TLDR:
- The Conference Board of Canada released a report suggesting generative AI could boost Canada’s GDP by nearly two percent.
- Golden Ventures closes nearly $140 million CAD for fifth seed-stage VC fund.
Bianca Bharti explores the potential impact of AI on Canada’s productivity in this article. The Conference Board of Canada report highlights generative AI as a solution to the country’s productivity problem, potentially adding nearly two percent to the national GDP. Canada also ranks fourth globally in the number of generative AI companies per capita and has a fast-growing pool of AI talent. However, the human element of integrating AI into the workforce presents challenges.
Other key highlights in the article include Golden Ventures closing a substantial seed-stage VC fund and the decline in late-stage VC funding in Canada for the second consecutive year. Techstars also plans to shut down some accelerators, including in Toronto, as part of a renewed focus on tech ecosystems. BC tech companies stand out in the 2024 TSX Venture 50 list, and Round13 Digital Asset Fund has seen significant gains despite a tough crypto market.
Additionally, Visa Canada and Plug and Play hosted a FinTech Innovation Showcase in Toronto to spotlight the Canadian startup ecosystem, and a Canadian VC firm recommends SR&ED financing to its portfolio companies as an alternative to traditional equity investment. The article also includes recent funding, acquisitions, and layoffs in the Canadian tech industry.
