Montréal among top startup ecosystems in the world?
While Silicon Valley still has the largest concentration of global technology companies, there are now 30 promising hubs in the future who could also reach a critical mass of companies and position themselves as the world’s largest startup hubs. The good news? Montréal is in the running.
That’s the theory according to Startup Genome, the reference when it comes to startup research and data, in its latest Global Startup Ecosystem Report 2019. Since this is Startupfest month, the annual meetup of entrepreneurs, we had to share the news!
Montréal has world-class advantages
Montréal has a dynamic ecosystem and specific expertise, with incubators, accelerators, venture capitalists and government bodies all working towards the success of startups. Not only does Montréal have a unique business environment, it is also known for its technological excellence and for the most affordable cost of living among major cities in Canada and the US.[1]
Industry-specific expertise
AI and big data powerhouse
Renowned for its leading-edge AI expertise, Montréal sets itself apart through its powerful network of scientists, including the largest university community in deep learning in the world. In less than three years, more than $2 billion in investments have been announced, in addition to the arrival of multinationals such as Google, Facebook, Microsoft, Samsung and IBM.
Advanced manufacturing and robotics powerhouse
Greater Montréal is one of the major aerospace capitals in the world. With over 200 specialized companies, the region is a diversified and innovative cluster backed by trade schools and specialized research centres. Notable local startups in these fields include Kinova, Mnubo and Vention; each raised funding of over $15 million. Montréal also stands out in the following areas:
- No. 1 ecosystem when it comes to early stage funding per startup: US$374,000 vs US$284,000 on average
- No. 2 ecosystem (and 1st in North America) with the strongest growth in the international expansion stage
- No. 5 for its international connectivity thanks to a high number of quality relationships maintained with founders in major hubs
The Montréal ecosystem, evaluated at $3.4 billion, is also the preferred location for startups specializing in research. Through advantageous tax credits, startups can reap five or six times more of their R & D spending by choosing to invest in Montréal.
The analysis is based on data collected from over a million companies, 150 ecosystems and over 10,000 startup founders surveyed worldwide.
To view the full report, click here.
To read the original summary on Montréal
Source: Startup Genome
