The technology sector in every country plays a very crucial role as an economic driver and the same is true About Canada as well. With the commencement of digital economy worldwide, it is obvious to expect that the technology-driven companies will drive the GDP of nations and will also make its presence felt in many other sectors.
If we look at the Canadian technology sector in particular, the public and private investments will continue to flow which will offer a great help towards improving the competitiveness of the Canadian firm in the global field. And there has to be a combined effect between the start-ups and established firms.
Some important figures of the Canadian technology sector
According to the Brookfield Institute for Innovation + Entrepreneurship report, there are roughly 71,000 companies present in the Canada’s technology sector. While majority of them are start ups, there are many established companies as well. The total number of employment in these companies is 864,000 that equals to 5.6% of the company’s overall workforce.
The tech companies offer high-paying jobs with an average salary package of $67,000 whist the national average is $48, 000. Despite the less number (below 5) employees in almost 69% of the companies, the sector on the whole is responsible for the 7.1% of the total economic output of Canada.
Technology sector in innovative research & development
According to the reports, the Canadian tech companies alone have invested a whopping $9.1 billion in innovation in the year 2015. Though, the scope for growth is still there in the innovation sector.
There are a number of forums and boards that has ranked the Canada’s innovation across the world. The World Economic Forum has ranked Canada 22nd in the world while the Conference Board of Canada has provided ‘C’ grade to the technology sector in terms of innovation. What is more significant is the study report by a global consortium of Universities. It has ranked both Canada and U.S.A. in the same position in terms of per-capita production of start-up technology companies. But the less support from the government often forces these companies to not flourish as per the expectation.
The growth potential of the technology industry in Canada
Like we just discussed that despite having a good start, most of the start-up firms cannot continue in the long run because of the less support from the Canadian government. But despite the lack of support, almost 84% of the total number of tech-firms is profitable. This highlights the potential of the companies and what they can come up with a little support.
According to the reports of a professional service and consulting firm (Accenture Consulting), the technology sector is outperforming the other economic sectors in Canada. This is one of the most profitable sectors in Toronto Stock Exchange since the beginning in the year 2013. And the present value of this sector is $250-billion.
The companies have also been successful to attract large quantity capital investments over the last 18 months. During this period, the investment amount has also increased in manifolds. 21 companies, in the last year have collected $784 million from capital investments. This shows the mammoth potential in the companies.
The Government Funding Programs for the Technology Sector
There are more than one sources of funding for the Canadian technology firms other than the venture capitalists. They receive funding from the provincial and federal governments as well. The key focus of these funding programs is to support the innovation and growth of the technology industry.
Some of those programs include Industrial Research Assistance Program (IRAP) Tech Funding, Sustainable Development Technology Canada (SDTC), Ontario Centres of Excellence (OCE), National Sciences and Engineering Research Council (NSERC) and Mitacs Research Grants for Canadian Small Businesses.
The concept of 3D printing in manufacturing is in its infancy but it has created quite a buzz so. Here are 6 of the most useful inventions created by 3D printing.
3D printing has brought revolution in the industrial sector in true meaning. Starting with small scale, it has now gone to the industrial scale and has also secured its position in the International Space Station as well. Amazing inventions are happening in the manufacturing industry with the help of 3D printing.
It goes beyond any doubt that 3D printing has the potential to change the world for a better place for living. Rapid prototyping and additive manufacturing is getting cheaper, easier and more convenient. If you haven’t got enough of 3D printers yet, here are six latest inventions by 3D printers that are certainly changing human lives for betterment.
1) The E—Nable Prosthetic Hand:
The first one in the list is certainly the E-Nable prosthetic hand. This has come out as a boon for the young children with disabilities. A number of hands are stored in the files that can be printed very easily and at a fraction of cost compared to traditional prosthetics. They may not be fancy when considering the look but those are more than capable of serving the purpose and changing the life of others at a price of around $100.
2) Stethoscopes—Helping Doctors Diagnose Patients:
The next invention is from the medical field. A Palestinian-Canadian doctor named Tarek Loubani has invented a low-cost stethoscope that can be created with the help of 3D printing and a few other components most of which are available locally. This is an amazing invention and doctors have admitted that it works as fine as traditional stethoscopes.
3) Doggie Wheelchairs: If you think that it has only changed the lives of humans, you need to think once again. With the help of 3D printing, you can create a customizable wheelchair designed for your dog only. This is easy and also less expensive.
4) A Micro-Wind Turbine:
If you are anywhere from Nebraska, you must have noticed the huge wind turbines used to produce electricity. And you will be surprised to know that you too can create a smaller version of these wind turbines for your personal electricity supply. Different designs of wind turbines are available with varied size, shape and efficiency. You can create your own mobile power station through generator and can be used in disaster-attacked areas where there is no access to power.
5) Drones—Because Everything’s Better with More Drones:
The importance and use of drones are increasing with time. While in one hand this is a preferred means of entertainment on the other hand, it has a professional use as well. Now with the help of 3D printing ability, anybody can build such drones with the available local components. One can customize the drone to meet specific requirements as well.
6) Hydroponics—For Growing Food:
Foods or seeds can be grown in different manners and they can be grown in the space as well. Hydroponics is the way that can offer great results. And all the credits go to the team of 3D Ponics. They have come up with an open source system that can be created by using recycled pop bottles and of course 3D painting. So, now you can grow your plants in your convenient place with the help of 3D printing and pop bottles.
3D printing is already creating real differences in the manufacturing field and this will continue doing so. Even the biggest critics of 3D printing would agree that it has never disappointed.
Prompt Assembly & Packaging Inc.