The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

share save 171 16 - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

Financial Post | James McLeod | Feb 9, 2019

navdeep bains - The race to future-proof the economy: Navdeep Bains on the state of innovation in CanadaThe Innovation, Science and Economic Development Minister gives the Financial Post an early look at Ottawa’s report card on innovation that will be released next week

Navdeep Bains wants Canadians to know that things are happening. Lots of things. The Innovation, Science and Economic Development Minister has a big job on his hands, hauling Canada’s economy into the 21st century by embracing artificial intelligence and a panoply of digital technologies to boost productivity and keep us globally competitive.

But the federal government’s innovation agenda is still very much a work in progress. One of its pillars, the five marquee superclusters spaced evenly across the country, is mostly just an idea at this point, although $950 million in funding is beginning to flow. Does Canada feel more innovative than it did four years ago? Are we future-proofing our economy and seizing the jobs of tomorrow?

Bains certainly thinks so and that belief will probably be part of the Liberal’s pitch to voters when the country goes to the polls later this year. Next week, he will release a 100-page government report called Building a Nation of Innovators that mostly serves as a collection of the various policies, programs, plans and funding mechanisms the government has undertaken under the auspices of innovation.

See:  Fielding high-performing innovation teams

In advance of the report’s release, Bains sat down with the Financial Post to talk about innovation and the economy.

FP: With the Innovation Nation series we’ve been doing, one of the themes that is emerging is that Canada has a real opportunity to seize the future economy. But we may be missing that opportunity if we’re not really proactive. We could be falling behind. As a country, are we innovative enough?

BAINS: Well, I beg to differ a bit. I think we have turned the corner. I think we are starting to create this culture of innovation in Canada where we have an economy that works for everyone. The key part is that it’s benefiting the many, not just a few, and it’s creating good quality jobs. And we’re really focused on making sure that it’s also inclusive, that it benefits people living in rural Canada, that it benefits young people who are getting coding. That’s really our goal.

FP: In reading through Building a Nation of Innovators it seems like it’s mostly looking back at the last two or three years since the Innovation and Skills Plan. Is this an election (campaign) thing?

BAINS: This is a report back to Canadians. In 2015, we said, look, we realize the economy is struggling. We put forward a plan and said we’re going to invest in a set of policies and programs to really benefit many Canadians and have it work for many Canadians. And so this is a report to Canadians on what those investments look like. What does it mean for Canadians living in Toronto, or if you’re in Red Deer? It’s telling Canadians, we made these investments. We ran on a campaign to invest in Canadians, to invest in their skills, to invest in companies so they can grow. We’re highlighting those in tangible ways in communities across the country.

FP: That does sound like campaigning.

BAINS: No, it’s a report card, because people need to know as a government you made promises, are you living up to those promises? And what does it mean to them, to their communities, for their own prospects and for their kids’ prospects? The speed and scope of change is phenomenal, and that creates anxiety and concerns that Canadians have. And we’re dealing with that and saying, look, we want you to succeed.

FP: How do you manage that pace of change? The people who are losing their jobs at the Oshawa GM plant are not going to start coding iOS apps overnight. How do you make sure people aren’t left behind as you make the shift?

See:  Passion For Banking Innovation Fueled By Fintech, Big Tech Disruptors

BAINS: Well, that’s a key part. It’s really about making sure the economy, as I said, works for everyone. We’re promoting lifelong learning. Coding is an example to teach young kids critical skills, problem solving, how to work in teams, understand and develop digital literacy. But we also have programs for individuals mid-career. If there’s a change in their work, they can go to school through a grant, they can go to school with an interest-free loan and get the digital skills that they need.

FP: But do you actually believe that the people who lose their jobs to automation or shifts in global supply chains will take up coding and pursue those kinds of jobs?

BAINS: It’s not about coding only. That’s just one example. We recognize that all these sectors in every region are going through a major transformation. It’s about making sure people have the broad skill sets they need for those job opportunities.

FP: Why is the government’s responsibility so broad in this? It’s striking in reading the Building a Nation of Innovators report that there’s money for fundamental research, incubators, scale-ups, every stage along the way. Why does the government need to be dragging the economy into innovation? Can’t we just get out of the way and let this happen?

