June 30, 2023: Can we keep tech talent in Canada?

What is the news?

Governments at various levels have taken several actions to improve access to talent for the economy.

These actions include:

1. The Immigration Minister announced a tech talent strategy. The strategy introduces initiatives such as providing work permits for H-1B holders and their families, offering easier work permits for highly skilled workers, introducing a digital nomad visa, and updating the startup visa program to make it more accessible.

2. Ontario is providing funding to two tech-related institutions. The Ontario Centres of Innovation will receive $50 million to support the development of technology in key sectors of the economy, while the Vector Institute will receive up to $27 million to facilitate collaboration between AI engineers and companies, along with providing AI training.

3. FedDev invested $1 million in Jombone, a digital staffing platform, to help them hire employees and expand their operations.

How are these initiatives beneficial?

These initiatives aim to attract and retain the talent required for the growth of the tech industry. They streamline processes, make the system more accessible to a wider range of talent, and provide certainty to visa holders by allowing family members to work, decoupling visas from specific jobs, and offering a path to permanent residence.

Will this even work?

While the success of these initiatives may vary, it is important to experiment and refine programs to attract talent. The message that Canada is open to talent and focused on STEM and tech is crucial.

However, it is necessary to balance these efforts with actions that ensure the quality of life for new talents, such as addressing healthcare and housing affordability. Talent has global options and may choose to leave if they don't feel that Canada is the right destination.

Why is this financing from FedDev so vital?

The financing provided to the Ontario Centres of Innovation and the Vector Institute aims to provide companies with access to the technical expertise they lack. The effectiveness of these programs depends on awareness and adoption by companies, as well as their impact in driving innovation.

The investment by FedDev in Jombone will enable the company to hire employees and expand its operations. The success of Jombone in helping its customers find staff will determine the effectiveness of this support.

What does this all have in common?

The overarching theme is that all levels of government are investing in improving access to talent and technology expertise for the tech industry. This investment is crucial for the growth of Canada's tech sectors, which have shown strong potential.

Lastly, what can the community take away from this news?

The takeaway for the community is to stay informed about government initiatives and take advantage of the support available when seeking talent for startups. Recognizing and appreciating the government's efforts and engaging with them to shape the future is important.

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