Greater Toronto Area alone has 241,000 tech industry jobs
More than 230 CEOs from tech companies have issued an open letter to the Ontario government detailing how the province can strengthen Ontario's tech sector during the COVID-19 pandemic and beyond.
The CEOs are asking for:
- payroll subsidies, tax deferment, and other means to ensure companies retain top talent and jobs
- increasing and rapidly deploying additional funding through established programs and investment vehicles
- greater grant and program flexibility for companies with an existing funding relationship to the government.
"We are appealing for swift, targeted support that strengthens Ontario's innovation ecosystem, and helps companies to survive this crisis and drive economic growth and job creation during recovery," says Jason Flick, co-founder and CEO of You.i TV.
The GTA alone is the fastest-growing global tech market – recently surpassing Washington, Seattle and San Francisco combined – with a total of 241,000 tech industry jobs, according to the group. Waterloo has the second-highest density of tech startups in North America, and Hamilton tech employment has grown 40 per cent over the past five years.
The concentration of tech talent in Ottawa is among the highest in North America, with 9.9 per cent of its workforce employed in this sector – just behind San Francisco.
"To survive this crisis, we need more certainty," said Mallorie Brodie, co-founder and CEO, Bridgit. "By maintaining cash flow, fast-tracking funding and stimulating procurement, startups like ours will be empowered to win in the long run against COVID-19 and lead in the recovery."
The letter follows a similar appeal sent March 20 by more than 300 Canadian tech CEOs looking to the federal government for help with Canada’s innovation economy.
Nearly one in three small businesses across Canada say they can survive less than a month under the current conditions caused by the COVID-19 pandemic, up from one-quarter last week, according to a survey.
And for the seven days through March 23, Canadian job postings were down 15.3 per cent compared to the same period in 2019, according to a report by an online job board.
