After working for several years in Silicon Valley, Salim Teja positions that moving to Toronto would truly grow his career, as a city that is best equipped to become the next epicentre of innovation. His four reasons as to why you should move your startup to Toronto are as followed:
1. Draw from a deep pool of top talent: Toronto's academic institutions are growing the next wave of tech innovators and entrepreneurs. Top tech talent is heading north, especially in the wake of Trump's election, and schools such as the University of Toronto are seeing a massive surge in American applicants.
2. Recruit from the most diverse city in the world: Toronto is a cultural haven for foreign entrepreneurs. This city recognizes that diversity fosters innovation and is good for business, unlike the male-dominated culture of Silicon Valley.
3. Access strong government support: Toronto has better social policies and services compared to the U.S. Canada is setting the model of public-private partnerships in tech. Already, Trudeau has committed $990m to support high-tech innovation, and there are tax incentives for companies that invest in R&D.
4. Secure top-level VC investment: Toronto is not lacking in access to venture capital, especially as America tightens its borders and retreats inwards, more American venture capitalists are investing in Toronto-based companies with global scale. Canadian startup's are focused on solving big global challenges that have the potential for enormous scale and returns.
Other than geographical size, what differentiates the K-W startup scene from Toronto? Do you think that this article gives sufficient reasoning as to why should startup’s move to Toronto rather than K-W?
I believe the article does present sufficient evidence of to why moving to Toronto is beneficial to many companies. I just would counter that with the thought of ho expensive Toronto actually is and how Kitchener Waterloo is in the process of rebuilding their entertainment district and thats what they really are slacking in. Both cities offer resources to build and develop, I just believe depending on the companies funding, KW may be a better choice especially in close proximity to Wilfrid Laurier and the University of Waterloo in order to access knowledge spillovers.
ReplyDeleteI also think another reason that could interest entrepreneurs to move their new ventures to Toronto is Waterloo's close connection to Toronto's tech centre's. A large number of people from Waterloo end up working in Toronto's tech ecology for exactly the reasons listed above. I think moving your new venture to Toronto allows you to have the most opportunities and resources, including those from the KW region.
ReplyDeleteWhile I think Toronto would benefit a lot of companies, I think that the KW region definitely has many benefits. In addition to the space it has to offer it also obtains a surplus of students mainly interested in Business and Engineering that could contribute ideas with a co-op placement. Toronto may have schools - but none that could be argued to be as driven than those in the KW region.
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