Business Research in the Era of Big Data

Canada aspires to be a global leader in generating new breakthroughs and technology. The Digital Technology Supercluster, a collaboration-driven partnership of rising firms, think tanks, and academic institutions, will be critical to this change. They say there is strength in numbers. As a result, larger businesses are more likely to survive than smaller ones. Larger enterprises are generally more productive and contribute more to overall GDP, regional employment, and societal requirements. With this in mind, it makes sense for businesses in similar industries, particularly high tech and data development, to collaborate on a national scale rather than compete with one another. This can help to create a more inventive and resilient technology sector, as well as a better economy. The Global Innovation Index assesses nations based on their ability to successfully innovate. This can refer to technologies, commercial operations, or social activities. The 2020 Index ranked Canada 17th out of 131 economies worldwide, and 16th among 49 high-income countries. One of the primary goals of the Canadian government is to increase this rating, with a special emphasis on innovation production. This is where the Digital Technology Supercluster comes in. Superclusters are collaborative regions of corporate activity that aim to improve innovation and growth in a certain industry. They bring together corporations, developing firms, startup accelerators and incubators, non-profit organizations, and academic institutions.

Why is government investment necessary for Canada to become an innovation leader?

Government investment is crucial for reducing the risk of early-stage investments in developing technologies. Government funding enables the Digital Technology Supercluster to co-invest in R&D projects, transforming potential products and services into reality. This reduces the danger of other parties collaborating and allows them to individually contribute unique skills to the project's development, which no single organization could achieve alone. Government funding is also quite effective at promoting innovation throughout the country. The Digital Technology Supercluster's distinctive consortium concept brings together enterprises and organizations of all sizes to curate, co-invest, create, and deploy Canadian-made digital technology. To avoid conflicts of interest, project proposals submitted for funding are examined competitively by an impartial project selection committee. To date, we have selected over 70 projects across Canada, with co-investments totaling more than CA$130 million. The Canadian business mindset emphasizes teamwork and diversity. Our mission in the Digital Technology Supercluster is to capitalize on this natural proclivity to collaborate by bringing together expertise from the best brains in the digital industry and assisting them in addressing big industrial and social concerns that would be too onerous for a single firm to solve alone. We also support Canada's goal of expanding its corporate base to contribute to quicker economic growth. By connecting startups and SMEs with large corporations, we are strengthening domestic innovation supply chains. If done correctly, companies will be able to gain local clients and partners before quickly expanding into new markets through innovation and growth.

Why do American firms thrive in Canada while Canadian businesses struggle in the United States?

Sweeping claims, such as the one asked above, are easily disproved. Magna International is a Canadian corporation that operates successfully in the United States. Target is a well-known US company that has failed in Canada. The initial inquiry: "Why do American businesses do so well in Canada but Canadian businesses don't do as well in America?" Because the US economy is far larger than Canada's. Also, when the United States sneezes, Canada gets the cold, which means that when the US economy suffers a downturn, the US is usually able to weather it better than Canada. Canada's economy is highly influenced by the US economy, and because the US is Canada's largest trading partner, whatever occurs in one affects the other. Compare grapes to nuts. Not all states and provinces are equally business-friendly. Although the United States has fewer regulation, Canada has a lower corporation tax rate than the United States. Furthermore, according to the "2019 Best Countries Report" by U.S. News & World Report, Canada ranks significantly higher than the United States in terms of 'open for business'. Much has changed in Canada's corporate environment over the last two decades. The United States has a considerably larger domestic market, but Canada has more free trade agreements with more countries than any other country in the world.

Why are Canadian incomes significantly lower than those of the United States, despite the fact that many products are more expensive in Canada?

You are working with data that is misleading. In 2020, the average weekly salary for workers in the United States was $984, or $51,168 annually. The average Canadian wage in 2020 was $1,050 per week, or $54,630 per year. Mind you, they are paid in different currencies, so multiplying the Canadian pay by the 82-cent currency gap yields the average Canadian income of USD$860 and the annual compensation of USD$44,796. BUT, and this is a huge but, the Canadian's expenses are also in Canadian dollars, so the currency gap is irrelevant unless he purchases all of his items in the United States. This is difficult to explain to people: if your income and expenses are both in the same currency, the currency discrepancy is irrelevant. Saying products are more expensive in Canada ignores currency differences. It is an illusion that can change when currencies fluctuate. Then there's the statistical gap between median and mean incomes. Because Canada has a significantly flatter income profile, the median income is higher than the median income in the United States, hence Canada is better for the typical person, yet the United States is better for the top one percent. It depends on where you fall on the income bracket. Furthermore, the Canadian receives universal health care paid for by his taxes, as well as a cheaper and better education than what a private school in the United States would provide, thus he is ahead in terms of government services. So, when correctly analyzed, incomes in Canada for the average person are not significantly lower than those in the United States. This is only true for those who are wealthy.