In 2017, Canada had the third-largest number of high-tech companies in the world with over 1,000 employees. With a population less than one-tenth that of the United States, this is an impressive statistic. Canada’s immigrant entrepreneurs are driving innovation and growth in these companies and fuelling Canadian dominance in tech sector jobs. In fact, recent data indicates that immigrants represent more than half of all workers at fast-growing Canadian technology firms.
This article will explore why immigrants have such a strong presence within our country’s booming tech industry and how they are shaping its future success thanks to the Start-up Visa program.
Canada’s Start-up companies
In the past few years, Canada has seen a major boom in immigrant-founded companies. These innovative entrepreneurs have been responsible for some of the country’s most successful tech ventures and are paving the way for Canadian dominance in this industry. In fact, as many as six out of ten new startups had an immigrant founder or co-founder. For example, success stories include Shopify (founded by Tobi Lütke), which is now worth $2 billion; Hootsuite (co-founded by Ryan Holmes); Wattpad (co-founded by Allen Lau). The benefits to Canada from these immigrants extend beyond their contributions to our economy: they’re also helping create jobs here at home and inspiring future generations.
Among the up-and-comers of the Canadian tech sector who have either just launched or are about to launch initial public offerings are Thinkific Labs Inc., Magnet Forensics Inc., Vendasta, Axonify, Miovision, Dejero, Trusscore, Vidyard, and Intellijoint Surgical.
Canada is quickly becoming a world leader in the tech sector, fueled by immigration. Canadian companies are attracting growing numbers of entrepreneurs and scientists from across the globe to fuel innovation and global competitiveness. Start-up Visa immigration program is one of the main programs which brings new ventures into the country. In fact, immigrants have created over 10% of all startups in Canada since 2006. Immigrants contribute greatly to our country’s vibrant culture through entrepreneurship and leadership. It’s time for us to celebrate these accomplishments!
In 2016, Venture Deals reported that among venture-backed companies founded by Canadians with at least one immigrant founder (i) 43% had an immigrant as their CEO, (ii) 25% had at least one immigrant on their executive team; while 68% of Canadian VC firms said they were more likely than not interested in investing in an entrepreneur who is immigrants.
Start-up companies & Ontario province
In the “new economy” of Ontario, a senior venture capitalist says Canada’s open door to immigration is driving one of its greatest assets: tech companies. The province has become poised to rival America’s Silicon Valley as leaders in digital innovation due in large part to these flourishing businesses bringing unique ideas and new talent into their communities–and they aren’t stopping there!
The Conference Board of Canada announced last week that the country’s goal to maintain high levels of immigration during a pandemic is economically sound. They cited $50 billion in annual tax revenues as well as improvements to GDP and an increase in working-age people per retiree ratio if their plan goes into motion, giving Canadian citizens more opportunities for economic prosperity now and going forward.
Immigration & Economy Grow
Last week, the Conference Board of Canada released information about how maintaining current levels of immigration could help the economy grow at 44%. In addition, they mentioned how increased immigration would lead to higher rates among workers compared with retirees which would bring taxes up by 50% annually while also increasing revenue from Canadians who will be able to work longer before retirement thanks again largely due to this policy change.
Canada is turning itself into an attractive destination for tech start-ups by making it easier to get visas and having a larger pool of skilled workers. For instance, the Start-up Visa immigration program helps entrepreneurs who want to create their own companies in Canada.
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