Toronto’s entrepreneurial boom is still going strong, with more than 400 new companies opening each month.
But the number of new companies in the city has also dropped sharply.
Article Continued BelowThe city has seen a rapid expansion in recent years.
It has gained more than 10,000 new jobs in the last five years, more than the next two cities combined.
It was home to more than 5,000 companies in 2016, and about 5,400 in 2017, according to the latest data from Statistics Canada.
But last month’s drop in new companies was the biggest in nearly a decade, and came just a week after a second drop in the same year.
Toronto’s new startup scene has been dominated by entrepreneurs who were born in Toronto, but also came to Canada from abroad.
While more than 70 per cent of the city’s new companies were founded in Toronto in 2016 or later, the number fell to less than 50 per cent in 2017.
Toronto is home to nearly 1.5 million people, and a quarter of them were born abroad.
But a new report from Toronto-based think tank the Fraser Institute says the city is seeing the first signs of a backlash.
“We’re seeing this rise of new entrepreneurs coming from outside the country,” said Michael Bamberger, the institute’s chief economist.
There’s a feeling that we’re doing the wrong thing,” he said.””
It’s a trend that is going to continue.”
“There’s a feeling that we’re doing the wrong thing,” he said.
“The people who are trying to start companies in Toronto are not coming from places that are welcoming to newcomers.
They’re coming from countries that are not welcoming to new Canadians.”
A report from the Fraser institute found that Canadians are “worried about how they’re going to stay in the country, about how their children are going to be able to work and their parents are going for extended periods of time.”
“So the sense of anxiety is that they’re looking for places where they can have more freedom, more security,” said Bamberg.
The report said Toronto has seen the steepest decline in job-creation since the 2008 recession.
In 2016, there were more than 9,000 openings for new companies each month, but in 2017 that number dropped to about 4,700.
The number of companies in 2017 dropped by about 8,000.
While Bambergg says the trend is worrying, he also believes Toronto is doing a good job of attracting new talent.
“You’re not seeing an exodus from Toronto anymore,” he added.
But the report also pointed out that a lot of people who come to Canada to do business and start companies don’t necessarily have the same skillset as those who started companies in Canada.
“There are a lot more people who don’t have the skillset of an entrepreneur.
There’s a lack of understanding of the different industries that we need to create, the different kinds of businesses we need and how we need them to be,” said James Sorensen, the chief executive officer of Toronto-area venture firm Innovative Tech Ventures.”
I think there’s definitely an opportunity here for us to grow the number, but we’re still doing a very slow start.”
Forbes says the number with a startup company in Toronto has doubled in the past five years.
The company’s website says it is currently recruiting for about 600 new startups in Toronto.
Forbes estimated that the number in the City of Toronto is about 50 per year.
The city’s economic impact to the country is estimated to be about $12 billion.