An AI sign was displayed at the World Artificial Intelligence Conference (WAIC) in Shanghai, China, on July 6, 2023. The event featured prominent figures such as Laura McGee, the founder of Diversio, a woman-led AI company focusing on business inclusion and diversity, and Jérôme Nycz, the executive vice-chairman of BDC Capital, Canada’s most active venture capital investor and the investment arm of the Business Development Bank of Canada.
The landscape of artificial intelligence in Canada is on the brink of a transformative period akin to the historical advancements of electricity and the internet. However, the unique influence of AI in shaping societal norms, reinforcing biases, and widening inequalities sets it apart from previous technological revolutions.
The algorithms under development today and the future innovations they will spawn are poised to leave a lasting imprint on Canadian society for generations to come. This underscores the critical importance of infusing AI creation with diverse perspectives that mirror the rich tapestry of Canadian demographics.
Despite the promising prospects AI offers, an analysis of PitchBook data uncovers a glaring gender disparity in the industry. Companies with all-male founding teams received a disproportionate 90% share of venture capital investment, sidelining ventures with female members. This imbalance not only hampers diversity but also hinders innovation and perpetuates biases in crucial areas like healthcare technology, human resources, and virtual reality.
To address this imbalance, concerted efforts are needed to reform AI technologies, diversify training datasets, and foster an inclusive investment ecosystem that champions women-founded startups. Initiatives like the UN Women’s Making Every Woman and Girl Count campaign exemplify the push to bridge gender data gaps and promote equality in AI.
Furthermore, the investment community must actively seek out and support women-led startups, transcending biased decision-making practices. By embracing diversity metrics in funding decisions and celebrating trailblazers like Shelby Austin, Patricia Thaine, and Raquel Urtasun, Canada can position itself as a global leader in AI innovation through inclusive participation and equitable opportunities.
