Supporting Innovation the Canadian Way
We may not be vocal or boastful about it, but we as Canadians tend to be very proud when one of us makes an achievement on the world stage. (Just look at the reaction to Bianca Andreescu’s win as an example.)
We also like to think of ourselves as a forward-thinking nation that stands as an example of the good that humanity is capable of, whether it be through peacekeeping or friendliness.
Knowing this it shouldn’t be shocking to note that we are making strides to support innovative thinkers and bring forth innovations that will change the world for the better. Let’s look at how we’re doing this.
Online crowdfunding is changing how we raise funds and how we donate. Relatively new (the first campaign happened back in 1997 and by 2009 it was officially being recognized as a venue for funding) crowdfunding is making it easier for charities/causes/entrepreneurs to reach potential investors and give them a quick way to offer their support.
One of the platforms at the forefront of the crowdfunding revolution is the Canadian-made FundRazr. Designed to bring funding to the next level (it calls itself the “next generation online fundraising platform”) FundRazr aims to make it easier to raise funds to solve “the most challenging social issues of the world.”
This is the kind of initiative we need both to fund the innovators seeking solutions to our big problems and get people more involved with the SDG goals. After all, people (especially Millennials and Generation Y) want to contribute their money to causes that help improve the world and crowdfunding platforms like FundRazr make it an easy and convenient transaction.
Canada likes to position itself as a welcoming place for immigrants and travelers from across the globe. We also have excellent higher education institutions, many of which have strong international student presence, expanding the minds of tomorrow’s leaders and game-changers. These students often deal with the stress and hassle of getting money sent to them from back home.
Knowing this, it makes sense that Canadian entrepreneurs are exploring better ways to transfer money internationally.
Enter Lumen and its online transfer service Lumenwire. The brainchild of two Simon Fraser University students, Peyman Namdari and Mehdi Asadollahi, Lumenwire aims to reduce the costs and hassles of sending money overseas. Currently connecting the Iranian student body with their families on the other side of the world, the company intends to expand to other countries in the near future.
This is excellent news when you consider the continued growth of international students in Canada and across the globe and the real need for stress-free financial transfers.
Offering a nice and helpful service to others in need. Could there be anything more Canadian than that?
The Canadian federal government is also working towards better support for our innovators. Progress is being made on the Social Innovation and Social Finance Strategy, with the steering group now completed and its conclusions and recommendations presented to the government.
If followed, the strategy will result in a much bigger social innovation presence in the Canadian government. An official Office for Social Innovation and Social Finance Fund, along with improved regulations and the creation of sandboxes, will help Canadian innovators and entrepreneurs seek out the answers to the growing problems of climate change and achieve the SDGs.
Canadians have had a hand in a lot of important discoveries and inventions and we have a lot we should be proud of.
At the same time, we should want to continue this and we should definitely be supporting the innovators of today and tomorrow.
It’s fantastic to see the work that is being done to ensure innovation continues.