{"id":7789,"date":"2018-11-21T10:00:01","date_gmt":"2018-11-21T15:00:01","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=7789"},"modified":"2018-11-22T13:30:04","modified_gmt":"2018-11-22T18:30:04","slug":"5-reasons-why-torontos-tech-industry-continues-to-soar","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/5-reasons-why-torontos-tech-industry-continues-to-soar","title":{"rendered":"5 Reasons Why Toronto’s Tech Industry Continues To Soar"},"content":{"rendered":"

Though it sometimes seems like it, Toronto didn\u2019t become a worldwide tech hub overnight.<\/span><\/p>\n

In fact, it was a <\/span>years-long process<\/span><\/a> that led to Canada\u2019s biggest city being mentioned alongside tech markets like New York and Silicon Valley. Still, things have undoubtedly accelerated as more and more companies launch or shift to the lakeside metropolis.<\/span><\/p>\n

\u201cThe Toronto Region has never seen momentum like it\u2019s experiencing right now,\u201d said Toby Lennox, CEO of <\/span>Toronto Global<\/span><\/a>. \u201cIn September alone, the city drew over $1.4 billion in investment from U.S. and Canadian companies, ranging from global tech giants to local startups.\u201d<\/span><\/p>\n

\u201cThere has been a build up for at least 20 years,\u201d added <\/span>Alexander Norman<\/span><\/a>, executive director at <\/span>Tech Toronto<\/span><\/a>. \u201cThere have been many small changes over the last decade, which has now made us an emerging hub.\u201d<\/span><\/p>\n

So, what are the factors underpinning that supersonic growth? Let\u2019s take a closer look at how Toronto got here.<\/span><\/p>\n

The City Has a Deep Pool of Tech Talent <\/b><\/h2>\n

Toronto\u2019s status as a destination for tech companies is first and foremost down to its people.<\/span><\/p>\n

The city has been adding tech talent at a breakneck pace, with a <\/span>recent report from the CBRE Group<\/span><\/a> concluding that Toronto added 82,100 tech jobs between 2012 and 2017, the most of any North American city. Toronto\u2019s tech talent pool grew 50 percent to 240,000 workers over that five-year span.<\/span><\/p>\n

\u201cWhere talent goes, investment will follow,\u201d Lennox said. \u201cWe grow, attract, and retain local and international talent like no other location on the continent.\u201d<\/span><\/p>\n

The CBRE study found that Toronto offered the best value when it comes to cost and quality of tech talent. Lennox points out that an important reason Toronto talent is so highly valued is due to its diversity.<\/span><\/p>\n

\u201cOur growth has been built on immigration,\u201d he said. \u201cForty-three percent of the Toronto region \u2013 and 51 percent of Toronto proper \u2013 were born outside of Canada. We speak 170 languages and dialects and Toronto is heralded as the most multicultural city in the world. Our labor force and economy benefit directly from our diversity and inclusivity.\u201d<\/span><\/p>\n

Toronto is Well Positioned for AI and Blockchain Growth<\/b><\/h2>\n

In the fast-moving world of tech, timing is everything; in that sense, Toronto\u2019s companies were blessed by both foresight and fortune.<\/span><\/p>\n

\u201cA lot of the early fundamental technology for AI and blockchain was built by local scientists, developers, and teams, which has given us credibility and attention,\u201d Norman said.<\/span><\/p>\n

Along similar lines, Toronto could now be poised to become a hub for artificial intelligence.<\/span><\/p>\n

\u201cThe launch of the Vector Institute for Artificial Intelligence has put a spotlight on the outstanding quality of globally recognized AI talent that lives right here in the Toronto region,\u201d Lennox said. \u201cMajor international companies are establishing R&D labs in the Toronto region to take advantage of this deep pool of knowledge to develop new commercial applications.\u201d<\/span><\/p>\n

Governments Have Been Supportive <\/b><\/h2>\n

Toronto\u2019s quick progress has been helped immensely by the efforts of municipal, provincial, and national governments.<\/span><\/p>\n

