As the federal government continues its push for Budget 2025, drawing eyes from across the country on what could be coming in the years ahead, one of Waterloo Region’s largest technology organizations, Communitech, is looking at the noted investments in artificial intelligence (AI).
The current budget details a $900 million investment in AI and quantum technologies, pushing Canada to remain one of the leading countries when it comes to the world’s fastest-developing industries.
“Canada was the first country to have an AI strategy,” said Minister of Artificial Intelligence and Digital Innovation, Evan Solomon, to CityNews. “We have funds, billions of dollars of funds, that we’re investing already in compute and in quantum to stay in the lead. This just deepens that investment.”
In a statement to 570 NewsRadio, Communitech CEO Sheldon McCormick echoed that same sentiment, pushing for the future of AI across the country, adding that Waterloo Region is set up to continue being one of the leading regions in Canada to head up that push.
“Budget 2025 takes positive steps for our tech community,” McCormick said. “It keeps investment flowing into areas where local companies already lead, AI and quantum technologies, and creates opportunities for companies to access capital and find customers.”
He said that the proposed AI investment would have a list of potential impacts, creating a charge across local and national economies in the process, specifically in Waterloo Region.
“A $900-million investment in Canadian AI infrastructure will expand compute capacity and open new opportunities for companies building and deploying AI. Renewed federal venture capital programs and a Buy Canadian policy could make it easier for early-stage companies to raise capital and compete for government contracts.”
While many view AI and quantum technologies as a very future-forward industry, Somolon said direct investments on a federal level would have immediate impacts on communities across the country.
“The story of the budget is not just the story of investing in the economy and the future with AI and quantum, but the economy of right now,” he stated. “We are investing in our communities, we are investing in our hospitals, we are investing in building roads.”
He added that the investment would be readily applied and used in different branches of the federal government as well, having an impact in key areas that could directly benefit from.
“This is what we call dual use. It has real civilian benefits, and it has real benefits for national defence. You’re going to see that in our quantum program,” Solomon said. “This is really part of this kind of generational investment in making sure that we secure Canada’s future.”
While the budget outlines the financial portions of what’s being allocated to the country’s AI and quantum technology sectors, McCormick said the next question that remains is just how fast those companies, corporations, and sectors will benefit from the move.
“New funding announcements are encouraging, but what matters now is how quickly that support reaches the founders and teams doing the work. Execution speed will determine whether these commitments make a real difference.”
He said, in any case, seeing such a large investment into one of the country’s fastest-developing sectors is encouraging to see. He added that it positions the region well in the years ahead.
“Waterloo Region has everything it needs to compete globally. Now it’s about moving fast and working together to realize that potential.”
