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Why is this happening? Just look at the amount of funding pouring in.
According to a report by Canada Venture Capital and Private Equity Association (CVCA), Canadian tech firms were able to raise a record funding of $11.8 billion by the end of quarter 3 of 2021.
This phenomenal new record is all set to beat the 2019 investment record most comprehensively.
2019 had seen Canadian Venture Capital investment reach a high of $6.2 billion CAD, and now 2021 has written a new chapter of success.
So, what has changed so drastically between 2019 and 2021? The Pandemic.
The need for tech solutions in a remote working scenario propelled by the pandemic has led to rapid digitization, and technology has been at the heart of it.
Toronto and Vancouver are leading the space and continue to be the hotbeds of the tech boom. Even though the Canadian tech industry continues its glorious run, it is fraught with major challenges including workforce crunch and the uncertainty around the pandemic.
Interestingly, those investing in this boom are not traditionally associated with the tech sector. The new wave of investors includes corporate partners, pharmaceutical companies, and credit unions. Industry experts attribute this success to Canada’s ‘network effect’, which refers to a phenomenon where a product or service attains more value as more people begin to use it.
Despite this remarkable achievement, 2022 comes laden with its own challenges for the Canadian tech space, which majorly includes scouting for the right talent.
Meanwhile, the onus of consolidating this growing prowess of the Canadian tech industry also depends upon the govt support, before it truly matures.
Even though we now have the world’s attention on our tech sector, what remains to be seen is what Canada does to hold that attention!
If you are have a business idea, or an existing business - whether it's a startup or not, we can help you move your operations or business concept to Canada.
Under the Startup Visa program all the eligible co-founders of your business can apply for Permanent Residency and a work permit to Canada - including their families (dependents). How can we help you in this process? Business plan, pitch deck, incubator admission, Letter of Support, and processing your immigration paperwork to move to Canada. We have a team of experts specializing in this field helping Startups and existing business to move to Canada.
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