In the last five years, Toronto has seen the biggest growth in technology jobs of any North American city, making it into the top five with Vancouver and British Columbia.
Canada has reaped the benefits of the US imposing strict guidelines on hiring highly skilled workers and making the process more difficult. Canada, on the other hand, is more welcoming towards these workers and immigrants while also providing them benefits from the government.
Although the Canadian market is not as big as the US, it still has a robust academic presence due to great universities such as the University of Toronto, McGill University, and the University of British Columbia. It is the home to thousands of life science start-ups making it one of the hottest spots for biotech.
The venture capital market in Canada has grown tremendously in the last couple of years. Companies have access to more funding and resources, which allows them to offer a better salary to their old and new employees. This was impossible to do a couple of years back, and workers would move to the US because of this gap. Now that the gap is closing, it provides another opportunity for people to move to Canada or persuade them to stay in Canada instead of heading to the US.
Local companies like AbCellera and Notch Therapeutics all got massive financing to IPO, which means they are growing at breakneck speed. The Canadian biotech sector raised more than $1 billion in venture capital combined in 2020.
Canada’s federal budget for 2021 proposes a $2.2 billion investment into the biotech space. $1 billion of this investment is targeted towards promising Canadian life sciences and bio-manufacturing firms through the Strategic Innovation Fund (2021-2022). This will lead to more companies emerging and expanding their R&D capacity, which will create more opportunities.
Canada is positioning itself to be the next 'mecca' for biotech in the future, and we are very proud to be a part of it!
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Modern biotech companies use Scispot's operating platform to manage their research projects, inventory, samples, and partners all in one spot.
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