Toronto... The Place to Be for Technology
Toronto has long been recognized as a centre of technology in Canada. That reputation only grows with each passing month and year. Toronto is among the best cities in the world to work in technology and there are over half a million working in the technology space in Toronto. This number is growing fast as is the roughly 25% of those that are self-employed. Plus, a recent study by the Compass Group showed that Toronto’s tech growth is outpacing the rest of the country almost 5-1.
What is responsible for this growth? It is a number of things and anytime in economics or business that there are numerous factors to growth, that is a very good thing.
Let’s look first at the straw that stirs the drink for Toronto’s Tech sector — our major financial institutions. The Big 5 are all headquartered in Toronto and in 2018 continue to invest massively in technology. Cloud computing, security, application development, risk management through technology, customer experience, are all areas that the banks continue to invest in.
The Major Telco’s equally influence the Toronto Technology sector. The intense competition for customers has led to significant investment in a better customer experience through technology. This competition also drives investment in the latest network and cellular technologies to bring faster speeds and better experiences for their customers. 2018 has been a huge year for this type of infrastructure investment in Toronto and elsewhere.
The new world business Goliaths such as Google, Facebook, and Twitter have all recently invested money and resourcing in Toronto and continue to grow their presence in 2018. In today’s world of technology, you can never really be a true world technology hub without their presence.
And let us not forget the importance of a vibrant environment for start-ups. Uber, Airbnb, Facebook, were all start-ups at one time, making it critical that Toronto maintains a not only viable but an exciting environment for start-ups to take root. Companies like Top Hat, Bridget, and others are following in the footsteps of more established start-ups like Shop.ca and Fresh Books. 2018 has seen an incredible number of start-ups show us exciting things in Toronto.
The landscape is bright for technology in in Toronto in 2018. The battle for talent is fierce but it also shows that this is where a huge pool of talent resides. The healthy mix of factors described above has Toronto in a good place for years to come. If you are technology professional in Toronto it appears you are in the right place.