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. In third, Montreal gained one spot. Now the Quebec metropolis is just one spot behind the West Coast tech hub.
The region of Calgary was also recognized in the report. The city’s startup ecosystem ranked 6th this year in Canada, behind Kitchener and Ottawa. Last year, Calgary ranked in the top five.
Still, we know the region is momentum-rich.
For example, Osler’s Calgary office reported on 14 Alberta deals from 2020 through 2022, a growth rate of 100% for the region, the highest in Canada. Overall, the province saw startups raise more than $700 million across nearly 90 deals in 2022.
“Alberta, for the fifth year in a row, attracted a record amount of investments in 2022,” states the Canadian Venture Capital Market Overview: 2022 Year in Review.
Indeed, Canada as a whole has a bright future, according to the report.
“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 Calgary 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.
Calgary’s top industry was “energy and environment” as the region is becoming increasingly recognized for its clean-tech innovation.