As Toronto adds more tech jobs than New York, the Bay Area, and Silicon Valley, it comes closers to realizing its potential as a tech giant. Here are a few reasons why industry leaders predict that Toronto will become one of the world’s most valuable tech hubs:
1. Excellent App Development Opportunities
Toronto has some of the best opportunities in the world for app development. With the right Toronto app development company —your idea can quickly and effectively develop into a successful app for multiple platforms in a collaborative process. Local app development companies are experts in multiple concepts:
- iOS app development
- Android app development
- Apple Watch
- Web apps
- Internet of Things (IoT)
- Augmented Reality (AR)
- Virtual Reality (VR)
- React Native
2. A Strong Talent Pool
Toronto boasts some of the best post-secondary IT facilities globally, including several renowned universities and colleges, offering a pool of fresh talent. In fact, over 150,000 full-time students are enrolled in the Greater Toronto Area. It’s no wonder that over 60% of Toronto’s residents between the ages of 25 and 64 carry a post-secondary education.
What’s more, Toronto carries a highly skilled workforce of nearly 1.5 million people. And unlike some tech hubs in the United States, Toronto offers diverse talent. For example, Dell Technologies ranks Toronto as one of the world’s best cities for women entrepreneurs.
3. A Culture of Startups
It’s estimated that anywhere between 2,100 and 2,700 tech startups operate in Toronto, led by some of the world’s brightest and most innovative people. In total, there are around 14,000 tech companies in Toronto that help power its annual gross domestic product of $52 billion.
Toronto also has one of the world’s biggest innovation hubs in the MaRS Centre, which is 1.5 million square feet of space for technology professionals to work in.
4. A Leader in the Global AI Race
Canada is the first country in the world to implement a national AI strategy after Canadian research institutes worked on a foundation for AI technologies for over three decade, with the data-driven research capacity led by pioneers like Geoffrey Hinton of the University of Toronto.
Canada’s startups took advantage of the national AI strategy to implement AI in life sciences, autonomous vehicles, business analytics, and more. There are 500 global AI firms in Canada and counting, while Toronto carries the world’s greatest concentration of AI startups.
5. Startup Accelerators, Incubators, and Venture Capitalists
Nothing else speaks to the richness of a city’s technology culture more than the quality of its startup accelerators and incubators. Toronto is host to various renowned accelerators and incubators that give young tech companies access to pre-seed capital, seed capital, mentorship, peer support, networking, etc.
Once tech companies are ready, they have a strong chance to attract VC funding in Toronto. Some of the world’s most prominent VC companies, such as Union Square Ventures, Azure Capital, Sequoia Capital, and Khosla Ventures, have invested heavily in Toronto businesses over the years. In fact, Canadian VC hit $2.59 billion in H1 2020, with Toronto taking the biggest share.
6. Support Programs
The Canadian government is always looking for ways to foster tech development in the country. In 2015 it committed $900m to boost high-tech innovation and fund startup incubators and hasn’t looked back since —much of the $900m directly supported startups in Toronto.
Businesses can also utilize financial packages like the Strategic Innovation Fund, which finances qualifying companies up to $1.26 billion over five years for various technological projects.
The government also offers multiple tax benefits to companies that invest in research and development. Investors can claw back a significant portion of their tech investments through government incentive programs.
In addition, Canada offers the Start-up Visa Program in partnership with many VC funds, angel investors, and incubators. The program makes it easier for immigrant entrepreneurs to enter the country.
Toronto’s Pearson International Airport is just a short drive from various local IT districts and a direct flight from several national and international tech hubs. Whether you’re an IT professional in Vancouver, San Francisco, New York, or London, you can easily travel to Toronto for your next business meeting.
With a rich startup culture, a wealth of IT talent, and multiple government incentives, it’s no wonder that Toronto is becoming one of the world’s most valuable tech hubs.