Will rebranding help Canada’s declining tech sector?

Canada has been a pioneer of several leading, innovative and cutting-edge technologies. From the creation of insulin to making revolutionary developments within the mining and resource sector, Canada has led the inception of many technologies that are profoundly transforming our world today. However, despite such contributions, the Canadian tech sector often finds itself missing from the global spotlight. According to the TSX Composite Index- a rough calculus of the country’s economic drivers – technology only contributes to three-to-four percent of the overall economic drivers, which is a substantially low figure.

This can be attributed to several factors, including, the reluctance of Canadian businesses in shifting from their traditional mindsets as well as the perception of technology as an ’elitist, self-serving sector’ that is primarily reserved for less conservative and non-traditional businesses, such as start-ups. The varying perceptions around the Canadian tech sector, many of which are invalid and untrue, ultimately necessitate the need of a robust rebranding strategy for this sector.

It is important to ascertain that several companies around the globe have incorporated the most up-to-date technologies in their work processes to stay acquainted with the fundamentally changing business landscape. Roy Glori, Chief Executive of Manulife, recently said, “We need to think of ourselves much more like a technology company … Technology’s got to be the way that every single person in this company thinks and operates.”

This further reiterates how the adoption of technology within businesses is key to remain globally competitive and counteract industry trends. Hence, rebranding may be an effective strategy to give the Canadian tech sector a much-needed boost, all-the-while revitalizing the Canadian economy.

©2020 by Centre for Global Enterprise

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