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Canada has seen a dramatic decline in its prosperity since 1967, when it was the third most prosperous country in the world. To reverse this trend, Canadians must embrace the potential of the fourth industrial revolution and its innovations such as artificial intelligence, machine learning, robotics and the internet of things. However, there are significant barriers and disincentives to growth, such as complicated R&D subsidies and high taxes for expanding companies. To ensure Canada can benefit from these technologies, the government must reduce red tape and simplify the process of commercializing business ideas.