Three Canadian cities have cracked the top 20 globally when it comes to the best places to start a business, according to a new study from Oberlo.
Toronto was the best of the bunch, coming in at #17, followed by Vancouver at #28, and Montreal at #36 out of 75 countries listed.
The study looked at various factors to rank cities from around the world.
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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, Vancouver, and Montreal also ranked highly when looking at individual metrics. For example, they landed at #3, #4 and #8, respectively, when it came to how many days it took to set up a limited liability company (LLC). Toronto reached #8 for its overall tech ecosystem.
Topping off the global list was London, England.
Italian cities were found to be the most supportive when it came to financial aid 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.