Vancouver ranks among the top technology ecosystems in the world, according to the latest report from Startup Genome and the Global Entrepreneurship Network.
The 2024 Global Startup Ecosystem Report, released for London Tech Week, analyzed data from more than four million companies across 300 ecosystems around the world to provide “compelling new insights and deep knowledge about startup trends around the world.”
The insights and trends are in addition to the report’s flagship offering, a ranking system of innovation ecosystems.
Recognized as the 2nd most major tech ecosystem in Canada, Vancouver ranks 34th globally and 15th in North America, according to the report, behind Toronto-Waterloo in 18th and Montreal, who squeezed into the top 40 list by earning the 39th slot.
Delving deeper into the analysis, Vancouver ranks high for a relatively low cost of talent and a strong STEM field, the report found.
In terms of funding, quality of capital is there but perhaps not quantity; a general lack of access to capital hurts the city’s score. Similarly, there is a robust early-stage ecosystem, but a dearth of companies that find serious scale.
Regarding intellectual property, Vancouver has a notable production level for research output, but falls short when it comes to securing meaningful patents and practically implementing R&D.
Overall, Vancouver’s tech scene is a force to be reckoned with, boasting for multiple years the highest tech job growth rate in Canada.
In fact, in Vancouver, tech work accounts for roughly one-third of all occupations.
Silicon Valley once again garnered first place on the Startup Genome list, which began in 2012.
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