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Canada vs. UK: Which Is Better In Terms Of Technology?

Guest Post | June 6, 2022

Canada vs the UK for technology - Canada vs. UK: Which Is Better In Terms Of Technology?There are many reasons why many immigrants want to move to Canada or the United Kingdom. Not only do they provide great standards for living, but they also offer numerous opportunities when it comes to work and career.

But apart from the scenic landscapes or abundant opportunities, one way to determine whether or not a country is prosperous is through its technology. It’s worth noting that technology is a primary driver of countries’ economic growth. This is because technological progress enables more efficient production of better and high-quality services and goods, which is what prosperity mainly depends on.

The point is that it’s necessary to look at a country’s tech scene if you want a clue about its current state of economic development, especially since it ultimately provides a glimpse of the kind of life it offers its citizens. The more advanced technology is in a certain country, the quicker the global and local economy improves.

If you’re planning to move to Canada or the UK, Total Law provides some of the best London lawyers for immigration that will assist you throughout the process of relocation. Having a professional attorney by your side will help ensure that your case gets processed smoothly and conveniently without going through all the unnecessary hassle.

That said, this article will compare the existing tech scene in both the UK and Canada and ultimately decide which one is better than the other in terms of technology.

Innovation in Canada vs. the UK

Both countries – without a doubt – both show promising potential when it comes to innovation and digital technology. But when you look at the rankings alone, the UK proves to be better when it comes to technology and innovation, particularly since it’s ranked 4th worldwide in terms of innovation outputs and is the first in Europe in terms of advanced digital technology. Moreover, it is also the 6th-ranking economy globally and hosts four of the world’s top 100 science and technology clusters: London, Cambridge, Oxford, and Manchester.

On the other hand, Canada ranks 2nd in terms of technology adoption based on Cisco System’s 2019 Digital Readiness Index Rankings but ranks 22nd when it comes to innovation outputs. Canada has long struggled with below-average rates in entrepreneurship, high consumer prices, low business exit, and entry rates, and stifled innovation. Its struggle with innovation is mainly due to a lack of competition and industry concentration from decades-long unchallenged merger waves.

In a nutshell, it’s easy to see that Canada is only closely behind the UK when it comes to technology and innovation. The UK has been a home for some of the brightest tech talents, and it’s set out to produce even more of them.

To elaborate, here is a brief comparison and description of the existing tech scenes in both Canada and the UK.

Tech scene in the UK 

Technology is in the heart of the United Kingdom, which is why it’s unsurprising to know that they’re a world leader in terms of artificial intelligence, data analytics, cyber security, and blockchain, among many others. The UK constantly spearheads some of the most exciting technological developments in the world, bringing nearly £184 billion to the economy as its digital technology companies continuously grow through the years. Because of this, the UK keeps attracting R&D investments from tech giants such as Microsoft, Google, and Cisco.

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Besides this, the start-up scene in the UK is prospering, showing significant growth, which will be sustained in the following years. In 2017 alone, there was a jump of almost 60% in terms of newly-launched tech-based companies. Its digital suburbs also prove how the tech scene is thriving in the UK. There are over 15,000 jobs in tech, with digital tech businesses having a combined turnover of roughly £305 million in a single year alone.

The UK was once named the digital capital of Europe, ranking as one of the best countries in the world when it comes to technology and innovation – and it remains a go-to hub and powerhouse for it even now.

Tech Scene in Canada

There’s no doubt that the tech scene in Canada is growing. Given the country’s proximity to the United States and the size of its market, now is a good time for many Canadian start-ups to begin expanding to the US.

Moreover, the Canadian government also takes a rather active position when it comes to promoting modern-day research and technological advancement through various programs. In fact, Canada is best known for its efforts in space exploration and biotechnology research. Its government allocates about 2% of its Gross Domestic Product to Research and Development, their technology companies producing roughly $117 billion in GDP.

The constant research, stable work environment, and support of its government allow Canada to be among the most competitive countries when it comes to technology. The government keeps a futuristic outlook and is taking active steps in expanding the biotech industry. The country especially shows promising potential in developing novel health technologies, especially with nanotechnology and stem cell research at the forefront of their national agenda.

NCFA Jan 2018 resize - Canada vs. UK: Which Is Better In Terms Of Technology?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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