The mystery is over – Toronto’s tech scene is no longer under the radar. Year after year, the Canadian city continues to rise in the Tech Talent Power Rankings. Last month, Bloomberg released the megaphone and announced Toronto as one of the world’s top tech hubs.
The following note is part of a series that explores the Canadian tech communities we work with. You can read the first post in the series here explaining why we choose to help companies build remote teams in Canada.
The city created 28,900 tech jobs in 2017, an increase of 14 percent over 2016, an increase of 52 percent over the past five years. In 2017, Toronto’s additional technical jobs were higher than the San Francisco Bay, Seattle, Washington, and DC markets combined and this is part of why Toronto is The Fastest Growing Tech in the north america.
Such an ibra-energized tech community cannot be created overnight. The most important factor in Toronto’s recent success is the city’s long record of the right culture, education, diversity and skills needed to thrive in a tech hub. This complex and unique combination made the terminal jump at the opportunity to work in Toronto. Despite the huge growth in 2017, we believe Toronto will continue to grow as a technology community. Aside from our partnership, here are some of the main reasons:
Dedication to develop skills
Why Toronto is The Fastest Growing Tech Hub in North America can be easily traced to their dedication skills development. The Toronto area is like a well-maintained football club. Barcelona, Chelsea and Juventus – these are clubs that invest in the development of young players and ensure quality and longevity. Some clubs spend 10 years training young talent. For example, when Lionel Messi was 13, he started training with Barcelona.
The Toronto area is raising superstars similar to those competing on the international tech pitch through its universities. The University of Toronto and the nearby University of Waterloo create 1-2 punch for some of the best computer science programs in the country. Their alumni network is full of big tech names like Jeffrey Hinton, Alan Canistraro and John Baker. In international competitions, universities trade and beat the best the US has to offer, including MIT, Stanford and Harvard.
Their collaborative programs allow students to develop their skills at the professional level and gain invaluable real-world experience right from the start of the game. The UT program is 12 to 16 months long, giving students ample time to engage in large-scale projects, connect with employers, and reach professional milestones. Waterloo, widely believed to have the best collaborative program in the world, needs six semesters in the region. Both programs typically allow students to earn salaries, which helps reduce college debt.
The average American leaves school with a debt of $ 39,400. Low debt reduces the pressure on graduates to pursue a career path that helps them pay off debt faster and choose a path they are passionate about. It also means they can afford a home or other things that will quickly improve their standard of living.
To help students step into entrepreneurship, UW and Toronto offer two effective accelerator programs – Velocity and Creative Destruction Lab. When asked during an interview about the Ontario tech scene, Alan Canistraro noted the extra value of programs. “They grow up entrepreneurs. What drives me is the drive of people coming out of the program to start their own companies, which I think is a direct result of what universities are focusing on. ”
Strong university and entrepreneurial support programs create a cycle that fosters the growth of the tech community. Local grades start up companies and advise young entrepreneurs, and the cycle continues. Over time, Toronto and KW have created an atmosphere of disruptive and innovative people, and their influence extends to North American technology. According to the CBRE report, there was a 60 percent increase in CS degrees last year, which helps universities to continue and expand the trend.
Quality of life
Why Toronto is The Fastest Growing Tech in North America can also be traced to the quality of life there. While academic and employment opportunities may keep locals out, the quality of life keeps them there. When you consider factors such as cost of living, public transportation, business environment, politics and security, Toronto is a world-class city. Toronto, the fourth largest city in North America, makes an international list of the best places to stay.