According to a report released Wednesday by CBRE Group Inc., a commercial real estate brokerage, Toronto has become one of the top places in North America to start a technology company, ranking just behind Silicon Valley and New York for venture capital investment. VB BLOG
While Toronto’s booming tech industry tends not to attract as much attention as those in Boston, Seattle, and New York City, its growth has been dramatic.
Between 2011 and 2016, the number of tech jobs in the Toronto area grew by 23%, far faster than any other major U.S. or Canadian city. That compares with 14% in Austin, Texas; 9% in San Francisco; and 8% in New York City.
The number of tech workers in Toronto also increased dramatically, growing by 30% between 2011 and 2016, compared with 25% in San Francisco, 19% in Austin; 16% in Boston; and 13% in New York City.
Toronto is home to more than 300 game studios that employ 6,000 workers. Ubi Soft Entertainment SA said it is planning to open a studio with 500 employees there later this year.
The Canadian government last month unveiled plans to nearly double its funding for research into artificial intelligence by 2020.
Over the past year, Toronto has been named North America’s fastest-growing tech market by CBRE Group (CBRE), a leading commercial real estate services firm. The city is home to more than 8,000 tech companies, and there are currently over 15,000 open positions for software engineers in the Greater Toronto Area, according to CBRE’s report.
On the border of Lake Ontario, Toronto is Canada’s largest city and its fastest-growing tech hub.
Toronto is home to more than 2.8 million people, with a metropolitan area encompassing 6.2 million. It boasts the third-largest English-speaking population in the world and is a magnet for international talent, welcoming nearly 50,000 new immigrants annually.
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The city has a booming economy and a thriving startup scene—in fact, it’s home to the busiest airport for private jets in North America. And because of its proximity to New York City, Toronto is an ideal place for U.S. companies looking for an international office location.
Over the past few years, tech giants including Uber and Shopify have set up offices in Toronto, drawn by its low cost of living (compared to Silicon Valley), educated workforce, and growing technology ecosystem.
Toronto tech startups want to give back to the community by helping other entrepreneurs succeed — we’re seeing local entrepreneurs donate their time and money to mentor new businesses and help them grow.
As a Canadian, I’m proud to say that Toronto is one of the greatest cities in the world. As a Torontonian who grew up here and has watched it transform into what it is today, I’m even more proud to say that Toronto is an amazing place for entrepreneurs and startups.
The city has a vibrant, diverse community of entrepreneurs and founders who are passionate about their companies, their customers, and the local tech scene.
And the city itself is becoming more open to collaboration and innovation—something that’s not just good for local businesses but also makes this an exciting place to live.