BAINS: We’re in a race. We’re competing with other jurisdictions. We want to level the playing field. Do you think China is getting out of the way? You think Europe is getting out of the way? You think the United States is getting out of the way? No, they’re all playing an active role. Why would we take a hands-off approach? The Conservatives clearly presented that as an option in 2015 — that laissez-faire approach. But it’s about creating the conditions of success for Canadians to get more job opportunities and, more importantly, for companies to grow and stay here in Canada.

FP: Something as simple as educating businesses on the importance of intellectual property — teaching them that if you’re going to exist in the 21st century, you need to have intellectual property — seems pretty basic. What do you think it says about the country that we need something like that?

See:  Quebec needs new innovation strategies to level the playing field for domestic tech

BAINS: It really is a partnership model. It’s not about us dictating this. It really reflects what we heard from Canadian businesses, academics, researchers, different communities from across the country before we came forward with the Innovation and Skills Plan. Our objective is to really help those businesses understand the value, because for every company that promotes IP, for example, they on average pay 16 per cent more to their workers. For us, it’s about better-quality jobs.

FP: But if the preponderance of our small and medium-sized companies don’t understand IP, if the culture just doesn’t get that, isn’t that a massive problem?

BAINS: That’s the thing we’re trying to accomplish, really create this culture of innovation, saying we want a country full of innovators.

FP: We’ve been looking into the superclusters as part of our Innovation Nation project. They have been in the works for quite a while, but, still, I don’t think a lot of people really know what these things look like. And in a couple cases it’s a bit of a mess …

BAINS: It’s about jobs. It’s a job magnet, and it’s about the jobs of today and the jobs of tomorrow. And really, fundamentally, what did we do? We used our convening power to bring businesses together — large, but primarily a lot of small businesses — breaking down the silos, promoting collaboration and saying, look, work together to solve problems.

Continue to the full article --> here

 


NCFA Jan 2018 resize - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada 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

Latest news - The race to future-proof the economy: Navdeep Bains on the state of innovation in CanadaFF Logo 400 v3 - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canadacommunity social impact - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
NCFA COVID 19 letter to government to support Fintechs and SMEs - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

Coronavirus resources 800 1 - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

NCFA Newsletter subscribe600 - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

FFCON20 Homepage Banner v3 updated - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

