Toronto has cracked the top 20 globally when it comes to the best places to start a business, according to a new study from Oberlo.
Coming in at #17, the study looked at various factors to rank cities from around the world.
Economic freedom, human capital, tech and digital ecosystems, financial initiatives, governmental COVID relief, and other metrics were used in the process.
“Success, of course, occurs when preparation meets opportunity, so we decided to delve into the topic further by investigating the cities which offer the most supportive entrepreneurial ecosystems, as well as the frameworks to ensure long-term success,” reads a portion of the study.
Toronto also ranked highly when looking at individual metrics, landing at #3 for how many days it took to set up a limited liability company (LLC) and #8 for its tech ecosystem.
Topping off the list was London, England.
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Other Canadian cities that made the list were Vancouver, ranking #28, and Montreal at #36.
Italian cities were found to be the most supportive when it came to financial support during the pandemic.
“The pandemic has hit a lot of businesses hard, forcing unemployment and closures with devastating consequences for many people. However, at the same time, there has also been a large upsurge in new businesses started by entrepreneurs. A recent study by the Peterson Institute for International Economics found that 4.4 million businesses were founded last year in the US alone, an increase of 24% from 2019,” says Audrey Liberge, Marketing Manager at Oberlo.
The study also had a focus on women in business. It found that female entrepreneurs might find more success in American cities where they took 8 out of the top 10 spots.