How can Toronto continue its rise as one of the biggest tech hubs in North America?
Toronto is rapidly becoming one of the world’s primary tech hubs, and its impressive rise has caught the attention of some of the top corporations in the industry. Last year, Microsoft opened four floors of new office space downtown, expanding its interests alongside many of its rivals including Amazon, Apple, and Google.
Toronto is now ranked as the third-largest tech hub in North America, and boasts more workers in the sector than other major players including Los Angeles and Washington, D.C. Now, the city is homing in on the only two superior regions in the continent – New York and the Silicon Valley.
Toronto’s Tech Workforce Growing at Lighting Pace
Many cities around the world will have looked at the rise of the tech industry in Toronto over the last few years enviously. The Canadian city has certainly put forward a reliable model for development that others could look to follow. Part of the reason the city has grown to become the tech behemoth it is today is that the government has put a lot of focus and investment into start-up tech companies. This has come in the form of grants and initiatives, along with strong ongoing support.
Another factor has been the ease with which tech companies and individual workers have been able to set up shop in Toronto. Canada typically has fairly relaxed immigration laws which are favourable towards skilled workers, so it has been able to attract technology experts from around the globe. It also offers tax breaks to businesses and makes it easy for them to operate, knowing how beneficial they can be to the overall economy. Universities and colleges in Toronto are among the best on the planet, and these have helped foster many tech experts and business-minded people as well.
Toronto’s exponential tech growth over the last decade has been compared to a unicorn start-up, one that reaches an incredible valuation in its early days. The influx of Microsoft and some of the other biggest companies in the world has helped Toronto’s reputation to increase and influenced other businesses to come here. If the city continues to boom over the next decade as it has in the last, it could easily overtake Silicon Valley in the future.
Up-and-coming Tech Offshoots Could Thrive in Toronto
To ensure the continued progression of the tech industry in Toronto, the city needs to attract forward-thinking businesses operating in sectors that will be flourishing for many decades to come. The online casino industry is a prime example of one such sector, as it is projected to keep up with its ballooning expansion. Indeed, in 2022 the global sector was worth around $80 billion, and that figure is expected to rise to $153.89 billion by 2028.
The online gambling industry is spreading across the United States as many states are beginning to legalize it. This makes it a lucrative opportunity for tech hubs in the country to capitalize on. Canada is already way ahead in this regard with its more relaxed gambling laws, but it should still seek to stay one step ahead of its North American neighbour.
Real money slots are the most popular gambling options, and this is highlighted by the sheer number of sites available to players. They attempt to entice users with attractive sign-up bonuses, like Spin Casino which offers a welcome bonus of up to $1000 with a 1-2 days payout speed. It’s wise for Toronto to market itself to studios that develop slots as these will always be needed in the industry.
Other up-and-coming tech sectors that businesses in Toronto could seek to invest in or form partnerships with include artificial intelligence companies, and developers working on virtual and augmented reality products. These are expected to have a huge influence on the world in the near future.
To continue its rise towards becoming the world’s greatest tech hub, Toronto simply needs to keep up with its fast pace of development. This will involve nurturing start-up companies, appealing to major corporations, and jumping on new tech trends before they become mainstream. Toronto is a model that other cities around the world should attempt to follow.
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