Why Canada Is Great for Tech Startups
Published 3rd December, 2021
There's a lot to consider when you're planning a tech startup, and one of the fundamentals is location: where are you going to geographically position your new venture? The temptation is to just establish your company wherever you happen to be.
Certainly, there can be advantages to this, such as having good familiarity with the area, and if you happen to be somewhere with a thriving tech and startup culture, then you might be fine. But for many new businesses, it can make a world of difference if you're prepared to relocate. In this case, it's essential to choose your location carefully, and one country that is looking increasingly attractive, and gaining attention from entrepreneurs, is Canada.
Let's think about what factors make Canada such a great place to do business, with everything from AI ventures in Toronto to tech startups from Vancouver, and ambitious, new projects springing up constantly.
A Rich Talent Pool
In Canada, education is free and receives generous government funding. Canada consistently ranks highly in global comparisons of educational metrics, and on the whole, it's a place where academic achievement is nurtured and encouraged. Furthermore, the academic environment is forward thinking, with increasing emphasis placed on making sure that students can bolster their technical skills for use in a digital economy.
Additionally, Canada is welcoming to foreign entrepreneurs, who bring fresh perspectives and positive disruption, ensuring that there's no shortage of new ideas and ways of thinking. With a well-educated, technically proficient, and broad-minded talent pool as deep as this, from a diverse range of backgrounds, you should never have any problems when it comes to assembling a driven, competent and productive team.
Government Support
The Canadian government is willing to invest in and support new ventures, and has a progressive, flexible attitude when it comes to business. This is particularly true when it comes to the tech sector, with tax incentives available, and a significant government budget allocated to supporting tech innovation. Furthermore, while politics can of course change, and there is disagreement on policies, Canada tends towards having a secure social safety net, allowing people who want to start their own businesses to take the leap without having to worry too much about what happens if they fail.
In general, there is a sense that assistance is available, at a government level, to those who choose to enter the startup ecosystem, and that society is geared towards supporting those who need it.
Competitive Operating Costs
When compared to other, similarly developed economies, operating costs in Canada appear competitive, while at the same time, as mentioned, a good level of social support and government assistance is available. Taking all this into account, it can very often simply make good financial sense for a new business to be based in Canada. Costs for rent, utilities and labor are all reasonable, and when you're making your startup budget, it's great to have as much liquidity in the bank as you possibly can. Any extra cash that you have left over after the basics are covered can go towards dealing with unforeseen problems and improving the business, thereby maximizing your chances of success.
International Connections
Canada may be far north, but it's by no means off the beaten track, and its major cities are bustling international hubs with a lot of through-traffic and excellent international connections. Additionally, Canada has an outward-looking business approach and strong international trade agreements, opening it up to business people and consumers across the United States, Mexico, and the European Union.
In general, Canada's cities have a cosmopolitan feel, and there is a culture geared towards making connections. There are wonderful sights, plenty of tourism and an atmosphere conducive to new ideas, growth and innovation.
Ease of Living
As can be seen, Canada has a lot to offer to entrepreneurs and startups. One more thing to consider, though, is your own well-being and quality of life. You will perform at your best as a business person--and your venture will thrive--if you are comfortable and fulfilled outside of work too. In this respect, Canada can provide you with ease of living and a fantastic environment in which to be based.
You will have dynamic cities, modern and efficient transport, high quality healthcare and education, and good levels of both safety and entertainment, while at the same time, Canada contains majestic natural beauty, and strong environmental safeguards.
Opportunity and Challenge
There is great opportunity to be found in Canada, and you can give your startup a major boost by locating there. Of course, all the usual challenges still apply: you'll have to work hard, plan your finances carefully, and win the trust of your customers. Getting ahead will be competitive wherever you choose to establish your venture, but in Canada you can give your enterprise every possible advantage, and enjoy living in a wonderful country at the same time.