can take advantage of to grow globally. Read on to find out where these opportunities are.
Logistics and Transportation
There’s a constant stream of movement in our local and global economies. As a result, the logistics industry has ballooned over the years, carving a very powerful niche in the movement of economies. As the demand increases, it’s not surprising that there’s a call for added help in the form of startups.
One of the most common ways AI is being implemented for transportation and logistics is through navigation. Artificial Intelligence can quickly work with the existing cityscape and provide suggestions on which roads to take or which high-traffic areas to avoid to reach your desired destination on time.
It’s also super helpful for tracing and improving logistics. Recent developments have made it possible for companies to embed chips into vehicles, allowing them to track when repairs or maintenance are necessary. In terms of delivery, automated updates are done online so individuals can find out exactly where their packages are in the process.
Health & MedTech
Anything new, effective, and innovative in healthcare tech has the potential of earning millions. With the recent pandemic and the sudden need to reinforce healthcare, the government is looking for new ways to secure the health of their constitutions without expending billions in the process.
Some areas where AI is used include diagnosing patients long before serious complications occur. With the help of algorithms, patients get a diagnosis without the input of human bias, therefore helping narrow the gap of errors when assessing problems.
Financial Technology
Ontario has been a player in the fintech scene for over a decade, but last year Canadian fintech investments doubled from the year before, ringing in at US$6 Billion. Not every player in this industry needs to be a disruptor, and many successful companies have found opportunities to connect and enable larger financial institutions.
AI contributes to financial technology by using high-level diagnostic capabilities. For example, an AI algorithm can be used to assess massive amounts of data and detect anomalies or discrepancies in transactions. With this, alerts can be made on hidden patterns and inform banks of any questionable transactions that could affect the financial security of their clients.
Cyber Security
The movement of data has rapidly shifted towards the internet, with sensitive information typically traded online as a way to open accounts, transfer information, or even move money around. As bigger and bigger transactions are made through the internet, the call for cyber security becomes even more deafening.
AI is helping with cybersecurity by automating many functions. Common AI functions include automatically detecting unknown phones, workstations, servers, software, and others. This is very common with emails where users are automatically alerted when there are sign-ins through different devices.
Mining
There are currently 37 activating mining operations in Ontario, including 16 critical mineral projects. Ontario Mining accounts for 20% of our country’s GDP, with over 70% of the benefits remaining in the province.
Involving relatively dangerous jobs, astronomical project prices, and lots of large machinery, AI in mining is being applied in many different ways that help companies save revenue and make better decisions. The Ontario Mining Association has even created a guide for companies looking to implement AI to help reduce potential hazards.
Urban Planning and Smart Cities
What better way to use algorithms that recognize patterns than to use them to improve the ways our cities move and are built? There’s a stat floating around the internet that 30% of urban traffic jams are caused by cars looking for parking spots. While there are myriad of parking spot-finding apps, they are only effective if people adopt them.
AI is also being integrated into large buildings to help with energy consumption, waste management, and even helping with crisis management.
Leisure and Entertainment
Now more than ever, people are looking for ways to unwind and give themselves the rest they need after a hard day’s work. It’s not surprising that startups that place focus on leisure and entertainment have carved a very powerful niche in today’s market.
Take Netflix, one of the most successful delivery systems for films and series. They currently use AI to help their users discover new TV shows or films that would best suit their tastes. With an algorithm that factors in everything you’ve watched and finished in the past few days, Netflix’s AI helps present recommendations that work with your taste.
AI Resources for Startups in Canada
No matter what industry you are in, or hoping to apply your solutions to, if you work with AI, our Supercluster has resources, funding, data and more. You can also find AI specific news, opportunities, and peers at Canada.ai.
If you are looking to take your start-up to the next level, BHive is Ontario’s premier accelerator for global founders. Our incubation program was designed to help founders set up their North American headquarters and scale globally. Get tailored business advice from our group of over 60+ mentors and industry experts, and get co-working space in Brampton’s bustling Innovation District. Ready to take the next step? Apply today!