“Toronto has long been my home and the base of my operations,” says serial entrepreneur and angel investor Cole Diamond as he seats himself behind the desk in his office. “Not only because I love this city, but because it’s a world-class metropolis equipped with the infrastructure and amenities necessary to carry out high-level business operations. It’s a perfect spot from which to look after my interests.”
After a bit of back-and-forth over the preceding days, Diamond has graciously agreed to an in-person discussion about the important, yet oft-overlooked role that entrepreneurs play in shaping The 6ix into the international business powerhouse it has become. As the co-founder of Coinsquare and Tetra Trust, two heavyweights of Canada’s emerging cryptocurrency sector, and a substantial backer of more than 30 startups across the globe, he is uniquely qualified to give his thoughts on the matter.
“Toronto has this amazing blend of business-savvy culture and a growing network of people eager to innovate,” Diamond continues, his gaze shifting to the cityscape visible through his office window. “Whether you’re in the tech space, the financial sector, or the creative industries, this city supports it all.”
Indeed, Toronto has been a launchpad for entrepreneurs in almost every sector of the economy, with a wide range of homegrown industries popping up throughout all the townships it emcompasses—from the big brokerage houses downtown to the up-and-coming e-commerce companies on the outer edges of Scarborough and Etobicoke. Over the years, the Big Smoke has played host to a startup ecosystem famous for drawing talent from around the world, cementing its reputation as one of the most entrepreneur-friendly cities in North America, if not the world.
As he speaks, Diamond is keen to highlight the more recent waves of entrepreneurial activity propelling Toronto into the global spotlight. “There’s a palpable energy in the air here. Take Coinsquare as an example,” he says. “There’s a reason my co-founders and I didn’t headquarter it in New York or San Francisco, and that’s because Toronto has a unique combination of access to top-tier talent, a supportive business climate, and a cutting-edge tech scene that is just incredible. We knew we’d be able to grow and thrive here in ways other cities couldn’t offer.”
This dynamic mix of conditions that Diamond outlines has helped foster the growth of a new class of businesses in the city, inspiring the likes of Wealthsimple, Koho, and Outer Layer in recent years, among countless others.
“And the same goes for Tetra Trust,” he continues. “Once those two companies established themselves as staples of this city, an entire industry of Canadian crypto firms sprang up around them, encouraged and supported by our initial successes. Now, thanks in large part to that phenomenon, Canada is viewed as a major player in cryptocurrency. Before, it wasn’t so much,” he explains, adding, “As history teaches us, success begets success, and that’s just another classic example.”
The entrepreneurial spirit inherent to Toronto is one of the driving forces behind the city’s transformation into a modern-day economic giant. Over the course of the 21st century, the exponential growth of Torontian tech companies and financial institutions has fostered an environment where startups have the support and resources they need to thrive. Replete with world-class incubators and accelerators, and with plentiful access to seed capital, The Big Smoke is well-positioned to keep churning out new business leaders, innovators, and industry disruptors.
For Cole Diamond, who could be described as all three, the city’s dynamic atmosphere is inspiring. “I see Toronto as both a microcosm of capitalist ingenuity and a magnetic hub for international opportunities,” he says. “I’ve thought a lot about why that is, and one of the conclusions I’ve come to is this: when you have a diverse population, you get diverse ideas. There’s a ton of creativity here. It’s everywhere. It pulses through the city like an electrical current.”
That very mindset is what led Diamond to expand his entrepreneurial horizons into the hospitality business. After stepping away from the crypto enterprises he midwifed into mega-companies, he co-founded Vela, a Michelin-rated fine-dining restaurant in the heart of the fashion district, and remains the controlling shareholder. His move into hospitality stems from his deep belief in the potential of Toronto to become an even greater global destination for tourism, culture, and culinary innovation than it already is. “I’ve always had a passion for great food and fine dining. I saw an opportunity to add something distinct to the city’s culinary scene, I took it, and the results have been tremendous,” he says.
Vela, which has already gained recognition for its atmosphere and cuisine, blends local ingredients with internationally renowned cooking techniques. Asked for the secret ingredient to its success, Diamond replies, “I think it speaks to the city’s cosmopolitan tastes. Toronto is a hotspot for people looking for unique, high-end dining experiences, and I’m excited to be part of that.”
As the interview draws to a close, Cole Diamond reflects on the importance of entrepreneurs in building and shaping the city’s past, present, and future. “At the end of the day, it’s all about creating opportunities for others,” he says. “Entrepreneurs are the ones who bring new ideas to life, who take risks, and who, ultimately, help make this city better for everyone who lives in it. In so many ways, Toronto is a city built by entrepreneurs, and that’s why it’s such an exciting place to be.”
Other articles from totimes.ca – mtltimes.ca – otttimes.ca