report on Nova Scotia’s digital economy<\/a> released last week by Digital Nova Scotia. The report warns that if these barriers persist, the province could lose more than $500 million in GDP and 3,450 jobs by 2029.<\/p>\nThe digital economy accounts for 10.5 per cent of the province\u2019s GDP and supports roughly 37,000 jobs, according to the report.<\/p>\n
With just under 1,500 tech and digital-enabling firms operating in Nova Scotia in 2025, the sector spans both emerging and traditional industries, including marine technology, life sciences and advanced manufacturing.<\/p>\n
A ‘vicious cycle’<\/p>\n
Using surveys, data and modelling, the report found that tech-driven companies across the province have challenges accessing growth-stage capital. This funding shortage can force them to either leave Nova Scotia to expand or be acquired by other companies, resulting in a loss of intellectual property, tax revenue and talent for the province.<\/p>\n
Meanwhile, more than 36,000 students enrol annually in eight post-secondary institutions across Nova Scotia, leading to a surplus of junior-level talent in certain fields.<\/p>\n
\u201cThe senior talent gap is connected to the lack of funding or limited funding,\u201d said Alexandra Cutean, lead author of the report. \u201cSo one kind of reinforces the other. You can think of it as a vicious cycle.\u201d<\/p>\n
Unlike Ontario or British Columbia, which have more complex talent issues, Nova Scotia’s senior talent shortage is “fairly acute,” Cutean said.<\/p>\n
The report notes that while Nova Scotia provides ample support for launching and validating startups, companies face significant difficulties raising the money needed to scale up their technology, commercialize products and expand.<\/p>\n
“We’re good with ideas at our early stage, but we often don’t take that next step and scale companies to a larger degree here in Canada,” Wilton said.<\/p>\n
Cutean said this is partly due to a lack of data measuring the digital economy\u2019s true economic contributions, which has historically made it difficult for governments and investors to determine funding priorities.<\/p>\n
Tapping into veterans, career-switchers<\/p>\n
The report recommends pivoting more government and community support toward scale-ups. This includes increasing access to growth capital, providing better intellectual property training and adjusting incentives to reward companies that successfully scale.<\/p>\n
To fill the senior talent gap, the report advises recruiting mid-career professionals from other fields who already possess leadership skills and experience needed for senior commercialization roles.<\/p>\n
Cutean noted that about 20 per cent of employees who responded to the report’s surveys had switched careers from other sectors.<\/p>\n
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A member of the Canadian Armed Forces Cyber Command wears a ‘Cyber’ patch on their uniform at the CANSEC trade show, billed as North America\u2019s largest multi-service defence event, in Ottawa on Thursday, June 1, 2023. (The Canadian Press)<\/p>\n
A previous study also found a “significant overlap” between the skills of Canadian Armed Forces veterans in Nova Scotia and the requirements for cybersecurity roles, she said.<\/p>\n
“I think it is potentially opportune to focus on that area,” Cutean said. “Especially considering that defence tech is one of the sub-industries that we identified as a potential high-growth industry for the province going forward.” <\/p>\n
Wilton echoed that view, noting that military veterans are a “great fit” for his company because it serves defence clients \u2014 a sector with strict cybersecurity regulations.<\/p>\n
He said while using technology from mature, established companies is cost-effective, he would prefer them to be Canadian rather than American.<\/p>\n
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