A Canadian financial technology firm delved deep into data to discover where Canada and its startup hubs rank on national and global scales and they confirmed the country’s current tech boom.
Montreal-based fintech HelloSafe, a comparison platform for the best Canadian insurance deals in 30 seconds, parsed numbers from StartupBlink, which claims to be the world’s most comprehensive startup ecosystem map and research centre, working to uncover the momentum of startup ecosystems globally.
StartupBlink’s Global Startup Ecosystem Index 2022 found that Canada is the fourth best country in the world to launch a startup, behind the US, UK, and Israel.
Ranks are based on combined criteria: quality and quantity of local startups as well as regional business environment. Factors such as co-working spaces, incubators, startups events, R&D funding, and internet speed and access are all considered.
“The Canadian startup ecosystem is more lively than ever, with 10 cities ranking into the top 200 cities for startups in the world,” HelloSafe noted. “This means that in 2022, 5% of the cities present in the world top 200 are located in Canada.”
Not bad for a country that represents less than 0.5% of the world population.
Vancouver is Canada’s second-best startup hub, according to the data. Toronto (24th), Vancouver (40th), and Montreal (45th) are the Canadian cities part of the world top 50 cities for startups.