Startups in Montreal: $700 million in economic benefits

Findings of first report on Montreal's startup ecosystem

MONTREAL, Nov. 10, 2016 /CNW Telbec/ - Startups in Montreal's digital technology sector create more than 8,000 direct and 2,000 indirect jobs, and the ecosystem's contribution to economic activity in Montreal is about $700 million annually. In addition, the pace of startup creation has doubled since 2011, with some $360 million in venture capital invested during this same period.

These figures, which come from the first in-depth study entitled the Montreal Startup Ecosystem Report, speak to the size and growth of this sector. The study, conducted by Credo, in collaboration with the OSMO Foundation and Startupfest, was aimed at providing the startup community with statistical indicators as well as an assessment of economic benefits. It also makes a number of recommendations based on more than 50 interviews with key players in the community.

These recommendations, in the areas of talent, funding and the ecosystem, include:

  • increasing the exposure of Montreal students to the world of startups;
  • facilitating the attraction, integration and retention of international talent within startups;
  • clarifying the sources and the nature of available capital for Montreal startups;
  • consolidating the place of Québec Inc. companies on the Montreal startup scene;
  • designating entities responsible for government relations with startups.

The study's findings were announced this morning at La Gare, a collaborative space, before some 100 influential members of Montreal's startup community, including Harout Chitilian, vice president of the city's executive committee responsible for information technologies and the smart city; Phil Telio, founder of Startupfest; and Michel Leblanc, president of The Chamber of Commerce of Metropolitan Montreal. Speakers also included Sylvain Carle, general manager of FounderFuel, and Daniel Gagné, executive director of corporate services and entrepreneurship, Ministère de l'Économie, de la Science et de l'Innovation.

Support from major partners
Credo would like to thank OSMO Foundation and Startupfest, as well as its many partners  including the Ministère de l'Économie, de la Science et de l'Innovation, Ville de Montréal and The Chamber of Commerce of Metropolitan Montreal, for their support and their contribution to compiling this portrait of the ecosystem.

The study in its entirety can be viewed at: http://startupreportmtl.com/en/

About Credo
Founded by Christian Bélair, Marie Eve Boisvert and LP Maurice, Credo designs, produces and accelerates projects that have a social impact, in five areas of activity: entrepreneurship, science and technology, arts and culture, education, environment and health. Its clients include National Bank of Canada, Ubisoft, Smart City and the Montreal Children's Hospital Foundation. Credo has spearheaded many projects aimed at the entrepreneurial community, including the Tournée des Entrepreneurs, Startup Open House Montreal, as well as managing La Gare, a collaborative space, in Mile-End.

About Startupfest
Startupfest is a four-day conference dedicated to the business of startups. The annual event brings together industry veterans, thought leaders, technology giants and fresh faces from around the world, for a series of lean, fast-paced events. Festival attendees are able to witness startups launch, listen to inspiring keynotes, and dive deep into hot tech sectors like mobility, social networking, AI, VR and gaming. This unique global audience comes together to address the entire startup lifecycle—from the first spark of an idea all the way to the last signature on a liquidity event. www.startupfest.com

About OSMO Foundation
OSMO Foundation is a non-profit organization founded in July 2009 to fund local initiatives to support the creation of communities and networks. The Foundation was created by investors, executives in the fields of technologies and media, and by the community to support the growth and development of Montreal's next generation of tech entrepreneurs. Its first project, Notman House, is a campus dedicated to supporting Montreal's startup ecosystem. It brings together company builders and communities, acting as a catalyst for collaboration and interaction, key components of a thriving ecosystem. 

 

SOURCE Credo

For further information: Marc Poisson, 514-616-7691, mpoisson@national.ca

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Credo

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