Toronto, Vancouver and Montreal within the world's top 50 cities for startups in 2023
As a Montreal-based startup, in HelloSafe we wanted to know what are the best cities in Canada to develop a startup. With that purpose, we dived deep into the giant Startup Blink database, with which we elaborated rankings between the different Canadian cities and provinces, and see their position on global rankings in 2023. This ranking based on 3 main sets of criteria : quality, quantity and business environment.
Canada, the 4th best country in the world for startups in 2023
This dynamism of the Canadian startup ecosystems is again verified through the Startup Blink 2023 best countries for startups ranking, where Canada appears to be 4th, just behind the United States, the United Kingdom and Israel. This means Canada is ahead of countries such as France, Germany or China, as shown in the following chart :
Source : Startup Blink Annual Report 2023
Keep in mind
- Canada ranks as the 4th best country for startups in the world in 2023 - the same position as last year
- Toronto remains the best Canadian city for startup in 2023, ahead of Vancouver (2nd), Montreal (3rd), Ottawa (4th) and Kitchener (5th)
- In 2023, 39 Canadian cities ranks among the top 1000 best cities for startups in the world - 2 less in comparison with 2022
- Among those 39 cities, more than half are located in Ontario, which remains by far the most dynamic province for startups in 2023
- Owen Sound has gained 215 positions in comparison with 2022, which is the biggest progression for a Canadian city
- Midland, Cobourg and North Bay are the 3 new Canadian cities appearing in the ranking this year
- Saint John, Lethbridge, Hawkesbury, Port Hope and Red Deer have disappeared from the ranking this year.
In 2023, Canada has 9 cities ranking in the world top 200 cities for startups
The Canadian startup ecosystem is more lively than ever, with 9 cities ranking into the top 200 cities for startups in the world. This means that in 2023, 4.5% of the cities present in the world top 200 are located in Canada. Not bad for a country that represents less than 0,5% of the world population! As we observe in the table, Toronto (23rd), Vancouver (41st) and Montreal (44st) are the only Canadian cities making part of the world top 50 cities for startups.
World best cities for startups in 2023: all the Canadian cities' ranking and score
When looking at the world top 1000 best cities for startups in 2023, we observe that 41 Canadian cities rank this year, which represents 4% of the total. Here is the complete ranking of the top Canadian cities for startups in 2023 :
| Cities | 2023 score | National rank | Evolution (vs. 2022) | World rank | Evolution (vs. 2022) |
|---|---|---|---|---|---|
| Toronto | 32630 | 1 | = | 23 | +1 |
| Vancouver | 17592 | 2 | = | 41 | -1 |
| Montreal | 15755 | 3 | = | 44 | +1 |
| Ottawa | 9033 | 4 | = | 68 | +21 |
| Kitchener Waterloo | 8508 | 5 | = | 76 | +15 |
| Calgary | 6390 | 6 | = | 111 | -7 |
| Quebec City | 5531 | 7 | +1 | 129 | +13 |
| Edmonton | 4505 | 8 | -1 | 144 | -4 |
| Kingston | 3449 | 9 | = | 180 | +3 |
| Halifax | 2282 | 10 | +2 | 224 | +9 |
| Victoria | 2262 | 11 | -1 | 225 | -41 |
| St John's | 2207 | 12 | +1 | 229 | +18 |
| Winnipeg | 1443 | 13 | -2 | 288 | -96 |
| Hamilton | 1193 | 14 | = | 319 | -10 |
| Fredericton | 978 | 15 | = | 356 | -14 |
| Saskatoon | 720 | 16 | = | 428 | -51 |
| London | 704 | 17 | +1 | 437 | +8 |
| Kelowna | 676 | 18 | -1 | 443 | -30 |
| Regina | 524 | 19 | = | 485 | -33 |
| Sherbrooke | 442 | 20 | +1 | 530 | +3 |
| Saint Catharines | 415 | 21 | +4 | 552 | +154 |
| Guelph | 360 | 22 | = | 595 | -59 |
| Charlottetown | 283 | 23 | -3 | 675 | -180 |
| Moncton | 275 | 24 | -1 | 683 | -59 |
| Cornwall | 275 | 25 | +3 | 682 | +125 |
| Windsor | 261 | 26 | -2 | 693 | -34 |
| Barrie | 253 | 27 | +2 | 705 | +115 |
| Thunder Bay | 246 | 28 | -2 | 716 | +15 |
| Owen Sound | 223 | 29 | +10 | 756 | +215 |
| Peterborough | 218 | 30 | -3 | 761 | +14 |
| Sudbury | 204 | 31 | -1 | 782 | +39 |
| Brantford | 177 | 32 | +1 | 844 | +21 |
| Sault Ste. Marie | 162 | 33 | +3 | 876 | +43 |
| Stratford | 156 | 34 | +3 | 892 | +45 |
| Midland | 156 | 35 | New | 891 | New |
| Cobourg | 148 | 36 | New | 907 | New |
| Collingwood | 145 | 37 | -6 | 915 | -65 |
| North Bay | 139 | 38 | New | 933 | New |
| Nanaimo | 133 | 39 | -5 | 990 | -93 |
56% of all the Canadian cities ranking in the world top 1000 places for startups are in Ontario
Among those 39 Canadian cities ranked in the world top cities for startups in 2023, 56% are located in Ontario, which shows the overwhelming position of this province in the Canadian startup ecosystem, as we can observe in the below graph :
Methodology
Startup Blink's annual ranking of the best countries and cities for startups is based on 3 sets of criteria, updated each year, which allows this organization to establish a top 100 of the best countries and a top 1000 of the best cities for startups in the world.
| Sets of criteria | Criteria |
|---|---|
| Quantity |
Number of startups Number of coworking spaces Number of incubators Number of meetups linked with startups |
| Quality |
Main startups analysis (including traffic, domain authority and client) Presence of R&Dcenters Presence of multinational companies Private sector investment Number of employees per startup Number and size of events in relation with startups Presence of Unicorn, Pantheon o Exit companies Presence of Global Startup influencers Organization of Global Startup events Number of startups backed by incubators |
| Business environment |
Diversity index Internet speed Internet freedom R&D investment Technological services availability Number of patents per capita English level Universities level |
About HelloSafe Canada
HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.
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