Several global AI leaders have been investing in Toronto, which points to the city’s promising technological future. Toronto’s attractiveness to AI could be attributed to several factors, including government support, the availability of top AI companies, its education system, and so on. These factors have contributed to a thriving environment of multinational companies and research institutions that have pushed the boundaries of AI innovation further.
Several businesses are already aligning themselves to benefit from this trend. For example, in November 2023, Unilever identified Toronto as a suitable location for its first international AI lab due to the area’s widespread AI technology.
Digital industries like the casino industry also stand the chance to benefit from this AI revolution. The popularity of the internet has made casino games online accessible from any place. That means that gamblers can engage in multiple games, like popular table games and slots, without having to visit a physical casino. Consequently, online casinos can access different elements of data about player behavior as players engage with the platforms.
By using AI, these digital industries can use such data to develop a deeper understanding of customers, which aids in tailoring recommendations and enhancing user experiences. Offering tailored recommendations helps to connect more with customers, which results in higher retention rates.
The Region’s Innovative Ecosystem
The presence of several multinational companies like Samsung, Nvidia, Google, and Roche plays a crucial role in the city’s rise as an AI destination. For instance, Samsung, in 2018, announced the establishment of an AI center, which was supposed to partner with the company’s Silicon Valley team to facilitate AI research and development for Toronto.
Toronto’s research centers, such as Vector Institute and the University of Toronto (U of T), open up the city to AI even more. In fact, a 2022 research ranked the U of T 15th for computer science and engineering globally. Surprisingly, the university does not restrict AI to computer science students only, which encourages students from other professions to explore this technology. This can potentially supply a massive number of graduates from the university to the city’s AI startup scene.
With a robust network of incubators and accelerators like NextAI and MaRS, the region has provided a conducive environment for the expansion of global AI companies. The presence of Deep Genomics, Radical Ventures, and Cohere has also aided Toronto’s AI rise. Other postsecondary academic institutions that have contributed to Toronto’s AI expansion include York University, Toronto Metropolitan University, and Durham College’s AI Hub.
Massive Government Support
Toronto’s rise as an international AI destination could also be attributed to the support it receives from the government. For instance, in November 2022, the government indicated that it would invest $30 million in an innovative AI and robotics company. Canada’s minister of innovation, science and industry, François-Philippe Champagne, stated that the move was fueled by the government’s desire to elevate AI’s economic potential for Canadians.
In addition, the government invested $125 million in the Pan-Canadian AI strategy, which seeks to position Canada as a global AI leader by 2030. A $77 million funding by the Ontario government was also projected to help Toronto companies adopt critical technologies, resulting in tremendous expansion of AI in the region. This funding was meant to go to the Vector Institute and Ontario Centre of Innovation.
In summary, Toronto continues to experience massive support from different sectors, which will result in the city becoming a global AI destination. Undoubtedly, this AI revolution will bring tremendous benefits to many businesses.
