Canada’s largest city is building its reputation as the Silicon Valley of the North. Who knows, maybe it’ll even get its own HBO sitcom.
What happened: Ride-share company Lyft is planning to open a Toronto office next year, making the Canadian city its largest international tech centre. Lyft highlighted Toronto’s tech and engineering workforce as a major reason it chose to set up its new office in the city.
Why it matters: The Greater Toronto Area’s reputation as a top-tier talent hub is luring more companies to Canada. Pinterest, IBM, and Snowflake are just a few of the U.S. tech giants that have recently set up shop or expanded their footprint in the GTA, all citing the region's talent.
- U.S. legal tech startup Harvey, which opened a Toronto office this month, told The Peak in August that the abundance of engineering talent was a big factor in choosing Toronto.
- Economist Tyler Cowen — widely considered a leading expert on tech talent — wrote recently that the Toronto suburbs are one of the most neglected talent hubs in the whole world.
Yes, but: The GTA might be doing a good job of attracting companies, but many homegrown firms are flocking elsewhere. Just under a third of “high-potential” startups with Canadian founders launched last year were headquartered in Canada, down from 67% between 2015 and 2019.—LA