Business

Here are the best Cities for Startups In Canada

Published

4 weeks ago

August 17, 2024

Canada has established itself as a prime destination for startups, thanks to its innovative business environment, robust tech ecosystems, and supportive government policies. Entrepreneurs across various industries can find cities that align with their specific needs, whether they seek funding, talent, or industry-specific expertise. Here’s a look at 20 of the best cities in Canada for startups:

1. Toronto, Ontario

Toronto, Canada’s largest city, remains a top destination for startups. Known as the financial capital of the country, Toronto’s diverse economy is a driving force for industries like fintech, health tech, AI, and software development.

Why Toronto?

Diverse Talent Pool: World-class universities produce a wealth of skilled graduates in engineering, business, and tech.
Access to Capital: The city has a dense network of venture capital firms, angel investors, and accelerators.
Tech Hub: Incubators like MaRS Discovery District and DMZ foster a rich startup ecosystem.

2. Vancouver, British Columbia

Vancouver is not only known for its stunning landscapes but also for its thriving tech scene. It’s a leader in sectors like video games, clean tech, and software development, with strong connections to the U.S. tech market.

Why Vancouver?

Proximity to Silicon Valley: Its west coast location makes it an ideal base for entering the U.S. market.
Green Tech Focus: Vancouver is a leader in green technologies and sustainable business practices.
Quality of Life: The city’s livability attracts top global talent.

3. Montreal, Quebec

Montreal is a burgeoning hub for AI, gaming, aerospace, and biotech startups. The city’s cultural diversity, affordability, and world-class institutions make it an attractive base for entrepreneurs.

Why Montreal?

AI Leadership: Institutes like Mila and Element AI drive innovation in artificial intelligence.
Affordable Living: Lower living and office space costs compared to Toronto and Vancouver.
Bilingual Workforce: Montreal’s French-English bilingualism opens doors to broader markets.

4. Calgary, Alberta

Historically known for its oil and gas sector, Calgary is rapidly diversifying into clean tech, agtech, and energy innovation, making it an emerging hub for startups.

Why Calgary?

Energy Innovation: The city leverages its legacy in energy to foster new growth in clean technology.
Government Incentives: Alberta provides generous tax breaks and funding for innovative businesses.
Growing Startup Scene: Initiatives like Platform Calgary support entrepreneurs at every stage of their journey.

5. Waterloo, Ontario

Waterloo is a major tech hub, renowned for its concentration of engineering talent and its entrepreneurial spirit. The University of Waterloo is a key driver of innovation in the city.

Why Waterloo?

Tech Ecosystem: Home to industry giants like Shopify, along with numerous startups.
Collaborative Community: Waterloo’s small size promotes a close-knit startup environment.
Engineering Talent: The University of Waterloo produces top-tier engineers and developers.

6. Ottawa, Ontario

As Canada’s capital, Ottawa provides startups with unparalleled access to government contracts and a strong tech talent pool, particularly in sectors like cybersecurity, telecommunications, and defence.

Why Ottawa?

Government Connections: Proximity to federal resources and policymakers.
Tech Talent: Ottawa has one of the highest concentrations of tech workers in Canada.
Supportive Ecosystem: Innovation hubs like Invest Ottawa help startups navigate the early stages of growth.

7. Halifax, Nova Scotia

Halifax is rising as a startup destination, especially in ocean tech, life sciences, and renewable energy. Its strategic Atlantic location offers a gateway to European markets.

Why Halifax?

Supportive Startup Community: Organizations like Volta Labs and Innovacorp drive innovation.
Affordable Costs: Lower business and living expenses compared to larger cities.
Government Support: The province offers grants and funding for sectors like ocean tech and clean energy.

8. Edmonton, Alberta

Edmonton has a strong reputation in AI, health tech, and biotechnology, thanks in part to the University of Alberta’s research prowess and a supportive innovation ecosystem.

Why Edmonton?

AI and Biotech Hub: The Alberta Machine Intelligence Institute (AMII) anchors the city’s leadership in AI.
Health Tech Innovation: Edmonton is emerging as a leader in health technology.
Government Backing: Alberta invests heavily in innovation through grants and incentives.

9. Quebec City, Quebec

Quebec City is gaining attention for its startups in life sciences, digital technology, and advanced manufacturing. It offers a high quality of life and strong government backing for innovation.

Why Quebec City?

Life Sciences Leadership: The city is a hub for biotech and advanced manufacturing.
Educated Workforce: The city’s universities provide a highly educated talent pool.
Government Incentives: Quebec’s provincial government offers grants and tax incentives for innovation.

10. Winnipeg, Manitoba

Winnipeg is becoming a center for agtech, logistics, and digital technology startups. With lower costs and a strong entrepreneurial spirit, it’s an attractive city for growing businesses.

Why Winnipeg?

Agtech and Logistics: Strong agricultural roots make it ideal for agtech innovation.
Lower Costs: Affordable living and business operations attract startups looking to scale.
Supportive Environment: Innovation hubs like North Forge Technology Exchange help entrepreneurs thrive.

