A corridor of promise

Canada has shown considerable growth in recent years and has established itself as an important player in the global startup scene. The Toronto-Waterloo Corridor in Canada has been in the spotlight in recent years as an important ecosystem in the country that has attracted start-up job seekers from around the world. The Toronto-Waterloo region boasts of a large economy with a GDP of $323 billion and a population of 6.1 million people. The vital industries contributing to the regional economy in the Toronto-Waterloo Corridor are:

• Aerospace
• Education
• Tourism
• Life Sciences
• Food Processing
• Quantum Technology

What makes this corridor a hotbed for start-ups

Touted as one of the most innovative regions in Canada, the Toronto-Waterloo corridor is the largest tech start-up ecosystem in the region. There are more than 5,000 start-ups in various stages her and moving to the Toronto-Waterloo where you can get an opportunity to get your talent noticed as a part of a high impact startup ecosystem.

What to expect

International professionals moving to the Toronto-Waterloo corridor in search of start-up jobs can experience a diverse culture, thanks to immigrants from different ethnic backgrounds. Some of the common countries whose immigrants are in plenty here include India, China, Korea, and Portugal. Brampton, a region in the corridor, is brimming with Indians and Indo-Canadians who are doing well in the start-up ecosystem.

Key sectors for jobseekers & entrepreneurs

Moving to the Toronto-Waterloo Corridor can be a game changer for tech entrepreneurs and professionals. Tech companies in the Ontario region can enjoy up to $ 1 million in grants as a part of the Investing in Business Innovation Program. The main sub-sectors whose start-ups are fueling the tech sector in the Toronto-Waterloo Corridor are:

Fintech: Toronto is an international hub for financial services companies. There are more than 12,000 companies in the finance sector in the region whose presence has helped the FinTech start-up niche soar well and create numerous jobs.

Life Sciences & Health: Companies in the life sciences & health niche throughout the corridor raised a staggering $300 million in 2017. The life sciences and health sub-sector are strengthened by Toronto's Discovery District, which comprises 30 top-notch research centres in the region. Start-ups in this sub-sector can get required support through the MaRS Investment Accelerator Fund (AIF) which offers grants up to $500,000 in funding.

Advanced Manufacturing & Robotics: The Southern Ontario region in the corridor has been a historically significant region for the manufacturing sector and is responsible for creating jobs for a tenth of the province's workforce. Entrepreneurial ventures in Ontario within the advanced manufacturing segment are eligible for the Jobs and Prosperity Fund that offers an increased monetary bandwidth. This can help start-ups increase productivity and grow faster.

Government support 

Canada has introduced a special visa for start-ups to encourage entrepreneurs to move to its various startup ecosystems like the Toronto-Waterloo corridor which is dedicated to start-ups. International entrepreneurs who are eligible for the visa can become  permanent residents with this new visa scheme. Start-up job seekers can enter the country with a valid work permit or as a permanent resident with the Express Entry visa.

The government of Canada has introduced various pro-active measures and grants to help shape the start-up culture and subsequently create more start-up jobs. These include:

• The Scientific Research and Experimental Development (SR&ED) Programme distributes tax credits of $5 million and more to eligible companies(including foreign subsidiaries) to encourage the R&D sector.
• SMEs in the Ontario region in the corridor can get up to 50 per cent of salary (or up to $80,000) as a non-repayable grant as a part of the Ontario Exporters Fund.
• There is an array of start-up funding and support programmes that have been aimed to help ventures run by entrepreneurs who are under 30 which offer grants up to  $250,000.

The favourable living conditions paired with ample opportunities and government initiatives make the region a good place for start-up job seekers to find lucrative jobs and a high quality of life.

— Inputs courtesy Yostartups, a global pre-accelerator for startups & entrepreneurs. twitter @yostartups