Industry experts have referred to Vancouver as a new hotspot when it comes to startups, thanks to the city’s convenient geographical location and absence of an English language barrier.
Vancouver’s Current Startup Climate
The most recent US Census Bureau revealed that Canada is the US’ top trading partner due to the similar preferences, habits and behaviours in both countries — important factors that easily connect American businesses with Canadian startups.
Startup Genome’s 2017 report ranked Vancouver 15th in the world for the number of startups per capita. The report further revealed that Vancouver passed four out of five measures, including market reach, driven by the high number of foreign customers.
Setting up an office in the commercial property available in Vancouver provides many opportunities for business’ growth. The report added that Vancouver startups, of which there are currently over 1,000, are worth about $9 billion. The average Vancouver startup earns $334,000 during the early stage of funding ‒ a figure that is higher than the global average of $252,000.
Canada’s Talent Pool
The country is home to a number of world-class universities that produce homegrown talent and a highly educated workforce. Competition for scouting talent among businesses in Vancouver is minimal. Employees are generally loyal to their respective companies compared to other startup hubs ‒ where people tend to skip from one company to another, chasing as many opportunities as they can.
As well as a diverse talent pool, Vancouver attracts talent from all over the world and welcomes them into their businesses. According to the Startup Genome report, more than half of the city’s residents have a mother tongue other than English.
Support and Financial Aid for Startups and Small Businesses
The Canadian government and the city authorities are staunch supporters of local startups, providing a range of aid options, including grants, and funding projects for small businesses. International firms have also begun to extend their support to funding startups.
Canadian educational institutions also play an active role in the viability of startups and small businesses. Local universities have provided guidance and assistance to more than 130 small businesses and startup companies.
Setting Up Shop in Vancouver
Vancouver offers a range of retail stores, office and industrial spaces for your startup. The city also provides a good infrastructure for basic services and to enable easy access throughout the city and beyond.
Vancouver Business Brokers have numerous listings on commercial real estate and other commercial space. They provide guidance and options for investors and entrepreneurs who want to take advantage of Vancouver’s thriving climate for starting companies and expanding businesses.
We understand that finding the right property for your business is not easy. We offer the professional services of our brokers who have an extensive understanding of the market ‒ whether you are looking to buy, lease or rent. We also narrow down your options based on the nature of your business to give you a clear idea of what is available.
Feel free to contact us for more information and we will respond to any of your inquiries.