Why the Toronto Startup Scene is the Next Silicon Valley
The Canadian city of Toronto in the province of Ontario is fast emerging as a major hotbed for startups and entrepreneurs looking to establish new businesses. In many ways it should come as no surprise that the city of Toronto is an extremely attractive destination for new enterprise considering its enviable lifestyle, excellent infrastructure and talent pool. Among the other noteworthy benefits include tax and legal incentives and its proximity to the US border.
From an employer’s perspective, Toronto offers a well educated workforce, more than half the city’s population holds a secondary degree. Large tech companies and multinationals have established offices in Toronto including Facebook, Google and Zynga and have tapped into the local expertise and talent base.
Toronto is considered a great place to raise children given its economic stability and quality healthcare system. This ensures a steady and healthy supply of skilled workers continue to be be drawn the city. In addition, the Toronto Startup scene benefits enormously from its large college population, which means that it has an unending supply of creative thinkers and innovative new talent. Toronto is becoming known to many as ‘Silicon Valley North’
Examples of noteworthy Toronto startups include Uniiverse, a social marketplace for organising events, ClearFit, which seeks to revolutionise hiring for small and medium-sized businesses and PumpUp, an inspiring community for healthy and active living.
Recent Toronto Startup, DNN Research was purchased by Google last year and Apple acquired data services business, Locationary. It seems as though the big guns are really starting to sit up and take notice of Toronto.
Another powerful incentive for startups to choose Toronto is the relatively low setup costs involved with starting a business when compared to cities like San Francisco. The running costs of a business in Ontario capital are in many cases, less than half that of Silicon Valley.
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