Although Canada has long been off the radar for commentators on the global tech and SME scene, Toronto is rising fast through the rankings, having attracted upwards of $779 million dollars in inwards investment in the start-up ecosystem, bringing it up to par with the globally-recognised capitals of new business. Canada is fast attracting some of the leading global talent, with the proliferation of start-ups in the largest city suggesting that Toronto is the one to watch. Let’s have a look at why Toronto could and should be the next start-up capital of the world.
An Attractive City for Talent & Capital
Aside from having some of the world’s best universities within the city limits, Toronto has been on the rise recently as a magnet for talented people and capital across the globe. Unlike some other countries, Canada has a more relaxed visa scheme that is specifically welcoming to talented newcomers and those who wish to come to Canada to start a business or to invest in some existing ones. The country, and more specifically the city of Toronto itself, ranks very highly on all the global “ease of doing business” metrics, as local and national governments continue to push for initiatives to make Toronto as attractive an option to foreign talent and money as possible.
Embracing Tech Trends
More so than many other Canadian cities, Toronto has long been an early embracer of tech trends, having adopted fibre optic, 4G, free public wi-fi and smart-tech public transportation networks much earlier than most other major cities. This culture of embracing new technology has filtered down into the city’s inhabitants in every way, encouraging a climate where new ideas are to be eagerly praised. Toronto and Canadian businesses, in general, have long had a reputation for experimenting with new technology. For example, the country is home to countless businesses that have moved from the physical to the digital realm, such as casinos, of which there are literally hundreds of e-casinos, including names like Rizk and LeoVegas, offering innovative deals and free spins specifically for Canadians (click for more details). There are countless other examples of Canadian businesses pushing early on to take up the latest technology, and this long-established culture is finally paying off on a global scale.
A Fun Place to Be
More than anything else, for a city to be able to attract young, talented and creative people, it needs to be a fun place to live! In the same way that London continues to attract waves of talented young people from across the world, Toronto is finally appearing on people’s radars as a global, cosmopolitan city with no shortage of distractions and opportunities for play as well as work. The city has one of the highest numbers of bars per capita anywhere in the world, and a thriving cultural scene driven by a new generation of acclaimed artists is making Toronto more cool and interesting than ever before.
Toronto’s star is on the rise, and we’re all watching to see if it’ll overtake London’s famous Silicon Roundabout any time soon.