Torys last issued an innovation report in 2021, when Canada’s innovation economy saw acceleration in no small part from the significant upheaval of the pandemic. Our 2025 report shares this theme of acceleration from crisis, this time, with global trade dynamics and economic and political security as change agents. Layered on to this disruption are the recent leaps in generative AI, driving economy-wide transformation from enterprise-level operations to energy-sector mandates that power data centres, and a shift in how financial services are delivered.

In this report, we review the investment trends advancing growth in these key areas of innovation and share insights on areas to watch and how to mitigate risk.