Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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The Future of Innovation & Disruption in Toronto’s Tech Industry
Guest Post | Dec 20, 2022
Credit: jeswin Via Freepik
Toronto’s enjoying its time in the tech spotlight. Researchers pegged it as the fastest-growing tech city in North America and the New York Times profiled it as a rival to the Silicon Valley monopoly. The city is home to several top-tier STEM programs and innovation incubators. It’s the well-documented recipient of “brain gain” from across the globe. And as a cherry on top, several Fortune 500 companies have recently laid roots in Toronto.
The question on everyone’s lips now becomes: What’s next? How will Canada’s major metropolis use its newfound clout to push the limits of innovation and disruption in a uniquely Toronto fashion? In this article, let’s review what we know about Toronto’s tech scene – and speculate about its bright future.
Real Estate Technology Making Major Waves
Real estate woes have long been a hallmark of Toronto's civic identity. Everywhere you turn – on the TTC, in coffee shops, splashed across the pages of Toronto Life – you’ll hear people discussing the state of Toronto real estate. For many, the process is frustrating, opaque and rife with inefficiencies.
It’s no wonder, then, that real estate technology is taking off in Toronto’s tech industry. The entire MO of most real estate technology is to simplify, streamline and democratize real estate transactions while dragging the whole industry into the 21st Century. It’s a mission best illustrated by the homegrown company Nobul, which recently topped Deloitte’s Fast 50 as the fastest-growing tech company in Canada. If there’s any space to watch for innovation and disruption, it’s this one.
As Nobul CEO Regan McGee told Superb Crew, “Anytime you bring innovative technology to the table that can make the process easier, it will be viewed as disruptive. Incidentally, technological advancements are beginning to gain real traction in a stalwart industry that was initially skeptical.”
A Meeting Place of Finance and Technology
In the context of Canadian business, Toronto holds two titles: It's the tech capital of the country (as established), and it's also the financial centre. Naturally, these sectors are going to overlap in some interesting, synergistic ways.
Case in point: the mini-boom of fintech startups in Toronto. Financial tech companies like Wealthsimple, Ada and Clearco all made a name for themselves in Toronto, drawing from the city’s deep talent pool in both tech and finance. And countless more startups are coming through the woodwork, aiming to revolutionize investing (through blockchain, big data and machine learning) and revamp personal financing for the modern age. Expect to see innovation and disruption in Toronto’s fintech sector.
Green Tech Merging Canadian Ideals and Technology
Lastly, one can’t imagine a future where Toronto’s tech industry doesn’t innovate in the “green tech” space. Toronto (and Canada as a whole) is acutely aware of environmental issues and generally progressive regarding spaces for innovation.
That’s why you’ll find incubators and government venture capital injections like MaRS, Venture Ontario and ArcTern pouring money into green tech solutions. Consequently, several innovative startups are beginning to turn their attention to areas like circular economy solutions, renewable energy and tech-enabled food system optimization. The future of Toronto innovation will likely be green.
See: Real Estate Fintechs Feel the Heat as Macro Trends Unfold
No one has a perfect crystal ball – and it’s impossible to tell which direction Toronto tech will go next. But recent successes from Nobul, recent advancements in fintech, and investments in green tech indicate that the city is headed for a bright, innovative future.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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