When you think of Canada, you tend to think about bitterly cold winters, endless corn fields, and the fact that it is (arguably) the ice hockey capital of the world. What you don’t necessarily tend to think about instantly is the fact that, in the fast-changing world of technology, it is one of the locations perceived as a thriving hub for tech firms and for start-ups.
— AdLuge (@AdLuge) November 24, 2017
In many ways, this technological drive has similarities to what has happened in the Philippines, where Nokia recently launched a new line-up of phones, highlighting that, while the two countries might be very different climate-wise, they are certainly not poles apart when realising what is important when it comes to driving forward economic growth.
Online casino: Innovation, not stagnation
One sector that has taken off in both countries and, indeed, worldwide, and is now worth huge amounts of money (with projections that, by 2022, it will be worth over 81 billion US dollars) is the online gambling industry. Canada has long had a thriving casino culture but the way that people are now playing is largely online-based, especially with a massive mobile gaming market emerging as one of the most popular ways to gamble.
For countries where there is a forward-thinking approach to gaming, innovation has helped to create new jobs but it has also benefited gamers as well. Indeed, games like Pai Gow poker are now far easier to play online, meaning that gamers can enjoy the thrill of learning new types of games that they can play when they like and where they like.
Clearly, there is a positive knock-on effect from just one website deciding to offer a game for people to play online. With the game needing to be made by a developer and overseen by a development company; the need to create the sound and host a website, there’s already a wide range of people who can benefit from just one brand opening up in a particular market. This doesn’t include the other sites that can spring up in association with that first one, such as those that allow you to do your blackjack homework and provide a dedicated hub for interested players to enhance their skills.
All of this helps to explain why investment in tech can be so crucial for economic diversification and growth.
So, what is driving Canada’s growth?
When locations reach their status as a tech hub, it’s crucially important for their growth as a whole; it enables investors and companies to watch and then potentially react to get involved with an exciting area of innovation and investment. One of the reasons why Canada is particularly interesting to watch is because growth isn’t limited to just one or two major cities, but also to smaller cities that you might not always imagine would be caught up in a rising tide, like Halifax in Nova Scotia.
Bearing all of this in mind, the Philippines will do well to keep an eye on how Canada’s economy performs, taking lessons from the expected boom from the country’s focus on tech development.