Toronto has established itself as one of the world’s leading tech hubs, with the University of Toronto making key contributions to an innovation ecosystem teeming with talent and home to startups and tech giants alike, according to a leading Dutch financial newspaper.
The feature article in Het Financieele Dagblad, or FDexplores the strengths of Toronto’s tech scene and echoes observations made earlier this year by the New York Times. “Many people who have lived in Toronto for years feel a confidence in the city that didn’t exist five or six years ago. Jon Frenchdirector of U of T Entrepreneurship, the newspaper tells (according to a translation).
This growing confidence DF reports, is exemplified by tech entrepreneurs increasingly choosing to stay in Toronto — attracted by the city’s livability, diversity and talent pool — rather than move to Silicon Valley. “When I studied in Toronto, about 10 years ago, it felt like you had to go to California or New York to have a career,” Nick Frostco-founder of AI language processing startup Cohere, said DF. “I hardly hear this myth anymore. Other students who stayed in Canada built careers as good as those who left for the United States.
DF highlights the fundamental contributions of the emeritus university professor Geoffrey Hinton helping to build Toronto’s status as a tech hub, through his pioneering research in deep learning and co-founding the Vector Institute for Artificial Intelligence. He also cites the upcoming Schwartz Reisman Innovation Campus as an example of how institutions like the University of Toronto are fueling Toronto’s tech boom.
The newspaper also notes how the influx of tech giants like Google, Amazon, Microsoft and Meta to Toronto is driving “brain gain” as global tech talent flocks to the region, aided by Canada’s liberal immigration policies.