Toronto has a lot to offer, especially if you are someone looking to start your own business. In fact, Toronto is considered to be one of the best cities in the world for entrepreneurs.

Individuals are entrepreneurial, not cities, you say. However, some cities are more able to attract creative and innovative people to realize their budding new venture.

In the latest data-driven study, conducted by Oberlo, a company which helps budding entrepreneurs begin their ecommerce journey, three Canadian cities are among the best places for ambitious individuals to create their dream company. Organizers of the study evaluated over 200 of the best global metropolises for entrepreneurs. Toronto, Vancouver and Montreal rank in the top twenty.

Researchers evaluated, analyzed and compared data on a series of factors vital for entrepreneurial success and narrowed the scope to classify the top 75 cities in the world. So, where in the world do aspiring business owners experience the most prosperous outcomes?

Ranked number one at the top of the global list is London, England. Several elements factored into the methodology of the ranking system. Areas related to infrastructure, digital/tech environment, import/export systems, financial initiatives, Covid supports and more were evaluated separately. Researchers then ranked cities on the basis of the overall score.

The select group of top-ranking cities show Toronto at #17, followed by Vancouver at #28. Montreal placed #36 on the global list. (see graph below)

Several European cities make the cut. For example, in Italy, the cities of Milan (#25), Rome (#31) and Florence (#41) rank within the top 50. Considering the country was one of the hardest-hit in the early stages of Covid-19, all three cities earned top marks for the most supportive financial aid programs during the pandemic.

As for the fast-growing tech ecosystem, Berlin appears to be a desirable place for young entrepreneurs. Roughly half of all Berlin’s start-ups are active in the fields of software development and service.

When it comes to the best environment for female entrepreneurs, New York (NY), USA, scored top marks. According to a Women Entrepreneurs NY study (2015), the city is host to nearly 360,000 women-owned businesses representing 32% of all registered companies.

In Canada, the percentage of women-owned businesses is nearly half that rate. According to Statistics Canada, only 15.6% of small-medium sized businesses were owned by women.

The formula for a new idea and venture begins with ambition, creativity and innovative talent. When the end goal for any business is long-term success, other factors like location and the availability of certain types of supportive entrepreneurial ecosystems truly make the difference. After all, success is possible with the right combination of preparation, hard work and opportunity.

Photo Credit: Priscilla Pajdo