Next Generation Services in Canada 2022
In March 2022 an Innovate UK Global Expert Mission visited Toronto, Canada, to gain a better understanding of the legal and accountancy sector in Canada and identify mutually beneficial opportunities for collaboration. The UK team, consisting of representatives from Innovate UK, academia and leading firms in both legal and financial services met with government, regulators, innovation hubs and representatives from various Canadian companies during a five-day mission.
Abstract from outcome report:
Canada has a strong innovation ecosystem with both government support and funding and a well established network of venture capital funding.This is somewhat stifled by a more restrictive rule based regulatory system that hinders business model innovation that is needed to enable positive change. Otherwise, it was found that Canada and the UK share many of the same challenges, including a workforce skills shortage, established business models that resist the need to change, and issues around the access and sharing of data. The two countries share a similar business culture that is reflected in an enthusiasm to work together and is viewed positively in light of the upcoming UK-Canada Free Trade Agreement that is expected to include a focus on technology, data and professional services, thus making Canada a potentially strong partner.
About Global Expert Missions
The Global Expert Missions (GEM) programme is funded by Innovate UK to support the Industrial Strategy’s ambition for the UK to be the international partner of choice for science and innovation. Led by Innovate UK KTN, GEMs play an important role in building strategic partnerships, providing deep insight into the opportunities for UK innovation and shaping future bilateral collaboration programmes.