Will Toronto rise up as the new Silicon Valley?

Will Toronto rise up as the new Silicon Valley? | Smart Association - PCMA

Will Toronto rise up as the new Silicon Valley?
While Silicon Valley will always be the birthplace of many successful tech start-ups, many tech hotspots across the globe are beginning to expand and show promise.

For starters, the Californian tech hub is losing tech jobs to lower costs cities with fast-growing tech clusters, a Glassdoor report showed. With this, Forbes Technology Council shared their firsthand insights on where the next mecca of tech start-ups will be.

For Clearbridge Mobile co-founder Sanjay Malhotra, Toronto is quickly rising up as the new king when it comes to developing and honing start-ups. He pointed out that the stretch separating Toronto and Kitchener is home to some of the biggest names in the tech industry like Google, Shopify, and RIM.

"I see Toronto as the next tech hub because it provides start-ups with access to some of the world’s best and brightest innovators. The next wave of tech talent is located up north in Toronto and its surrounding areas," he said.

However, other members of the council said Toronto will face major powerhouses in other US states, Asia, and the Middle East. According to Colab LA Partner Artur Kiulian Shanghai could take the spot as the next tech hub.

Citing the most recent Global Start-up Ecosystem Report by Startup Genome, he said Shanghai is amongst the best start-up ecosystems given the innovation and the massive inflow of capital currently experienced in the Asian markets overall.

Meanwhile, YouAPPi co-founder Ofer Garnett said Israel also has the potential to be a global tech hub.

"Israel is a paradise of tech innovation and has been enjoying growing collaboration and funding from the East, in particular, China, in recent years, making it a great hub for global businesses," he said.

The council also cited Austin, Phoenix, The Coasts, Santa Barbara, Southeast Michigan, Atlanta, The Lake of The Ozarks, Indianapolis, Raleigh, and Silicon Slopes as top contenders for being the next Silicon Valley.