Apparently, everyone up north has been busy because Toronto is the third-largest tech hub in North America, but will it become the next silicon valley?
Toronto is currently right behind New York and Silicon Valley. It has already passed Miami and Austin. The reason for this impressive growth is the city’s infrastructure, deliberate policy, and efforts to grow Toronto’s tech industry.
52% of people living in Toronto were not born there. Toronto actively wants people to come to their city to do business. They even have a visa program specifically for people who want to start a business.
Toronto uses its universities as startup cultivation platforms. In contrast, other places like silicon valley use outside organizations like Y combinator to do the same thing. The key benefit of this is encouraging entrepreneurship early on in school while also spotting talent and new startups earlier. They even supply affordable housing to founders.
Tech Giants Are Moving In
Toronto makes it easy and offers incentives for giant tech companies to establish offices there. Major players like Google, Shopify, and Microsoft open not one but four new offices in Toronto in late February.
These giant companies attract more talent, and small companies move to take advantage of the human capital.
Toronto has created a giant flywheel for tech.
For the past five years, Toronto has seen tech job positions increase 26% year over year, which is faster growth than silicon valley.
So yes, if Toronto keeps up the growth pace, there could be a time in the future when it takes the tech crown.
I’m excited about Toronto’s growth, but they have a long way to go.
From 2021 to 2022, Toronto startups raised more than 18 billion dollars, but that’s still quite a distance away from the 132 billion raised in silicon valley during the same timeframe.
Maybe it’s cold, but at least you have a good reason to wear a black turtle neck besides just trying to copy Steve Jobs.