June 20th, 2024

Tech experts hope federal AI funding will help quicken adoption, commercialization

By The Canadian Press on April 8, 2024.

Experts say they are hopeful about the federal government's pre-budget announcement regarding artificial intelligence. The Peace Tower on Parliament Hill in Ottawa on Monday, March 18, 2024. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO – Tech experts are hopeful that more than two billion dollars in federal funding for Canada’s artificial intelligence industry will accelerate the adoption of technology and help businesses commercialize AI products and services.

The federal government announced Sunday that its upcoming budget will set aside $2.4 billion to help bolster Canada’s AI sector.

Krista Jones, chief delivery officer at the MaRS Discovery District innovation hub in Toronto, says the announcement is exciting for the industry.

She says it will help the industry move from researching AI to more widespread commercialization.

Carole Piovesan, managing partner with INQ Law, says the funding will help startups bring new technology to market and accelerate AI adoption, an area where Canada has been struggling.

The federal government says the bulk of the funding will go into a fund that will aim to provide access to computing capabilities and technical infrastructure.

This report by The Canadian Press was first published April 8, 2024.

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