Canada’s largest city, Toronto, is slowly growing to be a tech powerhouse. In the past, the city has made a name as a vibrant scene for culture, sports, and arts. Currently, the city is experiencing an increase in tech startups and global tech giants settling in the city.
According to a recent survey, Toronto is competing in technology with other prominent cities in North America and across the globe. The tremendous growth can be traced to stiff US immigration laws. Tech experts are now choosing to seek greener pastures in Canada since relocating to the United States is quite daunting at the moment.
Why the Exponential Tech Growth in Toronto?
In the past few years, Toronto and its surroundings have experienced rapid growth in the realm of technology. Many giant tech firms have established labs in the city, making it the second-largest tech powerhouse in North America. Currently, there are more than 15,000 tech companies and 5,200 startups fighting their way to the top. In the past decade, Canada has been committed to increasing the number of people pursuing tech courses by improving the quality of education in public universities and colleges.
Increase of Public Investment and Venture Capital
Toronto’s tech sector is promising, and savvy business people are exploring the opportunity. Billions of dollars have been injected into the industry within a short period. The government, on the other hand, is creating an enabling environment to help nurture technology talents. Also, the government is committed to provide funding for startups and align public programs to utilize Canada’s tech resources.
Global Tech Giants Establishing Tech Labs
Another spectacular trend happening in Canadas largest city is an influx of global giant tech labs. World-leading corporations are reaping the benefits of moving their tech labs in the promising city. For example, Samsung, uber, intel, and LG moved their technology departments to Toronto. Additionally, Amazon is investing hugely in Toronto, and there are rumors that the prominent firm is deliberating to establish its second headquarters in the city. The triumphant Microsoft recently announced that they would be opening a new office in Toronto. Also, Even Collision, a reputable north America’s tech conference, decided to relocate to Toronto in 2019.
Reasons Why Toronto Is Growing to Be A Tech Powerhouse
Toronto Is A Fine City to Live and Work
Canada has been welcoming thousands of immigrants every year. It is a comfy place to live and work. Unlike other developed nations, Canada offers a flexible migration policy to people willing to work or set up a business in the country. Additionally, the country has a robust healthcare system and state of the art social services.
Also, Canadian people are friendly and welcoming, not to mention that Canada is a democratic state. Most people have desired to work in a place that appreciates diversity and flexibility. In Canada, everyone is appreciated and respected regardless of color or country of origin. Although not perfect, Canada is a desirable place for businesses and families alike.
Toronto Embraces Innovation and Tech Start-Ups
Tech startups in Canada are accorded the appropriate support to help them thrive in the highly competitive sector. Surprisingly, it is not rare to see an executive leaving a well-paying job to implement their knowledge and expertise in a startup.
Toronto Is Passionate About Deep Tech
Toronto has experienced notable trends revolving around blockchain, artificial intelligence, and cybersecurity. Toronto is housing some of the vast tech talents in the world, which are not only interested in succeeding in business but also to enhance people’s lives.
Another exciting trend is that Canada is implementing deep tech across various verticals in the city. Besides, thriving in technology, Toronto is home to five global giant banks, which have supported the innovations in cybercrime niche. Firms both from the technological sector and outside the industry are creating a symbiotic relationship to help startup firms flourish in the promising sector. Toronto has shown the grit, passion, and talent needed to lead in technology across the globe.