Wealth Professionals | David Kitai | May 21, 2020 CEO tells WP why the firm is rebranding and what new opportunities lie in the company's future Robo-advisor WealthBar is rebranding as CI Direct Investing with parent company CI financial increasing their ownership stake from 75 per cent to 100 per cent. Tea Nicola, founder and CEO of WealthBar, says that in terms of day to day operations nothing will change for their advisors and their clients. While she admits a bit of melancholy saying goodbye to the brand she built, she accepts that this is the logical next stage for her company and looks forward to the new challenges and opportunities she and her team will be taking on as CI Direct Investing. WealthBar will eventually be combined with Virtual Brokers, CI’s discount broker. See:  Why Partnerships Are the Future for Fintech “We're currently not making any major changes aside from the rebrand itself,” Nicola says. “We're simply fully focused on supporting our customers, growing with the current demand we're seeing and launching this rebrand.” Nicola explained that the rebrand fits in a wider strategy on the part of CI financial, unifying their group of companies under a shared banner ...
Read More
Wealthbar rebrand - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Independent.ie | Adrian Weckler | May 21, 2020 A 20-year-old former BT Young Scientist winner has landed $16m (€14.6m) in new funding from some of Silicon Valley’s most prestigious US venture capital firms The famous former data security chief for Yahoo and Facebook, Alex Stamos, has come on as a new investor, as have Eventbrite CEO Kevin Hartz and (French firm) Datadog’s CEO Olivier Pomel.  The heavy-hitting Silicon Valley firms backing the venture are led by Index Ventures with participation from Sequoia Capital and Kleiner Perkins and assistance from Dublin-based venture firm Frontline. “We’re aiming to distill what GDPR did in 99 Articles down to a line of code,” said Mr Curran. Seven years ago, Sequioa invested in the payments firm created by another former Young Scientist winner, Patrick Collison and his brother John. Stripe has gone on to become one of the world’s most valuable private companies, valued at $35bn (€31.7bn). See:   Cyber security world first as unique guide is launched Evervault hosts a network of hardware-secured data processing ‘enclaves’ which allows developers to deploy their applications in privacy ’cages’.  These cages allow information to be processed securely with strictly controlled access but without changing the way that developers ...
Read More
Shane Curran Evervault - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Forbes | Christopher Helman | May 21, 2020 It’s everyone’s dream to get paid to do nothing. Bitcoin miner Layer1 is turning that dream into reality — having figured out how to make money even when its machines are turned off.  Layer1 is a cryptocurrency startup backed by the likes of billionaire Peter Thiel. In recent months, out in the hardscrabble land of west Texas, the company has been busy erecting steel boxes (think shipping containers) stuffed chockablock with high-end processors submerged inside cooling baths of mineral oil. Why west Texas? Beause thanks to a glut of natural gas and a forest of wind turbines, power there is among the cheapest in the world — which is what you need for crypto. See:  Bitcoin’s “halvening” is upon us “Mining Bitcoin is about converting electricity into money,” says Alex Liegl, CEO and co-founder. By this fall Layer1 will have dozens of these boxes churning around the clock to transform 100 megawatts into a stream of Bitcoin. Liegl says their average cost of production is about $1,000 per coin — equating to a 90% profit margin at current BTC price of $9,100. So it’s odd how excited Liegl is about the prospect ...
Read More
texas turbines - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Guest Post | May 23, 2020 Over the years, the many forms of data storage and transfer devices have failed due to one reason or another. Floppy disks used to get spoiled too quickly, and CDs were an inconvenience when having to burn data on to them just to make it portable. However, after the introduction of USB flash drives to the market, numerous problems faced by almost anyone who had a job working with computers were solved. They are known by many names; flash drives, thumb drives, USB drives, pen drives etc. and come in many shapes and sizes but their main function is storage and transfer of digital data from one location to another. The biggest benefit of these devices is that they are USB (meaning they connect via universal serial bus terminals) and the fact that they are plug-and-play (meaning that they do not require any external software to be installed before use). However, as with anything on the market, certain precautions need to be taken while making a purchase for a USB drive as well as during its use. Some Things to Know When Purchasing a Flash Drive: Avoid buying a USB drive that requires any ...
Read More
Flash drives and USB sticks - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Plaid blog | Niko Karvounis & Jesse Dhillon  | May 20, 2020 The financial ecosystem is undergoing an unprecedented digital transformation due to new realities brought on by COVID-19. Consumers and businesses have turned to fintech to manage their finances in record numbers. Digital transformation that was expected to take years is now predicted to take place over a matter of months. Now, financial institutions everywhere must be prepared to meet their customers’ rising demand for digital connectivity. See:  With Plaid Acquisition, Visa Makes a Big Play for the ‘Plumbing’ That Connects the Fintech World Today, Plaid is launching Plaid Exchange to accelerate consumer-permissioned data access strategies for financial institutions. As fintech adoption has grown, so have the needs of financial institutions that must now manage unprecedented customer connections across thousands of fintech apps. Plaid Exchange gives financial institutions, from banks to wealth management firms, an open finance platform that includes critical tools required to manage the secure and reliable data connectivity their customers’ financial lives demand, today and for years to come. At the heart of this platform is the ability for consumers to maintain control and transparency into where and how their financial information is permissioned and shared, ...
Read More
