Toronto is the best Canadian tech hub for launching startups

 Toronto is the best Canadian tech hub for launching startups

Image courtesy: Pexels

A new report from Hello Safe has named Toronto the best Canadian tech hub for launching startups. It also listed Toronto as the 24th best in the world for startups. The recently-released report cited the ranking based on three main sets of criteria: quality, quantity and business environment. The report used the extensive Startup Blink database to arrive at its findings.

Toronto emerged as the clear winner and stood out against competition from other Canadian cities. Its strong startup ecosystem, diverse economy, and supportive government policies helped its top ranking. The city ranked ahead of Vancouver (2nd), Montreal (3rd), Ottawa (4th) and Kitchener-Waterloo (5th). Incredibly, despite their modest sizes, Kingston (8th) and Victoria (9th) find themselves fairly high in this ranking.

Toronto’s thriving tech ecosystem has been a major driver of the city’s startup success. Unsurprisingly, the city is home to a growing number of tech startups. Many startups choose to base themselves in the city thanks to its vibrant startup community and access to talent.

Image courtesy: Hello Safe

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Ontario the most dynamic Canadian tech hub among provinces

The report ranks Canada as the fourth-best country for startups, following closely behind the United States, the United Kingdom, and Israel. This indicates that Canada falls ahead of nations like France, Germany, China or India, as per the report. Interestingly, the analysis ranked China as 10th and did not rank India even in the top ten based on the quality, quantity and business environment criteria. Perhaps the two countries rank low on the environment leading to the resultant ranks.

Further, 11 locations in the top 200 cities worldwide for startups, or more than 5%, are located in Canada. Overall, 41 Canadian towns are listed among the top 1000 global cities for startups in 2022 in the analysis. Of those 41 cities, 51% are in Ontario, which remains by far the most dynamic province for startups in 2022. However, apart from Toronto (24th), only two other Canadian cities, Vancouver (40th) and Montreal (45th), are listed among the top 50 startup cities in the world.

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


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