Across the world, every country has been affected by Covid-19 in one way or another. Now that we are nearing 2 years since the start of this game-changer, we are seeing the aftermath effects of how Covid-19 affected business, and it may not be what you expected…
Countries all over the world are seeing an increase in new startups! Now, this also follows a trend of many businesses closing, but this just goes to show that if your business isn’t keeping up with new technologies, you’re likely to fall behind and become one of these statistics. According to the University of London, over 400,000 start-ups opened in 2020 alone and this trend was also seen in other countries like Germany, France, Japan, and the US. One country they didn’t mention though was Canada who has had an extreme jump in venture capital investments over the 2 years.
Canada’s Start-up Boom
There is a dramatic increase of new start-ups entering the market worldwide but especially in Canada. The country famous for the creation of big businesses such as Blackberry, Shopify, and Wealthsimple Financial, has in the past had increasing start-up numbers but there has been a significant jump in 2021.
In Canada’s Q1 alone the jump was already visible as shown in the graph below but as we’ve reached the end of Q3, in Toronto alone capital venture investments reached $4.1 Billion. To give a comparison, this new amount raised is 281% higher than the total from 2020 and the year isn’t over yet.
A Brief Look Into Waterloo, Ontario
With most major cities like Toronto and Vancouver grabbing the headlines, it is easy for a small city like Waterloo to go undetected but in fact, its size doesn't do it justice for the leaps and bounds it is taking with new start-ups.
Apart from Silicon Valley, California, Waterloo is the next highest density of startups worldwide and this continues to hold true because of the region's ability to foster growth, funding options, and incubator resources such as Communitech.
What Does This Mean For Canadians?
Typically more business means more jobs, therefore with this influx of businesses getting funding, we could hope to see a large surge in available jobs in the tech industry for Canadians. Although, with the increase of desirable jobs comes new people moving to areas such as Waterloo, Ontario. For people living in areas like this they may not like this surge, but with growth comes growing pains and as the region is used to new expansion the people are sure to enjoy the benefits of new infrastructure.
Conclusion
As new businesses are starting up it is crucial that businesses across the world must also be adapting to keep from falling behind and becoming one of the businesses left forced to close their doors.
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