Published On: Mon, Aug 17th, 2015

Where Vancouver’s Tech Ecosystem Goes From Here


Compass recently published a second news on a tellurian startup ecosystem. The news is a outcome of some-more than 200 interviews with entrepreneurs from 25 opposite countries, 11,000 startup surveys and discernment from information partners like CrunchBase, Deloitte and Dealroom, as good as some-more than 60 internal partners.

As a internal partner of this report, we have speedy a village of 600 entrepreneurs to contribute. Our CEO, Ray Walia, was also quoted; he epitomised Vancouver’s strengths in a integrate of sentences.

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Despite certain opinion on Vancouver’s startup ecosystem, everybody is wondering, “How a ruin did we dump from 9th place to 18th place?”

There are several reasons:

  • More information was used. The 2015 news benefited from a distant incomparable set of data, that in spin constructed a richer and some-more accurate comment of any ecosystem.
  • The dismissal of a mindset index. In a 2012 report, Vancouver ranked No. 2 in mindset, usually after Silicon Valley.
  • The further of Ecosystem Value (the sum of startup valuations during exit and appropriation events). Though we’re solemnly picking this adult with a new acquisitions of PlentyOfFish and Recon, a normal seed and Series A appropriation amounts are 34 percent reduce than those in North America.
  • The dismissal of a metric “number of startups per capita” (a magnitude of density) from a Performance Index. Mayor Gregor Robertson once pronounced that Vancouver has some-more entrepreneurs per capita than any city in North America. According to Compass, firmness is irrelevant to ecosystem performance.
  • Vancouver simply didn’t grow quick enough. Our expansion index is 1.2, that puts us behind rising tech hubs like Bangalore (4.9), Sao Paulo (3.5) and Amsterdam (3.0). It’s also value observant that this news did not embody tech hubs in China, Taiwan, Japan and Korea.

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The Consolidation of Accelerators: In Aug 2014, Extreme Startups (Toronto) and GrowLab (Vancouver) announced their partnership to form HIGHLINE, a initial pan-Canadian accelerator platform. Both accelerators had successes with a portfolio companies, though accepted a need to join army to contest with a top-tier accelerators.

Accelerators are in fact a failing business — 90 percent of a 1,700 accelerators around a universe did not have an exit. Even a top-tier accelerator, TechStars, satisfied a need to acquire UpGlobal, Springboard and Excelerate Labs to stay rival in sourcing deals on a tellurian scale.

The Rise of Coding Bootcamps: It was usually 18 months ago when Lighthouse Labs taught their initial conspirator of 5 students during a behind of Launch Academy’s office. Now, some-more than 380 students have left by their 8-week complete coding bootcamp. Following their lead, CodeCore, Red Academy and Brainstation have also done a joining to residence a critical talent opening in a city.

It is estimated that Vancouver will have some-more than 15,500 tech jobs to fill between now and 2019. This is mostly since of a augmenting participation of vital tech giants like Microsoft, Amazon, Facebook, Sony Imageworks and Double Negative in a city.

The Dawn of A Globalized Ecosystem: It’s no longer probable to omit how internationalized a city has become. Tech leaders in Vancouver are pulling a pouch and targeting markets outward of North America. Hootsuite, for example, has some-more than 10 million users opposite 175 countries.

Impressively, we arrange No. 2 in Global Market Reach by carrying an normal of 60 percent unfamiliar business (62 percent above North American average). With new try organisation Victory Square Ventures bringing a new pool of collateral to early theatre tech companies and opening doors to general distribution, there is no doubt that Vancouver will sojourn a renouned launch pad for entrepreneurs with a tellurian mindset.

Where Is Vancouver Heading?

It’s an sparkling time to be in Vancouver. As a democratization of entrepreneurship continues to take a universe by storm, startup entrepreneurs have never been in a improved position to build their businesses in Vancouver.

We have illusory and comparatively cheaper talent, glorious support infrastructure like Launch Academy, good supervision programs like IRAP and SRED to assistance startups minimize cost, vicinity to a Valley and educational conferences like Traction to light a enlightenment of growth.

More importantly, we have approaching collateral upsurge from a intensity IPOs of Hootsuite and Vision Critical, as good as a new exits of PlentyOfFish, Recon Instruments and Clearly Contacts. Vancouver is streamer toward a certain future, though there is most work to do.

The 2015 news depicts a distant some-more accurate design of how Vancouver fares on a tellurian stage. This serves as an glorious benchmark for us to review from time to time. We as a village need to digest a data, acknowledge a miss of expansion and simulate on what we can do better.

We need angels/VCs to behind some-more homegrown companies. We need universities to stay stream with their curriculum and ready students for a pursuit marketplace today. We need supervision to account grassroots initiatives and events that move entrepreneurs together. We need companies to offer startup-friendly services. We need pivotal people and suspicion leaders to make a joining to build a ecosystem together.

Vancouver is on a approach to apropos a tip startup ecosystem in a world. All it takes is a small some-more bid from a whole community. A improved ecosystem means some-more jobs, some-more rival salaries and aloft peculiarity of life.

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Photo: Pete Jones

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