Item - 2013.ED23.2

The purpose of this report is to highlight City and private sector initiatives to strengthen the Tech sector in Toronto through a collaborative approach that connects the various subsectors and stakeholders, identifies opportunities and issues, facilitates entrepreneurial growth and job creation, and builds the talent pool.  These initiatives are part of the implementation of Collaborating for Competitiveness:  A Strategic Plan for Accelerating Economic Growth and Job Creation in Toronto.

Given Toronto's diverse economy and strengths in many sectors, Toronto has tremendous opportunities to leverage its economic diversity and excel in the Tech sector.  However, future growth cannot be taken for granted.  Ensuring an adequate supply of talent, entrepreneurial space for start-ups and early stage growth firms and improving access to finance are critical to sustaining economic growth in Toronto.  

Although Toronto has a critical mass of talent, including access to a large talent pool from the post secondary institutions, the expansion of the Tech sector both locally and globally and the application of technology in all sectors has led to increased competition for talent.  To retain and grow the city's internationally competitive talent base will require collaborative efforts to ensure a supportive business climate, ongoing networking activities, and activities and events that create global 'buzz' that promotes Toronto to the world.

Economic Development and Culture Division staff have been working with industry partners, colleges and universities, and other city ABCCDs to attract new investment and retain and expand the talent base by coalescing the disparate elements of the sector, initiating or supporting B2B, B2G and B2C networks, facilitating linkages in the supply chain, removing barriers to growth such as crowdfunding limitations, and working to align government policies and programs to support innovation and business growth.

The availability of entrepreneurial space and access to capital remain a challenge but are improving as a result of City initiatives to incent and accelerate development and private sector investment to collaborate in growing Toronto's Tech sector.

These initiative aligns with the city's new economic growth and cultural strategies 'Collaborating for Competitiveness' and 'Creative Capital Gains' which support facilitating workforce development, helping small and medium sized enterprises to form and prosper, attracting investment and strengthening high-value sectors.  As the world and the city move toward a more knowledge based economy it is essential that the efforts to build and expand the Tech sector continue.