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Toronto poised to become Canada’s innovation hub

May 22, 2014  

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Toronto remains in the company of global powerhouses such as London, New York and Singapore, ranking fourth out of 30 cities studied in PwC’s latest global Cities of Opportunity report.

However, the slip from its third place position in 2012 point to the city’s ongoing challenges with transportation gridlock issues, city gateway access and technology readiness, which impact the city’s overall connectivity and productivity.

Its weaknesses are balanced by strong results in innovation and intellectual capital (#5) and variables measuring the quality of its business environment. These positive results reflect Toronto’s ongoing resilience, potential as an innovation hub and overall attractiveness as a place to live and work.

The global PwC report ranked 30 cities around the world based on 10 key performance indicators, including demographics and livability, innovation and intellectual capital, transportation and infrastructure, city gateway access and economic clout among others.

Toronto posted strong results under several important variables such as ease of doing business, entrepreneurial environment and political stability, which support the growth of an attractive business and innovation hub.

* Toronto ranked #4 for overall ease of doing business;

* #2 for ease of starting a new business;

* #7 for entrepreneurial environment;

* #3 for its relatively stable national political environment;

* The city took the lead in quality of living, which is based on five categories: sociopolitical stability, healthcare, culture and natural environment, education and infrastructure; and,

* Toronto placed second in the overall category of health, safety and security, behind leader Stockholm.