Vector Institute to Strengthen Province’s Knowledge Economy, Deliver Innovation Breakthroughs and Create Jobs
Ontario is ensuring businesses in the province continue to stay ahead in the innovation economy, and attract investment and top talent, by supporting a new institute for artificial intelligence (AI) with a specific focus on deep learning and machine learning.
Ontario’s highly skilled workforce, competitive business climate and recognized culture of innovation make the province an ideal home for the Vector Institute for artificial intelligence. The institute will work to produce, retain and attract top talent in the field and generate further investment from companies looking to hire experts and expand their AI divisions.
Collaborating with established businesses, start-ups and academic institutions, the institute’s work holds great promise for solving some of the biggest health, social and economic challenges of our time. Artificial intelligence can deliver improvements as diverse as accurately diagnosing an illness earlier, to protecting people against consumer fraud.
Ontario’s investment in the Vector Institute will help:
- Encourage more investment, research and development, and create jobs
- Retain, train and attract talent, with the aim of producing the most masters, applied masters, PhDs and post-doctoral graduates in deep learning and machine learning AI
- Provide businesses with made-in-Ontario AI tools, talent and research
- Promote exports of homegrown products and services enabled through AI.
Staying on the cutting edge of technology and leading global innovation is part of Ontario’s plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario is investing $50 million in the Vector Institute, which will also be supported by the federal government. In addition, more than 30 companies in the private sector are anticipated to invest $80 million.
- Ontario’s tech sector employs approximately 430,000 people. Investing in the Vector Institute supports the province’s Highly Skilled Workforce Strategy by building on the strength of our education system to help prepare people for tomorrow’s jobs in this important technology- and knowledge-based sector.
- The Vector Institute will focus on deep learning, a technology that uses software and algorithms to simulate the neural circuits of the human brain to compute massive amounts of data.
- The Vector Institute will collaborate with industry partners from sectors such as health care, banking, accounting, insurance, retail, telecommunications, manufacturing, technology, transportation, mining, construction and logistics to commercialize AI across industries.