When it comes to incubating startups, especially tech-focused companies, people often think of places like Silicon Valley in California. But to really dive in to the new world of startup-friendly geographic areas, people should turn their sights in a more northerly direction.
Canada, as it turns out, has gotten exceptionally good at assembling the right ingredients to encourage new businesses. It’s high on measures of economic freedom, and has been recognized as one of the top-ranking places for business, too. Part of that is because it ranks as one of the least expensive places to run a business—it’s competitive in costs and holds a monetary advantage over its neighbor to the south.
There’s not one single type of business that’s started to flock to Canada; the country has seen everything from health and life sciences to hardware—the nail and hammer variety. They’ve been supported by a variety of institutions, including the Canadian government and billions by venture capitalists.
In addition, universities are nurturing startups, as are tech-focused clubs and entrepreneurial development groups. That’s meant that people with good ideas and a strong work ethic are motivated to stay in the country, to keep their skills there and pursue opportunities in emerging and established industries, even while they grow their base of education. In just one region—Toronto in Ontario—there are literally hundreds of thousands of people who go to work every day in tech-focused businesses, and over half of the population has a post-secondary education on their resume.
What does Canada’s current business climate mean for the future of startups, and what factors are most important to continue this upward trend? This graphic helps to break down this important yet complex issue.