Toronto is Canada’s largest city and has a population of almost 6.5 million. It is home to the Toronto Stock Exchange, headquarters of many multinational companies, and headquarters of Canada’s five biggest banks. It is not only culturally diverse but also economically. Artificial intelligence is one of the prime sectors that is boosting the city’s economic diversity and growth. According to Adweek, strong influx of investments and talent along with public-private programs has helped Toronto become an AI hub producing many innovation sectors from healthcare to retail.
According to Pricewaterhouse Coopers Canada, 2017 was a record year for artificial intelligence startups as they raised more than $191 million in investment. In only the first three months of 2018, the startups successfully collected investments worth $83 million. Pricewaterhouse Coopers Canada also found that investments in AI startups increased by 83 percent in 2018 compared to 2017. Janet Bannister, firm partner, Real Ventures moved from Silicon Valley to Toronto in the last year because there are more opportunities in Canada right now. She is a Canada native and said that it is their time to shine on the international stage and wants to make that as a country and city they take complete advantage of it. Janet wants to look back after 20 years and say that it was their turning point.
MaRS Discovery District revealed that it is their goal to commercialize publicly funded medical research and other technologies with the help of local startups. It is a great opportunity for Indian entrepreneurs in Toronto. Startups that have been associated with MaRS since 2014 have created more than 4,000 jobs and raised $750 million in capital investment between 2011 to 2014. The MaRS facility is a 1.5 million square foot property that is home to hundreds of Canadian startups. Often called the MaRS ecosystem, the facility has 100 AI and machine-learning startups.