Tech ecosystem critically important to Canada – expert
Shady Salah – Media in Toronto
A Canadian expert has underlined the importance of the tech ecosystem in Canada, noting that the number of new tech jobs created in both 2018 and 2019 in Toronto have surpassed that of Silicon Valley, US. Speaking at the “Roundtable on Innovating at the Speed of the Crisis” Jannet Bannister, managing partner of Real Ventures, said “I think most people on this call would agree that our tech ecosystem is critically important to Canada’s future innovative tech companies are driving the future of Canada. As you likely saw yesterday Shopify is now the most valuable public company in Canada exceeding the value of Royal Bank Shopify also employs over 5000 people.
“I think that is a huge testament to the growth of the tech ecosystem. And there’s others coming up behind. To give you some stats just from the earliest, from early stage, and beyond. The number of tech companies in the Toronto Waterloo area have grown tenfold over the past 18 years in Toronto, the number of new tech jobs created in both 2018 and 2019 have surpassed that of Silicon Valley, Seattle, New York, and DC combined across the country last year, over 60,000 jobs were created in the text s sector. And importantly, these jobs pay on average 51% more than the average private sector wage.”
The tech ecosystem is critically important to Canada, and perhaps now more than ever before, according to Bannister.
“I think that this is a real critical point. Well, foreign investors will often come into Canada and the series A or Series B stage, they will not come and invest their time and their money in investing earliest or the earliest stage companies, simply because early stage investors want to be geographically close to their investors. They want to be able to visit them in their offices easily. They want to be able to leverage their network of talent, resources and other local networks in order to help those companies. And so, I can tell you that as a seed investor in Canada. Well I regularly get us investors reaching out to want to be more active in the tech ecosystem in Canada and do more investing, almost exclusively these investors are lucky to invest it’s a series A and beyond,” she added.