StartupBlink Index: Canada one of world’s best for tech startups

 StartupBlink Index: Canada one of world’s best for tech startups

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For the fourth year in a row, StartupBlink’s Global Startup Ecosystem index has ranked Canada fourth in top nations list. Canada ranks behind US, UK and Israel in the StartupBlink index, but above other hubs like Singapore, Germany and France.

In 2023, the Global Startup Ecosystem Index has rated 1,000 cities in addition to 100 nations. Over 100 international and governmental organizations, including the UNDP, have collaborated for the Index by the Israeli company. Among the international data partners of StartupBlink are Crunchbase, Statista, and SEMRush.

“The StartupBlink Global Startup Ecosystem Index is a true big data artifact, and as such, the report provides a wealth of data-driven and fact-based insights for leaders in both business and government.”

Ziv Baida, Ph.D., Report Editor

The full report can be accessed here on StartupBlink’s website.

The report also commented on the widely-accepted sentiment in the global startup world currently. Eli David, CEO of StartupBlink mentioned that it was obvious that the global startup ecosystem’s tides have changed. High interest rates have put an end to the age of cheap credit, causing valuations to plummet. This is forcing entrepreneurs to concentrate on what truly matters: profitability and long-term business strategies. He added that the startup ecosystem is in a cleaning and “vitamin” firms that offer luxury are being phased out. Moreover, “aspirin” startups that lessen genuine pain are receiving the attention they deserve.

Also read: Toronto is the best Canadian tech hub for launching startups

StartupBlink Index ranks Toronto as the top startup hub in Canada

Amongst Canadian cities, the report positions Toronto as the top startup hub and one of 10 leading ecosystems in North America. In addition, it ranks Vancouver as second; while ranking Montreal in third place. Overall, the report’s order of top 10 Canadian cities as tech startup hubs is: Toronto, Vancouver, Montréal, Ottawa, Kitchener, Calgary, Québec, Edmonton, Kingston, and Halifax.

In global rankings, Toronto is the top Canadian city and is ranked 23rd, while Vancouver placed 41st and Montreal 44th. Ottawa made the biggest leap, moving up the roster by 21 points and into 68th position.

The report recognizes positive momentum for Toronto recently and acknowledged most for its innovation commitment in energy and environment industries. Toronto has also demonstrated progress across other sectors, such as Financial Technology, where it ranks 19th globally. Several factors have enabled the move up, including The Startup Visa Program, Global Skills Strategy and one of the world’s best educated workforces. It is worth noting that Toronto has more than 220,000 technological workers.

Vancouver continues in second place nationally, while Montreal gained one placing to come up short of their West Coast rival. Despite different ranks, both cities share qualities within their respective industries. For example Vancouver thrives through initiatives related to ‘energy & environment’ (second behind Toronto) while Montreal gains gains favour due its knowledgeable workforce (over 92,000 tech employees – up three times since 2010).

From the report, it is clear that Canada remains a major startup hub and offers many opportunities and active startup environments for tech founders globally. At the same time, the nation collectively needs to do more to move the top cities (Toronto, Vancouver & Montreal) towards top 10 cities globally to build startups.


Also read: Innovative AgTech startup Vive secures US$8.4M in funding

Editor

The Tech Factor is a new-age media platform focused on Canada. Our mission is to provide insightful and comprehensive coverage of the Canadian startup and technology ecosystem. To connect with us, report any inaccuracy in our writing, or to share news about the ecosystem, please reach out at editor [at] thetechfactor.ca or fill the 'Submit Tips' form in the top menu.

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