First in Canada and 15th in the world, Vancouver’s tech startups are making major moves according to the latest global rankings.
Startup successes like Hootsuite, Slack, Bench and Plenty of Fish have helped the city punch above its weight, and the world has apparently taken notice.
The best team experience in the world and attractively valued companies were enough to squeeze Vancouver one spot ahead of Toronto in this year’s Global Startup Ecosystem Report.
That’s three places up from the last report in 2015, and comes despite the city having the fewest startups in the top 20.
“Vancouver is leveraging its unique combination of assets: Hollywood North, a strong industrial foundation, enterprise data and cloud underpinnings, and a remarkably diverse talent pool, with over half of its residents having a first tongue other than English,” reads the report from Startup Genome.
The report found the city’s 800-1,100 startups, the most per capita in Canada, were worth about $9-billion dollars. It says the average Vancouver startup is pulling in $334,000 in early-stage funding, a healthy step above the global average of $252,000.
The Toronto-Waterloo corridor, for comparison, is home to between 2,100-2,700 startups, but with a sector valuation of just $7.2 billion.
The report also found Vancouver shining on global access, with about 57 per cent of startups doing international business – double the global average.
That, due in part to access to the U.S., combined with a diverse and multi-lingual workforce able to access international markets.
Underpinning the success, the report found the city’s high concentration of visual effects, animation studios, video game producers, and ranking among the world’s top 20 financial centres.
But it’s not all rosy. The report found Vancouver strongly lagging when it came to attracting new and quality talent, though still edging out Toronto.
Overall, and perhaps unsurprisingly, Silicon Valley, New York, and London came in at first, second, and third place.