The City of Toronto has taken the number one spot in Canada according to a startup ecosystems report done by StartupBlink.
The startup ecosystem map and research centre has released its annual Cities Global Ranking of Startup Ecosystem report.
According to the report, Toronto is losing its “megahub status” as it has dropped on the global rankings by nine spots from the 2019 report but is still number one nationally.
Toronto is currently ranked number 24 globally, with a total score of 12.082.
Canada has dropped one rank since 2019 from third to fourth place. The primary reason for the drop is because of the country’s quality score but, it’s main cities – Toronto, Vancouver, and Montreal – have all also dropped or remained the same.
This downwards trend means that Toronto is ranked tenth in North America. All the other cities on the list are in the US.
Toronto also took the number four ranking on the “Coronavirus Innovations Cities Ranking” with a total score of 3.077.
This ranking measures a city’s innovation specifically regarding the COVID-19 pandemic, according to StartupBlink.
“Adapted from the Global Startup Ecosystem Rankings, Coronavirus Innovation Rankings use a simplified approach and a smaller sample to measure innovation specific to the COVID–19 pandemic,” reads their report.
This ranking is much higher than the city’s general ranking which according to StartupBlink reveals the “true potential of this Canadian city.”