\u201cOur three levels of government are committed to offering businesses a cost competitive atmosphere and unprecedented access to a highly skilled talent pool,\u201d Lennox said. \u201cInvestments in hubs like the Vector Institute are examples of s<\/span>trategic commitments to ensure the Toronto region\u2019s success and prosperity are sustainable.\u201d<\/span><\/p>\n

Norman points to favorable changes to tax laws for U.S. investors and a global search for investment as two important factors. Further, he says that the aforementioned influx of immigrant talent has been made possible by good government policies.<\/span><\/p>\n

\u201cWhile other countries are closing doors to international talent, we have opened ours with the <\/span>Start-Up Visa Program<\/span><\/a>,\u201d Norman said. \u201cWe also have programs, like the <\/span>Creative Destruction Lab<\/span><\/a>, that actively encourage non-Canadians to come to Toronto and learn about the ecosystem.\u201d<\/span><\/p>\n

It\u2019s not just governments that have been supportive. Different tech companies also seem open to working together.<\/span><\/p>\n

\u201cThe tech ecosystem is much more collaborative than ever before,\u201d Norman said. \u201cThe general business environment is supportive of tech and more talent want to work in tech.\u201d<\/span><\/p>\n

Toronto is Affordable (Relatively Speaking)<\/b><\/h2>\n

Part of the reason Toronto is a reasonably affordable place to set up shop is the aforementioned government assistance and tax incentive. But there\u2019s more to it than that.<\/span><\/p>\n

CBRE\u2019s study revealed that a 500-employee firm using a 75,000 square-foot space in Toronto would face operating costs of $30,224,259 annually, cheaper than all of the American cities included in the survey. By comparison, the Bay Area was one of the most expensive places to operate, with annual estimated costs of $59,124,612.<\/span><\/p>\n

It\u2019s also been a given in recent years that talent was cheaper in Canada \u2013 largely because of the difference in currencies \u2013 but there\u2019s good news for Toronto-based tech workers. Norman says Toronto salaries are \u201cquickly rising to global standards.\u201d<\/span><\/p>\n

Toronto\u2019s Tech Industry is Future Proof<\/b><\/h2>\n

There\u2019s a lot of reason to believe Toronto can sustain its momentum.<\/span><\/p>\n

According to research by JLL\u2019s Cities Research Center and its <\/span>City Momentum Index<\/span><\/a>, Toronto ranked ninth on a list of global cities that \u201chave the future-proofing capacity for longer-term success.\u201d <\/span><\/p>\n

Norman points out that the ecosystem will become truly sustainable when the city produces a few high-profile exits \u2013 or IPOs \u2013 that make investors and employees alike very wealthy. But he sees promising developments.<\/span><\/p>\n

\u201cThere are signs, as companies are growing, able to raise large rounds without moving, and generally more talent are choosing tech companies over traditional firms as the place of employment,\u201d he said. \u201cWe also see foreign capital excited to fund our new companies either via <\/span>AngelList<\/span><\/a> at the early stages or via large venture capital firms at later stages.\u201d<\/span><\/p>\n

Toronto certainly seems to have the tech world\u2019s attention now. It was recently announced that <\/span>Collision<\/span><\/a>, regarded as North America\u2019s fastest-growing tech conference, will call Toronto home from 2019-21.<\/span><\/p>\n

\u201cWith over 100,000 people moving to the Toronto region every year, we have the momentum going forward to sustain our position as a leading and dynamic tech hub in North America,\u201d Lennox said.<\/span><\/p>\n

\u201cWe offer unlimited opportunity for all businesses, from startups to established firms, with our talent leading the way for continued growth.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Toronto’s tech industry continues to grow, and there is reason to believe the city can sustain its momentum. <\/p>\n","protected":false},"author":7,"featured_media":7790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[84],"tags":[666,88,634,127,667,665],"yoast_head":"\n5 Reasons Why Toronto's Tech Industry Continues To Soar | BrainStation\u00ae Blog<\/title>\n<meta name=\"description\" content=\"Seemingly overnight, Toronto has become a global tech leader. 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