After months of COVID-19 chaos, this is certain: Canada’s tech sector is ready to rebound in 2021. Prime Minister Justin Trudeau has made it clear that Canadian innovators will be essential to the recovery — fixing the healthcare system and doing right by the planet while creating thousands of new jobs.
At MaRS, our in-house experts work with these innovators every day, helping them develop products and grow the economy. And they’ve seen first-hand how the pandemic has only increased global demand for Canadian ideas and technologies.
Here are our tech-sector predictions for 2021:
We now know that safe and effective coronavirus vaccines can be delivered in less than a year. Much of this revelation can be attributed to Moderna and Pfizer’s use of mRNA tech, a new approach to vaccination by which cells are instructed to make proteins and send them to various parts of the body for therapeutic effect. MaRS health advisor Richard Bozzato believes it’s a game-changer for all manner of disease prevention. “These mRNA vaccines will not only accelerate response times to future vaccine development, they’ll increase the potency of other treatments, especially in immuno-oncology,” he says. (Toronto-based Providence Therapeutics is currently testing its own mRNA vaccine, with Canadians getting preferential access once approved.) Combined with the analytical power of AI and machine learning, tech like mRNA will make medicine in 2021 more precise, refining treatment for specific illnesses, people and populations.
If employers want to avoid irrelevancy, they must be willing to support remote workers — even if they’re in Barbados. For Daneal Charney, that means adopting strong work-from-anywhere policies to increase worker satisfaction, access new talent and accelerate entrance to new markets. “All of that represents a tremendous competitive advantage over rival organizations reticent to join the movement,” says the HR professional and executive in residence at MaRS. The remote-work revolution can’t be denied, with some surveys suggesting that 80 percent of people expect to work away from the office at least three times per week even when the pandemic subsides. Charney has seen it work these last few months in risk-friendly tech companies like Shopify and Precision Nutrition; she believes it’s crucial to make the shift now. “The office isn’t dead, it’s merely become an additional workplace. Thanks to advancements in tech, meeting workers where they are is finally, actually possible,” Charney says.
You can make lots of money without trampling people along the way. That’s the fundamental idea behind impact investing, a fast-growing movement that challenges investors to fund socially and environmentally progressive causes. An estimated U.S.$30 trillion is currently flowing in impact investments. That’s roughly a third of the world’s professionally-managed assets. But what’s the best way to get more influential people on board? According to social-finance pioneer Adam Jagelewski, the devil is in the data. “Organizations that can leverage data to quantify impact will attract disproportionate capital,” argues Jagelewski. Impact investing has historically had to deal with the myth that it’s akin to a random act of kindness — that measuring cost-benefit beyond dollars and cents is an impractical, if not hollow endeavour. But today, leaps in data analytics and a more holistic approach to financial reporting (Queen Elizabeth’s Crown Estate, for example, considers GHGs removed from the air to be a success metric on par with profit) make the exercise an easier sell. That’s good news for Canadian investors, as the federal government has explicitly placed diverse workforces, affordable housing and cleantech job creation at the core of its stimulus package.
Remote medicine will eradicate crowded hospitals. Personalized medicine will make therapy bespoke yet affordable. Preventative medicine will stop serious illnesses before they even show up. And each of these pursuits will be bolstered by a treasure chest of cool gadgets. “We’re getting close to a Star Trek situation where we’ll be wearing scanners to diagnose conditions and tell us when our iron is low,” says Sheryl Thingvold, a MaRS expert in medical devices and diagnostics. Some of Thingvold’s favourite devices to watch in 2021: IRegained’s remote tools for stroke rehabilitation, Spartan Bioscience’s coffee-cup-sized DNA analyzer (capable of detecting diseases like COVID-19) and Mimosa Diagnostics’ platform, which monitors the wounds of people with diabetes.
Despite leaving society in economic ruin, the coronavirus emergency has nevertheless accelerated Canada’s hardware industry and its stable of breakthrough inventions. MaRS head of advanced manufacturing Jason MacFarlane sees two trends driving the sector’s newfound growth. First, with dispersed workforces and physical distancing in factories, collaboration tools for design, product lifecycle management and issue tracking will benefit from unprecedented demand. Manufacturing companies will rely more than ever on the Internet of Things, forcing the integration of more sensors, vision, monitoring systems and cloud-based intelligence. Second, with international supply chains still on the mend, expect a move to more domestic, even in-home manufacturing.
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