Toronto-Markham Cluster Ranks #1 in Canada in the 2023 Global Startup Ecosystem Index

Jun 28, 2023

On May 30th, StartupBlink, the world’s most comprehensive startup ecosystem map and research center, released their 2023 Global Startup Ecosystem Index (GSEI). The GSEI ranks startup ecosystems in 1000 cities and 100 countries.

The Toronto-Markham cluster ranked 1st in Canada, 10th in North America – as the only non-US city in the top ten, and 23rd globally. In terms of industry insights, the Toronto-Markham area had a strong showing in E-commerce (25th), Fintech (19th), Hardware & IoT (16th) and Healthtech (18th). The cluster ranked above Canadian cities including Vancouver (2nd), Montreal (3rd), Ottawa (4th), and Kitchener-Waterloo (5th). In total, the Toronto-Markham cluster has over 1,400 startups listed, which represents about 34% of the country’s startups.

Markham’s draw as a startup ecosystem is nothing new – from the roots of IBM’s Canadian headquarters in the 1980s to being home to Canada’s largest concentration of semiconductor companies, innovation and private-sector backed intellectual property is at the heart of the ecosystem. The city has been a natural draw for tech companies – established and startups – that are looking to innovate, scale and collaborate with others. Markham’s tech and life sciences industry comprises of 1,500 tech companies supporting 35,000 jobs in the community. The city also plays host to hundreds startups from across Canada who come to access unique growth-oriented initiatives offered through our innovation ecosystem.

Startups find that the support they receive in Markham is unparalleled – whether through different incubator and accelerator services offered by ventureLAB, YSpace and Seneca HELIX to a diverse group of entrepreneurs, or the ability to find talent with specific skillsets. “…With a strong track record of attracting investment from global tech corporations, Markham City continues to be a dynamic hub for startups, driving economic growth and showcasing its commitment to technological advancement,” says Eli David, CEO of StartupBlink.

The report was built in cooperation with global data organizations such as Crunchbase, SEMRush, and more than 100 governments worldwide.

Access the full report here.