3. A new university. Toronto is growing faster than any city in the developed world. It is going to add the population of Montreal, or that of Vancouver, Calgary and Edmonton combined, to the city-region in the next three decades.
Think about how many museums, galleries, performing arts centres and universities they have, and then see the opportunity, as well as the shortfall, for future Toronto. Universities are the factory of the modern urban economy. They’re where we make the brains for the higher-order jobs on which the city depends. Toronto has relatively few degree-granting institutions compared to global cities its size. Is it going to accommodate growth just by expanding what it has?
What kind of new university exactly? I’ll leave that for debate – but I’d vote for one international in outlook, attractive to foreign students, research-focussed, entrepreneurial, largely privately funded and utterly distinct from what Toronto has now. New York’s mayor Michael Bloomberg changed the game when he initiated a very successful competition for the world’s best science universities to come to his town. Many cities are following his lead; so should Toronto.
4. Expanded R&D capability. MaRS may have over-priced its research space but the worst thing for Toronto to do would be to turn away from the importance of advanced research and development activities.
Rather, Toronto should double down on its investment, enriching the existing strengths of the city. Toronto is the world capital of mining finance, yet there is no associated R&D in one of Canada’s key economic sectors. Toronto is a major global banking centre, the second biggest food manufacturing city in North America and a major hub for fresh-water technology, but again without up-skilling those sectors to become a globally-recognised higher-order leader.
And unless I’ve missed it, Toronto is a laggard in world standing for nanotechnology and new-materials development, the breakthrough foundational sciences of the future economy. By comparison, cities from Manchester to Seoul are making huge public and private investments to establish commercialization positions in these areas. Toronto needs to get in the game.