Toronto Tech Boom

[jje1000]

Ontario’s budget looks to create tech-focused talent stream, panel for scaling innovations

Ontario’s budget looks to create tech-focused talent stream, panel for scaling innovations | BetaKit

The Ontario budget focuses on commercialization, intellectual property, a data strategy, technology procurement, and bringing tech talent to Ontario businesses.

betakit.com

 

[jje1000]

'Everyone is at Collision': Toronto's tech scene set for coming out party as host of major conference

https://business.financialpost.com/...-coming-out-party-as-host-of-major-conference

Toronto's inaugural Collision Conference is now 7x larger than last year’s US event

This year, the conference is taking place at Toronto’s Enercare Centre from May 20 to 23 and is expected to host over 25,000 attendees.

And this week, Collision announced that it has reached maximum capacity for the event.

According to organizers, the size of Collision’s now sold-out floor space is set to be seven times larger than last year’s conference, which was held in New Orleans.

https://dailyhive.com/toronto/collision-conference-toronto-larger-than-us-april-2019

Shopify to double Toronto staff to 1,500 by 2022 as it opens second office

https://www.bnnbloomberg.ca/shopify...0-by-2022-as-it-opens-second-office-1.1259393

 

[AlbertC]

Uber reveals plans for Toronto engineering hub

Chris Fox, CP24.com
Published Tuesday, May 21, 2019 8:29AM EDT

Uber has announced its plans for a new Toronto engineering hub slated for a high rise on Bloor Street East.

The facility, Uber’s 11th engineering hub worldwide but its first in Canada, is expected to occupy the top five floors of a building at 121 Bloor Street East, which is near Church Street.

More than 200 staff will be relocated to the office for its opening but it will eventually grow to accommodate more than 400 employees in “the coming years.”

“The new Toronto engineering hub is just one part of a five-year, $200 million investment to grow Toronto’s booming tech ecosystem,” the backgrounder reads. “Uber is creating hundreds of local jobs with a mandate to attract international talent to the local tech economy and offer new opportunities for Canadian graduates to find employment at home.”

Uber says that the engineering hub will feature 468 desks, 60 conference rooms, 13 phone booths, 2 exterior terraces and a library.

https://www.cp24.com/mobile/news/uber-reveals-plans-for-toronto-engineering-hub-1.4430493

 

[jje1000]

Not a bad idea as a majority of studios in Ontario are small-medium sized ones (as opposed to Quebec's predominance of large studios). Still would prefer additional funding of AI, though.

Ontario government easing access to tax credits for video game developers

By Christopher Whan, Global News
May 28, 2019 4:25 pm

As of right now, video game companies can apply for tax credits from the province after completing a game project. The company had to spend at least $1 million each fiscal year in labour cost to qualify for the credit.

Now, under the new rules, companies will be able to apply annually as opposed to when the game is done, which usually takes several years to complete. On top of that, the spending threshold for labour has been reduced to $500,000 per year in order to make it easier for smaller teams to qualify.

Ontario government easing access to tax credits for video game developers | Globalnews.ca

Under the new rules, companies will be able to apply for the credit more often, with a lower threshold needed for labour spending opening the door for smaller companies

globalnews.ca

 

[jje1000]

Some good or bad news depending on the way you cut it.

Toronto’s tech worker pay growth is among the highest in the world
Michael Lewis Thu., June 20, 2019

Toronto and Boston have topped a tech salary growth survey of 13 global cities, with the average pay in the GTA hitting $100,000 this year, a 9 per cent jump over 2018 but still far from the Silicon Valley average of $145,000 (U.S.), or roughly $192,000.

“Rising salaries are a sign of a thriving economy, which is certainly the case in Toronto and Boston,” said Hired CEO Mehul Patel, who added that every technology hub — not just Toronto — is experiencing a shortage of qualified and experienced technical talent.

“Their startup communities are growing and more technology giants are opening satellite offices,” Patel said citing a report by the Bank of Montreal naming Toronto the fourth largest and fastest growing market for tech workers in North America.

The Hired survey shows that natural language processing engineers in Toronto who develop artificial intelligence for interactions between computers and human languages are paid the most, at an average of $112,000, followed by machine learning engineers at $108,000 and blockchain engineers at $107,000. Blockchain engineers develop technology that allows information to be distributed and shared publicly over the internet without being copied.

