The Toronto-Waterloo-Kitchener area, poised as the technical triangle, has been deemed the Canadian Silicon Valley. With highly-capable talent migrating to Canada by the minute, tech startups Toronto are a hot topic for discussion. Research has shown that such immigrants embody traits similar to those observed in entrepreneurs, be it the ability to take risks, adapt very quickly to new terrain or set camp from scratch with limited resources.
If it has been your dream to launch a successful entrepreneurial venture with its roots in intuitive technology, we suggest you ask yourself if you have the following things:
A foolproof idea
Many start-ups fail miserably due to poor conceptualization. If it is a problem you are trying to fix, have you considered if it does need fixing in the first place? Introducing Wi-Fi connectivity to a blender does not solve a widely-recognized problem, creating a platform (Tophat) that helps teachers customise textbooks and assess student comprehension on the fly does.
It goes without saying that you have to be passionate about the problem you are trying to fix. The Mentor Network is great resource to rely on, in this respect. Another is the City of Toronto’s Entrepreneur Mentoring program, which matches to-be business owners with veterans who run tech startups Toronto.
A means of funding
Bootstrapping a business might sound like an enticing thought. After all, who wants to feel, or, be, in debt in the long run? On the other hand, perhaps you are open, and have the opportunity, to secure funding from investors. For tech startups Toronto, there are websites such as Betakit and networking groups such as TechTO, which can be useful resources for funding acquisition.
SmartStart is a grant program offered by the province of Ontario, issuing funds up to $70,000. With four intakes across the year, it helps enterprises break into the market and build a company from bottom up. The IRAP and SR&ED are two other provincial schemes that can help entrepreneurs of tech startups in Toronto secure funding.
A league of your own
If you have the drive to be an entrepreneur but lack a path-breaking idea, try joining hands with founders of tech startups Toronto. Angellist has many trailblazing founders looking for a co-founder or skilled workers. The reverse is also true. If you do not know of channels to connect to a gifted group of individuals, selling equity in return for manpower is a good idea. Talent Edge helps self-starting business people recruit graduate talent potent in research and development.