Millennials with business ideas are arriving in Toronto by the boatload. Or, they will soon anyway.
Written by Ross Dias
British financial services comparison software, GoCompare, released a survey today that outlines the best places in the world for a millennial to start a business and Toronto almost topped the list, coming in second. Canada’s largest city was beat by Tallinn, Estonia, which has a very low cost of living coupled with being a digital-savvy city that scored highly for its ease of starting a business and renting property.
Toronto is a leading city in tech innovation, with low taxes, and an easy process to apply for credit.
The survey highlights major factors to consider when making such a move including availability of funding for early-stage businesses, ease of internet access and cost of living. Factors like cost of a coffee, diversity ratings and public wifi availability are also taken into consideration because while business survival is important, places also have to be hospitable to founders and their employees.
Canadian cities that made the top ten include Ottawa, Vancouver and Montreal, which ranked ninth, seventh and sixth respectively. Canada, by far, had the highest representation in the top ten, followed by two featured U.S. areas, Silicon Valley and Boston.
All four Canadian cities scored highest on the ease of starting a business, while cost of living and availability of early stage funding drove scores down.
Over half of all millennials are willing to move abroad for work opportunities, and a large number are also looking to start their own ventures, according to GoCompare. The age group is also known as the “global generation” for their interest in hassle-free cross-border trade.