11. Kitchener, Ontario

Kitchener, often paired with Waterloo, is a leading city for startups, particularly in software, hardware, and advanced manufacturing. It’s known for its strong entrepreneurial community and tech talent.

Why Kitchener?

Tech Innovation: The region is home to numerous startups and scale-ups in hardware and software development.
University Access: Close ties with the University of Waterloo ensure a steady stream of talent.
Strong Community: The city’s small size fosters close collaboration among entrepreneurs and investors.

12. Victoria, British Columbia

Victoria has a growing startup scene, particularly in the tech and green energy sectors. Its close proximity to Vancouver and Seattle offers strategic advantages for entrepreneurs.

Why Victoria?

Tech and Green Energy Hub: The city is becoming a leader in clean tech and software development.
Strategic Location: Close to Vancouver and the U.S. west coast, offering easy access to larger markets.
High Quality of Life: Victoria’s beautiful surroundings attract top talent.

13. Hamilton, Ontario

Hamilton is rapidly becoming a hotspot for startups, particularly in health tech, manufacturing, and logistics. The city’s industrial history is now being reinvented through technology and innovation.

Why Hamilton?

Manufacturing and Health Tech: Hamilton’s innovation in health tech and manufacturing makes it a standout.
Lower Costs: Lower costs for living and business operations compared to Toronto.
Innovation Ecosystem: Hubs like The Forge and Innovation Factory provide support for startups.

14. London, Ontario

London is emerging as a startup destination, particularly in digital health, fintech, and edtech. It benefits from a strong connection to Western University and affordable living.

Why London?

Health and Edtech: London is becoming a leader in digital health and educational technology.
University Talent: Western University supplies a constant pipeline of skilled graduates.
Lower Costs: London offers more affordable living and business operations compared to major cities.

15. St. John’s, Newfoundland and Labrador

St. John’s is gaining recognition as a leader in ocean tech and renewable energy startups. Its location and government incentives make it a rising star on the Canadian startup scene.

Why St. John’s?

Ocean Tech Leadership: The city is at the forefront of innovation in ocean technology.
Government Incentives: Strong government backing for renewable energy and tech startups.
Unique Location: Its proximity to the North Atlantic offers strategic advantages for maritime industries.

16. Saskatoon, Saskatchewan

Saskatoon is becoming a hub for agtech, biotechnology, and natural resource innovation. The city offers lower costs and a thriving innovation community.

Why Saskatoon?

Agtech and Biotech: The city’s strong ties to agriculture and biotech foster innovation in these fields.
Lower Costs: Affordable living and business costs make it an appealing city for startups.
Research Institutions: The University of Saskatchewan provides research support and talent for startups.

17. Charlottetown, Prince Edward Island

Charlottetown is making strides in biotech, health tech, and agriculture, thanks to its strong government support and lower cost of living.

Why Charlottetown?

Biotech and Agtech Hub: The city is known for its growing biotech and agtech sectors.
Supportive Government: P.E.I. provides grants and incentives for startups.
Affordable Living: Lower costs for living and office space attract startups looking to scale.

18. Guelph, Ontario

Guelph is a rising city for agtech, clean tech, and food innovation. The city’s strong agricultural roots provide a foundation for innovation in sustainable technology.

Why Guelph?

Agtech Leadership: Guelph is a leader in agriculture and food innovation.
Sustainability Focus: The city’s focus on clean technology and sustainability draws in startups.
Strong University Connections: The University of Guelph supports agtech research and talent.

19. Moncton, New Brunswick

Moncton is an up-and-coming city for startups, particularly in the information technology and telecommunications sectors. The city’s supportive ecosystem and low costs make it an attractive destination.

Why Moncton?

IT and Telecom Hub: Moncton is becoming a leader in telecommunications and IT innovation.
Lower Costs: The cost of living and doing business is lower than in major Canadian cities.
Government Support: The city offers grants and funding for startups in tech and telecom industries.

20. Windsor, Ontario

Windsor is known for its manufacturing and automotive innovation, making it a growing hub for startups in advanced manufacturing, automation, and clean tech.

Why Windsor?

Manufacturing and Automation: Windsor is at the forefront of advanced manufacturing and automotive innovation.
Strategic Location: Its proximity to Detroit offers easy access to the U.S. market.
Innovation Support: The city has strong government support for manufacturing and clean tech startups.

Conclusion

Canada’s diverse cities offer rich opportunities for startups across various industries. From the tech powerhouses of Toronto and Vancouver to the growing innovation hubs in Halifax and Saskatoon, there’s a city in Canada for every entrepreneur. With access to talent, funding, and supportive ecosystems, these 20 cities provide fertile ground for innovation and business growth.

Business

Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

Published

17 hours ago

September 12, 2024

Anne Joseph

MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

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Business

Dollarama keeping an eye on competitors as Loblaw launches new ultra-discount chain

Published

2 days ago

September 11, 2024

Anne Joseph

Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.

“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.

“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”

Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.

“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”

“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.

“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:DOL)

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Business

U.S. regulator fines TD Bank US$28M for faulty consumer reports

Published

2 days ago

September 11, 2024

Anne Joseph

TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.

The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.

It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.

CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.

TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.

The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:TD)

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