Four the fourth year in a row, Canada ranked fourth on StartupBlink’s Global Startup Ecosystem Index for 2023, behind Israel, the UK, and the US.
Within Canada, Toronto ranked as the top startup hub, and a top 10 ecosystem in North America. Vancouver placed second in Canada; Montreal third.
The Toronto area has held on to “positive momentum” over the last couple of years, according to the report. It’s the only Canadian ecosystem in North America’s top 10.
Although Canada is recognized most in the report for innovation in “energy and environment,” the Greater Toronto Area is making strides in a variety of industries, including financial technology.
The GTA has made “notable progress” in Fintech, where its ecosystem is now ranked 19th in the world. Toronto also cracks the global top 25 for E-Commerce.
In 2021, an Accenture report placed Toronto’s fintech hub 8th in the world. Regardless of specific rank, Toronto fintech is in a strong position according to StartupBlink, propped up in part by Canada’s broader health.
“Considering the active approach by its efficient public sector to develop startup ecosystems, there is no reason Canada should no take an even more substantial role in producing massive global hubs,” the report offers.
The report describes a “promising climate for entrepreneurship” based on “attractive incentives” such as the Startup Visa Program, the Global Skills Strategy, and one of the world’s most educated workforces.
Toronto employs more than 220,000 tech workers. Fintechs in the area include Wealthsimple, Borrowell, QuadFi, Requity Homes, ChainSafe, and many more.