Separate research by TechToronto said the Toronto tech ecosystem accounted for 15 per cent of the city’s workforce in 2016. It said tech jobs grew by 14.6 per cent from 2010 to 2015.

Toronto’s tech worker pay growth is among the highest in the world

GTA and Boston tie for highest growth rate in international survey.

www.thestar.com

 

[TheKingEast]

Guess my company missed the memo.

 

[jje1000]

Good luck to Mississauga:

Mississauga hatching plan to stop fledgling startups from flying away
Philip Lee-Shanok · CBC News · Posted: Jul 13, 2019 7:00 AM

Researcher Charles Plant says a report presented to Mississauga city council June 26, found that over the past decade, when start ups are ready to go to the next level, they are leaving the city.

And Plant says Toronto and Kitchener-Waterloo are benefiting from Mississauga's loss.

"You have a situation where you've got two large competitors that have been magnets and that has influenced the rate of startups and the rate of scale-ups in particular."

In fact, Mississauga has the third-lowest rate of scaling companies, ahead of only Calgary and Edmonton.

Bonnie Brown, Mississauga's director of economic development, says the city needs an innovation hub — a large place where many people can get together, where entrepreneurs can meet with their peers, encourage each other and learn from one another.

Aleksandra Allen, the project leader for the city's Economic Development Office, is looking at the business case for building such an innovation hub.

https://www.cbc.ca/news/canada/toronto/mississauga-hopes-innovation-hub-will-stop-startups-from-leaving-city-1.5210832

 

[christiesplits]

Good luck to Mississauga:

Mississauga hatching plan to stop fledgling startups from flying away
Philip Lee-Shanok · CBC News · Posted: Jul 13, 2019 7:00 AM

https://www.cbc.ca/news/canada/toronto/mississauga-hopes-innovation-hub-will-stop-startups-from-leaving-city-1.5210832

I'm not too surprised to see this. I wonder if even full-fledged firms in Mississauga or Markham could start relocating to get closer to the city or talent pools.

 

[Towered]

Tech and other office jobs don't want to be located in far-flung, auto-centric, suburban blobs with no character anymore. The chicken is coming home to roost for Mississauga.

 

[TrickyRicky]

Yes this is the trend but it could come full circle again. The present urbanist wave could sow the seeds of a suburban revival driven by cost factors.

 

[jje1000]

Yes this is the trend but it could come full circle again. The present urbanist wave could sow the seeds of a suburban revival driven by cost factors.

History doesn't repeat, but it sure does rhyme- I'm pretty sure that any future suburban revival will be centred around fledgling suburban downtowns and GO stations, rather than the office campuses (a la that giant IBM campus in Markham) that characterized the old tech boom.

Not that that's a bad thing, and if GO RER does get their 15 minute frequencies delivered, decentralizing the city a bit would help a lot.

 

[narduch]

Yes this is the trend but it could come full circle again. The present urbanist wave could sow the seeds of a suburban revival driven by cost factors.

Isn't there data showing that as millennials start to have families they are leaving the GTA altogether in order to find cheaper housing?

 

[TheKingEast]

Isn't there data showing that as millennials start to have families they are leaving the GTA altogether in order to find cheaper housing?

Sounds like what I'm doing..but I don't think I classify as a millenial (38). Maybe Gen X?

It's true though, I don't want to raise a family downtown in a condo which is really all we can afford. Also didn't want any parts of $1M for a tiny house with sloped floors... so moving up north. I'm sure some will stay downtown and try to make it work but we'll see a good amount of people move out of the core for cheaper housing. Mississauga, Etobicoke, Oshawa, Whitby, etc... Much cheaper housing.

 

[narduch]

Aren't most of the newer downtown condos essentially party condos filled with singles who rent? I'm thinking of areas like City Place

Who would want to raise a kid in that environment?

 

[narduch]

Sounds like what I'm doing..but I don't think I classify as a millenial (38). Maybe Gen X?

It's true though, I don't want to raise a family downtown in a condo which is really all we can afford. Also didn't want any parts of $1M for a tiny house with sloped floors... so moving up north. I'm sure some will stay downtown and try to make it work but we'll see a good amount of people move out of the core for cheaper housing. Mississauga, Etobicoke, Oshawa, Whitby, etc... Much cheaper housing.

Ya I should have been more inclusive, Gen X would be included as well. Essentially most couples starting families are looking outside the city