Plaid exchange - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Cyber Management Alliance | Aditi Uberoi | May 21, 2020 Established in 2015, Cyber Management Alliance is one of the world’s leading cyber incident & crisis management service providers offering advisory, executive training and bespoke workshops in all aspects of cyber crisis management, incident planning, incident response testing and tabletop exercises. Cyber Management Alliance (CM-Alliance) is the creator of the internationally-acclaimed NCSC-Certified, Cyber Incident Planning and Response (CIPR) course. Previous attendees of the NCSC-Certified CIPR course and tabletop exercises include organisations including the United Nations, UK Ministry of Defence, several UK Police Forces, NHS Trusts, European Central Bank, Swiss National Bank, Microsoft, Ernst and Young, BNP Paribas and many others. See: Accenture: Fintech, Cybersecurity and Methods to Handle Threat Cyber security world first as unique guide is launched Remote Working Cybersecurity Checklist Some areas of risk - note this is not a comprehensive list but a list to help you prepare for cybersecurity attacks: Cybersecurity Passwords Mobile Equipment Privileged Users Phishing Emails and Scams Policy and Illegal Activity Working remotely, Online Meetings & Calls Exceptions and Change Privacy Cyber Attack and Incident Response Backup Backup Backup HR and Mental and Occupational Health Video and Audio Conferences Helpdesk & Support Download ...
Read More
CMA Cybersecurity checklist - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Digital | May 20, 2020 The huge e-commerce company also unveiled buy now, pay later and local delivery tools at its annual conference. Need to Know At Shopify’s annual conference, Unite, the e-commerce platform announced a number of new features. Shopify Balance Account is a “one-stop-shop” account for small business owners and a feature several employees are referring to as Shopify’s bank. The online platform also announced Shop Pay Installments, Fulfillment Network expansion, and Local Delivery products. The conference emphasized the importance of strong digital tools and local commerce in COVID-19 retail climate. See:  Shopify displaces RBC to become Canada’s most valuable company Analysis E-commerce giant Shopify announced a number of new tools and programs at its online Reunite event on Wednesday, the biggest of which is Balance, a banking account tailored to the particular needs of small business owners and entrepreneurs. Balance, which will be made available to Shopify merchants in the US later this year, is a one-stop-shop within Shopify’s platform admin allowing sellers to track cash flow, pay bills, and monitor expenses. According to a press release from Shopify, 40% of merchants are currently using personal accounts for some business needs; Balance aims to provide tools that ...
Read More
shopify balance - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Forbes | Susan Galer | May 19, 2020 Timelines for the emergence of quantum computers may be fuzzy, but the threat they pose to the vaunted security of blockchain technology is profoundly real. Originally popular as fail-safe security for bitcoin enthusiasts, blockchain is making inroads across numerous industries, most notably as a track and trace tool proving the provenance of goods across vast supply chains. Blockchain-based security may be even more valuable in managing supply and demand shocks during the pandemic and after. However, as blockchain services grow and quantum computers begin to emerge, now is the time to start thinking about quantum-resistant blockchain. “Once quantum computers can break the cryptography being used today, blockchain loses its immutability,” said Cedric Hebert, senior researcher at SAP Security Research. “We wouldn’t be able to trust new transactions on a blockchain that wasn’t meant to resist quantum-fueled attacks. Companies will need to adopt new protocols to resist quantum attacks.” See:  The research frontier: where next for AI and collective intelligence? Right now, it’s difficult to go backwards on a blockchain’s immutable ledger and change original information in each block of the chain. This is especially the case as blocks are added with more ...
Read More
blockchain security - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Forbes | Cory Johnson | May 19, 2020 XRP-powered Coil could put crypto transactions into the hands of tens of millions with WordPress deal. But will it take? The excitement over how much blockchain could do has always been outmatched by what little blockchain does do. But that may finally be changing. Today, the San Francisco-based blockchain startup Coil announced a new integration with WordPress, the dominant publishing engine on the Web. It means that website creators could get blockchain-metered payments, whether the content is free or behind a paywall. Better still, users, currently accustomed to giving up their private information to unknown cookies, will have that personal information protected. They could even enjoy WordPress-powered sites advertising free. See:  How the Pandemic Is Pushing Blockchain Forward This is a big deal because, well, WordPress is big. According to an W3techs survey in April, over a third of the Web is published using WordPress software. Among those sites using content management systems, WordPress has 63.3% market share — number two Joomla has just 4.1%. WordPress version 5.4 has been downloaded 27 million times and counting. So yeah — it’s a huge opportunity. Coil’s technology notes when a user visits a Coil-enabled ...
Read More
XRP wordpress - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada
Finextra | Leon Gauhman | May 20, 2020 When COVID-19 is finally brought under control, several key sectors will be remembered for the way they stepped up and took responsibility during the crisis. Healthcare is the most obvious, but supermarkets, corner shops, logistics companies and postal delivery networks have also played a critical role in preventing the country sliding into meltdown. By contrast, British banks have done little to merit a spontaneous round of rainbows and applause. Branches up and down the country have been closed and banks were slow and seemingly reluctant to process SME loan applications under the government’s Coronavirus Business Interruption Loan scheme (CBILS). It’s a brutal indictment of the sector that the government has had to intervene with its 100% ‘bounce back’ loan guarantees to try and salvage the UK economy. The key question now is whether traditional banks can learn lessons from Covid-19 that will help them establish any kind of status as a part of the SME life support system. In my opinion, they can – but only if they take their lead from the increasingly influential fintech sector. Here are four areas of digital innovation I believe banks should embrace in the post-pandemic ...
Read More
post covid lessons for banks - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada

 

share save 171 16 - The race to future-proof the economy: Navdeep Bains on the state of innovation in Canada