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. Vancouver, whose startup ecosystem ranked 18th in North America, placed second in the nation.
Vancouver best watch out though—the city dropped one spot year-over-year, while rival Montreal gained one spot. Now the Quebec metropolis is just one spot behind the West Coast tech hub.
The city of Vancouver earned marks for its “energy and environment” sector, which ranked just one spot behind Toronto’s on the index.
“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 states, such as Vancouver and Toronto.
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.
Some of the local startups highlighted in the report include NFT innovator Dapper Labs and blockchain pioneer LayerZero Labs.
Earlier this year, web3 messaging platform LayerZero closed a Series B round to the tune of US$120 million. The sizeable raise built on LayerZero’s US$135 million round co-led by Sequoia Capital, FTX Ventures, and Andreessen Horowitz in 2022.
LayerZero Labs was founded by Pellegrino, Zarick, and Caleb Banister in 2021. The startup’s protocol improves upon today’s common Web 2.0 messaging platforms by enabling different types of messages across blockchains.
Vancouver’s tech scene now employs 92,000, a figure which has nearly tripled since 2010.
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