Toronto was just placed on a top 20 list of World's Most Innovative Cities by JLL's Global Research team. The research assessed the role of innovation and talent in over 100 global cities to "identify cities that have the strongest innovation ecosystems and depth of talent to support a vibrant innovation-oriented economy," including the people that make it all happen. One factor that might have made Toronto the innovative city that it is: we are the fourth largest tech talent market in North America.
Toronto is growing fast as a national powerhouse for the tech industry, after becoming the fastest-growing market for tech jobs in 2017, according to Bloomberg. Toronto is the only Canadian city to make the ranking.The JLL research mentioned cities in which there was an investment in innovative startups, which would, in turn, flourish a healthy innovation economy. We have MaRS Discovery District to thank for that cause in Toronto. The not-for-profit corporation has most recently been working with Ontario Power Generation to find new solutions in the energy sector, which is just one example of the tireless work they have done for the city.
Toronto placed 17th on the top 20 list for innovation.
The report also mentions real estate as a factor in this as well. According to the JLL Report, the research "also reveals a robust link between innovation and talent-rich cities and real estate performance." The highest performing cities attract a higher proportion of real estate capital, it says. Toronto was the only Canadian city to make the top 20 list. The factors cited were "strength in attracting FDI and also indeveloping a thriving start-up ecosystem". FDI is short for Foreign Direct Investment, in which foreign investors put money into smaller business startups.
Carol Hodgson, a Senior Director as Global Research, said "there's a lot of evidence out there that suggests that innovation and talent within cities leads to stronger productivity gains and economic growth over the long term".Looks like good news for Toronto!