Canada’s lush forestry, containing about 9 percent of the world’s, makes it a home of bountiful natural resources. Though the economy is already making the most of what they have, they are not stopping there. Canada supporting startups is their answer.
Today, Canada is competing with Silicon Valley. And the government’s been extending more budget to fund promising entrepreneurs and their billion-dollar startups. Combining this with an ecosystem that can sustain innovation starting from education to launch, Canada sure found the right formula for economic success.
Canada is known for its unorthodox decisions. Many traditional business sectors have already changed a lot by the decisions of government. Justin Trudeau is very decisive and that’s how he could win the elections second time in last year. Unorthodox decisions had the biggest impact on the iGaming industry. Casino and gambling sector is very popular in country and local companies try to make a name on a global market. Digital charter helped Canadian casino companies to adapt their business into the digital space. Unlike US and China, Canadian casinos online could offer local and international players wide range of games. The player can enjoy online roulette and poker at the same platform, so that is a big advantage of the Canadian casino industry. The government’s decisions tended to help iGaming space a lot and overall it paid dues. In 2019, the casino industry has contributed up to 20 billion Canadian dollars and that’s a big growth if we compare it to the last decade. The economic team of the country is focused a lot on new opportunities and that’s why Silicon Valley start-ups may move to Canada in this decade.
Why It’s Important to Have Billion-Dollar Start-Ups In-Country
Working with new entrepreneurs’ ideas have been the starting point of Canada is looking for a different perspective in addressing problem areas in various sectors. Canada startups are letting the people speak of their first-hand observation of the country’s areas for improvement while simultaneously providing solutions to it. Some of the educated workforces are looking for avenues to create social impact; thus, the rise of entrepreneurs.
Having been investing in improving the education sector, Canada is now reaping the fruits of its labor. Its world-class educational institutions like the University of Waterloo are producing quality graduates who are competent enough to start a Silicon Valley of their own in Canada. This capacity to produce great talents is the groundwork of the country towards its economic success. We are seeing billion-dollar Canada startups receiving full support as a reliable indicator of a country’s sustainability and stability.
Country Helps 14 Startups to Receive 46 Million for Sustainable Development
The government funding Canada startups today aims at addressing climate change and other sustainable development potential areas. Early this year, 14 Canadian startups have the opportunity to launch their ideas.
These startups are receiving seeding to help them accelerate their ideas to realizable outputs that will benefit the country as a whole. For example, the “cleantech” will help the country work on its environmental efforts through recycling, energy conversion, and reducing waste.
These Canadian startup companies are now starting working on some of these technologies:
- Reducing the driving distance for collection trucks through sensor technology
- Reducing energy and chemical consumption of desalination plants
- Converting biosolids to energy
- Removing pollutants from wastewater
- Reducing the weight of products for aerospace and automotive use
Microsoft Decides to Focus More on Canada’s Ecosystem
Meanwhile, the tech giant, Microsoft, has been seeing the Canadian government’s efforts and would want to take part in accelerating it even more.
Microsoft for Startups aims at providing more support for promising tech startups within Canada’s thriving startup ecosystem. It will help entrepreneurs to hasten their growth by providing them access to technical and management resources, which they might not have the budget yet.
Invest Toronto and Ottawa are partnering with Microsoft in this initiative. It will work on attracting more startups by working on relevance content, training, seminars, and other marketing initiatives.
This joint partnership will be catalyzing better and more long-term success for the sponsors and the startups they are working. And in a broader view, these Canadian startups will maximize the use of technology in improving the different sectors of the country and its stand in the global market.