COllision: This word alone conjures up images of opposing forces colliding. As a name for the fastest growing technology conference in North America it takes on a whole new meaning, scope and scale.

The momentum that enlivened this summer’s Collision conference was palpable in the bustling audience. Almost 40,000 participants from 118 countries gathered for this unique event, which was not only characterized by the clash of ideas. This led to interactions and collaborative initiatives that led us to question whether Canada is on its way to becoming an unparalleled magnet for technological talent and innovation.

How does EY react? A clear yes.

In many ways, the basics are already there. Legislative and regulatory changes have redefined the operating environment for startups and large companies in the technology sector, as well as for all Canadian companies seeking to help solve the climate crisis. Numerous incentives are aimed at creative idea generators and bold innovators who want to turn inspiring ideas into solutions the world needs now.

In addition, there are numerous announcements from the federal government about this summer’s conference that brighten this horizon even further. Sean Fraser, Canada’s immigration minister, was present at the announcement Major changes to Canada’s immigration policy as part of the national technology talent recruitment strategyincluding the following:

• New special pathways to permanent residency for immigrants specializing in science, technology, engineering and mathematics
• Streamlining immigration application processes to receive a decision in as little as two weeks under the Global Skills Strategy program
• Updated start-up visa program that will create 2,500 new opportunities each year
• Programs that allow digital nomads working for a foreign employer to work from Canada for up to six months
• New opportunities for 10,000 U.S. H-1B visa holders invited to work in Canada

There is no doubt that these measures will help position Canada as a preferred location for innovative progress. They consolidate the foundations of a technological ecosystem that has existed in the country for some time, making it easier and faster to bring together the right people and the right jobs. In addition to such a context of highly incentivized and streamlined measures, it is above all the enthusiasm and dynamism that we observed during the Collision conference that makes us incredibly optimistic about the future.

At EY, we have always believed that sustainable technological innovation cannot emerge from an organizational culture that is not collaborative. We have seen time and time again with pride how a true entrepreneurial ecosystem can have exponential power. As a founding sponsor of the network for 15 years NEXT CanadaEY helps talented young entrepreneurs leverage the networks, tools and financial resources they need to succeed. This ecosystem has produced remarkable results. This also applies to the successes we work on in collaboration with networks such as: B. were involved Communitech. We have been supporting equally innovative builders for decades and honoring entrepreneurs at the EY Entrepreneur Of The Year Awards^® by equipping the founders of companies participating in the EY™ Winning Women Entrepreneurs program with the necessary equipment to support their expansion and by promoting entrepreneurship focused on inclusivity through our Access Entrepreneurs -Leave network. The interconnectedness of innovators benefiting from these initiatives has led to sustained economic growth and remarkable solutions.

Our participation at the Collision conference reinforced our belief that through each of these sponsorship initiatives and programs, we gained that creating a comprehensive entrepreneurial ecosystem can drive positive change in the world. We now want to build on the momentum we experienced at this conference and nurture the spirit of mutual support that has emerged to make Canada officially a destination of choice for technological innovation.

At EY, we have charted the path forward and implemented our own programs. We have appointed a global leader for our Emerging Technology Ecosystem, whose role will be to foster collaboration across service lines and cultivate relationships with technology companies. Our goal is to drive progress by creating touchpoints between new technology companies and investors, particularly in the areas of artificial intelligence (AI) and data platforms. We want to achieve our goals by relying on your cooperation.

There are obviously challenges and obstacles to overcome. At Collision, AI significantly outperformed other topics such as fintech. Even as the world experiences what one speaker called a “eureka moment” in AI, several questions remain unanswered. How is AI commercialized? Whose authority will it be to manage the inherent risks of bias, discrimination and harm? How can we equip people to work perfectly with machines to achieve better results for the companies and employees who use them?

Venture capital funds are another topic that was the focus of the Collision conference. Some investors said they want to be more careful this year and focus on investments that prove safe. Overall, the use of venture capital funds in Canada remains limited. This observation remains true even though Canadian companies have significantly outperformed American companies in venture capital investments in recent years. Statistical data for the period 2021-2022:

• Between the fourth quarter of 2021 and the first quarter of 2022, the volume of venture capital investments fell by 60% in the United States, compared to just 36% in Canada.
• The median net churn rate for venture capital investments in Canadian companies of similar size was 38%which is significantly below the values ​​of American companies for the entire year 2022.

Historical data itself proves that investing in turbulent times can lead to profitable results. Yet while it is clear that Canadian startups know how to make the most of venture capital investments, the context of uncertainty has implications for the decisions venture capital investors must make in Canada and elsewhere in the world. At the same time, companies must put more effort into driving growth than ever before, while providing a clearer path to profitability. This reality raises questions on many fronts, from how to achieve balanced growth to creating a domino effect, at least in the short term.

These are questions that are not easy to answer. But we can respond better by working together within a Canadian ecosystem that we can build, consolidate and maintain through collaboration.

Innovation hubs established in Quebec, Ontario, British Columbia, Alberta and elsewhere in the country have produced exciting success stories while paving the way for promising prospects. Although the Collision Conference represents only a moment in history, the actions we take next will impact all of us and generations to come.