The Startup Genome Project has released part one of their report on startup hubs across the globe. Although the authors admit that their data is incomplete it is an interesting snapshot of the global startup scene. Canada did relatively well with both Vancouver and Toronto placing in the top 10. But what is interesting to me as a Canadian from Toronto but living in Vancouver is how the markets differ. Here’s what I take away from the report.
- While both cities make the top 10, it is more challenging to be an entrepreneur in Vancouver. According to the report the talent and mindset of Vancouver entrepreneurs is world class but the funding is lacking. According to the paper, the talent and mindset of Toronto entrepreneurs averages lower but the funding is higher. Therefore, the competition for limited funding in Vancouver is considerably higher.
- The report debunks the ridiculous myth that Vancouverites are lazy stoners. Vancouver entrepreneurs work as hard as their Silicon Valley counterparts and work harder than Toronto entrepreneurs.
- Toronto offers a startup scene that is more markedly different than Silicon Valley. Vancouver is seen as almost identical to The Valley in the kinds of companies it produces. For the report authors it is better to be different than Silicon Valley in this respect.
Here’s how the cities compare when plotted out in the report.
The whole study is worth reading. You can download it for free, here.