Ottawa’s Economic Outlook 2026 provided more than a snapshot of the year ahead – it offered insight into a growing opportunity to define how we will defend Canada’s future.   

Presented by the Ottawa Board of Trade and the Ottawa Business Journal, the annual event brings together the Ottawa business community for an opportunity to look at the year ahead over lunch.  

This year’s event at the Rogers Centre surfaced a defining opportunity for Canada’s Capital Region at a moment of geopolitical uncertainty that has resulted in accelerated defence investment and a renewed focus on sovereignty that, if harnessed well, would mean opportunity for defence-aligned companies. 

From scaling sovereign capabilities to emerging finance models to support defence innovation, the discussions of the day made it clear that the next chapter of Canada’s defence innovation story is underway.  And Ottawa’s defence innovation community is at its core.  

---

The opportunity for Ottawa to lead in defence  

In his state of the city address, which set the stage for the discussions to come throughout the afternoon, Mayor Mark Sutcliffe stressed the importance of the city to continue pursuing the opportunities in defence that have surfaced – and praised Invest Ottawa for working to forge a path forward through the development of a comprehensive Defence Innovation Strategy. 

“We are repositioning Ottawa’s economy at a time of great uncertainty,” he said. “Invest Ottawa is leading our efforts for Ottawa and Gatineau to be recognized as Canada’s defence innovation hub, to ensure that we benefit significantly from the federal government’s historic investments in defence.”  

In a list of “musts” that Ottawa will need to focus efforts on in 2026, he reinforced the important role Ottawa’s innovation community can play in defence.  

“We must continue to strengthen our local economy – including attracting more defence investment,” Sutcliffe added.  

Defence investment – a“pocket of strength” for the region  

Providing a broader economic lens, Duangsuda Sopchokchai, Director of Economics and Policy Practice at PwC Canada, shared insights into the national trends and influence from global forces – and how they’re shaping the year ahead.  

In her presentation, Sopchokchai highlighted that ‘emerging tailwinds’ were developing as areas of opportunity and focus for Ottawa in 2026 – pointing again to defence and cybersecurity development as positive growth areas in 2026.  

“Ottawa’s defence, cybersecurity, national security aligned tech sectors and large infrastructure projects are emerging as real pockets of strength for our region,” she said.  

Exploring the Defence, Security and Resilience Bank (DSRB) 

Carrying the theme of large infrastructure projects, a defining moment of the event came through the keynote address by Kevin Reed, President and Chief Operating Officer of the Defence, Security and Resilience Bank Development Group.  

Reed joined a fireside discussion with President and CEO of the Ottawa Board of Trade Sueling Ching to discuss the scale of opportunity now facing Canada’s defence and security ecosystem. 

He described the vision for the Defence, Security and Resilience Bank (DSRB), which follows the model of institutions like the World Bank, and when established, would encompass over 40 nations and shareholders and be “the only multilateral bank designed for pure defence and security resiliency.”  

According to Reed, the progress made from establishing the blueprints to today demonstrates the need for a solution.  

“That this has moved in the sand of politics to do what we’ve done in the last year is only telling of the sense of urgency that countries need, and companies need,” he said.  

He noted the economic activity and spinoffs the bank would bring to its eventual home, highlighting the 3,500 jobs and investment that would come with the bank, and thanked Invest Ottawa President and Chief Executive Officer Sonya Shorey for the work done in 2025 to develop a comprehensive defence innovation strategy, positioning Canada’s Capital Region as the nation’s premier Defence Innovation Hub and the ideal home of the DSRB. 

He mentioned that when the innovation strategy was shared with him, he shared it with European colleagues, who remarked that the strategy was, ‘at a level they haven’t seen nations put together.”

Why Ottawa is ready to lead 

Shorey took to the stage to reinforce why Ottawa is uniquely positioned to lead at this pivotal moment for defence, security, and resilience – and why Ottawa is the ideal location for the DSRB.  

“We are the only place in this whole country where national defence, security, intelligence and financial governance intersect,” she said, outlining the city’s strength in defence innovation, infrastructure, and deep tech talent pool.  

“As an integrated capital region, Ottawa-Gatineau together, we have developed a strategy with and for our community that puts these strengths to work for our country, for our Forces and our allies. And today, we are the only region in this country that has taken that step,” she said.  

The discussion brought together senior leaders from across Ottawa’s defence and innovation ecosystem, including: 

• Mitch Carkner, Co-Founder and Chief Operating Officer, Dominion Dynamics  
• Glenn Cowan, Founder and Chief Executive Officer, ONE9 
• Dan Goldberg, President and Chief Executive Officer, Telesat 
• Amy MacLeod, Vice President, Corporate Communications, MDA Space 

Panellists shared perspectives on building defence and dual-use technologies in Canada, the importance of proximity to national decision-makers and operators, and the need to move more quickly from strategy to execution as defence priorities accelerate. 

MacLeod reiterated the need to think domestically as far as defence procurement, but took the opportunity to vouch for the quality of work that Canadian companies can do.  

“You don’t need to compromise when you buy Canadian tech,” she said, singling out the government’s recent Enhanced Satellite Communications Project – Polar (ESCP-P), which selected Telesat and MDA Space to provide connectivity in the Arctic, through a key procurement led by the newly formed Defence Investment Agency established to optimize and speed up defence procurement. 

“We have everything we need in Canada,” she said, explaining that domestic companies and supply chains are more than capable of addressing problems and creating solutions. “Start with the problem, and then look in Canada and see who’s got the expertise to answer that need. It’s sometimes that simple.” 

Quick action is paramount 

The thread running through the panel was that there was optimism that there was an interest to accelerate defence innovation. But emphasis was put on the need to deliver on the intentions. and act quickly.  

When asked the closing question if there was one thing to get correct in the foreseeable future, Cowan of ONE9’s opinion was clear.  

“I would say for anyone that touches the defence ecosystem, it’s speed, speed, speed,” he said. “And the 70% solution now is better than the 100% solution too late.” 

This approach was echoed by Carkner of Dominion Dynamics, who said that there needs to be an acceptance that processes and outcomes might not always be perfectly smooth as we work quickly.  

“There will be failures, there will be companies that don’t work, products that don’t execute, and we need to accept that is going to be something that’s going to happen if we’re going to accelerate investment and procure at a different clip.” 

From strategy to impact 

Across the keynote and panel discussion, one message was consistent. Defence, security, and economic growth are no longer separate conversations. They are converging here in Ottawa.  

Ottawa’s Economic Outlook 2026 underscored that the city is entering a pivotal chapter, where speed matters. As global uncertainty grows and national priorities sharpen, Canada’s Capital Region has both the responsibility and the opportunity to lead. 

What comes next will depend on continued collaboration between government, industry, investors, and the innovation ecosystem.  

But one thing is clear. When it comes to defence, security, and resilience, Ottawa is not waiting for the future. It is already helping to build it. 

---

• Explore the Defence Innovation Strategy and Canada’s Defence Innovation Hub at: dihub.ca 
• Hear from Glenn Cowan, Founder and Managing Director, ONE9 on building a defence-focused venture ecosystem in Canada from Ottawa in Season 15 of Invest Ottawa’s Invested in Our New Reality podcast:  Listen here