How did Montreal do in the Global Startup Ecosystem Report?


The Global Startup Ecosystem Report published live on Thursday.

The report listed the top five startup ecosystems overall in 2019 as Silicon Valley, New York City, London, Beijing, and Boston.

But what did it have to say about Montreal? While the city didn’t make the top 30 list, there were some optimistic points:

  • Named an ecosystem to watch in AI, Big Data & Analytics, and Advanced Manufacturing and Robotics
  • Created $3.4b in Ecosystem Value with $447m in early stage funding over last 2.5 years
  • Top 20 Global Ecosystem for Bang for Buck (indicates talent cost)

The city’s “Sub-Sector Strengths” include Advanced Manufacturing & Robotics and AI, Big Data, & Analytics.

Sub-Sector Strength: Advanced Manufacturing & Robotics

Greater Montréal is the #3 ecosystem for aerospace after Seattle and Toulouse, and it has the second-largest density of aerospace jobs in the world. Centech, a high-tech incubator, offers funding, a 12-week manufacturing 4.0 cohort, and a workshop. Local startups include Kinova, whichraised $25 million, Mnubo who recently raised $16.5 million and Vention, which raised $17 million.

Sub-Sector Strength: AI, Big Data, & Analytics

McGill University and Université de Montréal have 250 AI researchers and
doctoral students and approximately $117 million in combined AI grants.Recently, Real Ventures launched an AI accelerator and Creative Destruction Lab did the same in partnership with HEC-Montréal. Google, Microsoft, Facebook, and the Royal Bank of Canada have invested millions in local AI labs. In 2017, Element AI announced a $102 million funding round.

Startup Genome “works to enhance startup success and ecosystem performance everywhere.” It calls itself the world’s most comprehensive and practical research on startup success and ecosystem performance. It is based on primary and secondary data from over 10,000 founders and more than one million companies across over 150 cities worldwide.

Key findings included:

  • Across the world, there are 25 startup ecosystems with an Ecosystem Value above $10 billion each.
  • Additionally, 54 startup ecosystems boast an Ecosystem Value between $1 billion and $10 billion, creating thousands of jobs and billions in economic productivity.

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