As Vancouver’s technology publication of record, Techcouver reports on and discusses at length the many regional entrepreneurs and organizations applying technology and innovation to the Canadian economy.
There are now more than 111,000 tech occupations in Vancouver, where tech work accounts for roughly one-third of all occupations—a figure up 69% over five years.
The West Coast city proudly maintains the highest five-year tech job growth rate in the country.
Osler’s 2023 analysis observed “impressive signs of growth, renewal, and resilience in the ecosystem.”
The “high levels of venture activity in British Columbia” noted by Osler are backed up by data from the Canadian Venture Capital Market Overview 2022 Year in Review, which found that “British Columbia received a 16% share of all VC dollars invested in 2022, with $1.6 billion invested across 106 deals.”
But what is under the hood of all this innovation? What are the fundamental technologies at play?
Let’s take a closer look at some of the most prevalent tech trends at play in BC.
Metaverse
The metaverse is an emerging virtual shared space concept founded on web3 and augmented reality technology.
Can you explain that?
In a mall, you can shop, eat, socialize, and be entertained, right? Think of the metaverse like a massive digital mall. In the metaverse, you can engage in a meta-version of just about anything you can do in real life—plus plenty more.
Represented by an avatar, those in the metaverse can roam freely about a vast, connected world, interacting with other people, buying goods, and playing games. A Web3 foundation underpins the decentralized aspect of these worlds, while augmented reality tech enriches the experience with enhanced immersion.
A report from Deloitte forecasts that the metaverse will soon contribute up to $85 billion toward Canada’s output. One region at the “forefront” of its development in Canada is Vancouver (where Deloitte recently unveiled the Summit, its state-of-the-art regional headquarters). Contributing about 13% to Canada’s GDP, Vancouver accounts for more than one-third of the country’s AR and VR revenue activity—punching thrice above its weight in relative terms.
Check out Vancouver startups pioneering the metaverse such as House of Kibaa, Departure Lounge, and TerraZero.
Hydrogen Energy
Hydrogen energy refers to the use of hydrogen gas as a clean fuel source, which, when consumed, produces only water as a byproduct.
Sounds cool. How does it work?
In place of a traditional battery, envision a miniature water factory. When you need power, this factory splits water into oxygen and hydrogen. The hydrogen is then stored and used as fuel.
When you “use” this fuel, instead of depleting like a battery, the hydrogen energy transforms back into water. Essentially, using hydrogen as an energy source is like having an efficient battery where the energy spent and retrieved is in a cycle of water being split and then reformed, ensuring a clean loop with water as the only byproduct.
A majority of Canada’s hydrogen and fuel-cell companies are in BC. Regional firms innovating the hydrogen sector for BC include Burnaby’s Ballard Power Systems and Loop Energy, also out of Burnaby. Vancouver-born “hydrogen-as-a-service” upstart Hydra Energy is accelerating adoption of hydrogen-based transportation.
Last year, CICE partnered with businesses and government organizations to launch the B.C. Hydrogen Changemakers Consortium, part of CICE’s Hydrogen Blueprint Investment, which lays the foundation for the establishment of a hub in Metro Vancouver, co-locating supply and demand.
Wearable Tech
A “wearable” is a device worn on the body, equipped with sensors and other tech to track data on health and fitness metrics.
What else should I know about ’em?
Wearables write a diary of your fitness life for you. Instead of writing down how you felt, which exercises you did, or how far you ran, this diary automatically records activities for you, providing a detailed snapshot of each, week, and month without any additional manual effort.
This ever-expanding scroll of your personal health history becomes a valuable wealth of resource that can help you identify and address health concerns, maximize program efficiency, and optimize your fitness and wellbeing.
Combining wearable sensors and gamified exercises, BC’s Tenzr Health launched a physical therapy device that gives feedback and data to patient and therapist. Vancouver’s Eigen Fitness developed Nodes, which are coin-sized wearables that leverage real-time data to provide insight on weight selection while artificial intelligence acts to help gym users measure progress and form.
SkiKrumb is developing a compact, waterproof, and durable device that combines GPS technology with a software platform to mitigate the risks associated with skiing and snowboarding. And Vancouver-based Bionic Power is at the forefront of wearable technology that harnesses the power of human motion, with military and civilian applications in mind.
Decoded Tech
Looking to better understand even more terms and trends relevant to Vancouver innovation and beyond?
Check out the DECODER Dictionary for news and knowledge on Canadian tech.
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