Organization: Communitech

Canada growing more $1-billion “unicorn” companies, global startup ecosystem report shows

More Canadian companies are remaining in Canada to grow “unicorns” (firms with a $1-billion or more valuation) rather than selling early to foreign entities, according to data in Startup Genome’s 2022 Global Startup Ecosystem Report. Meanwhile, in Atlantic Canada the number of startups slowed for the second year in a row, according to a separate report by Nova Scotia-based Entrevestor.

Canada looks to own another podium

Waterloo-based business accelerator Communitech has announced the roster of Team True North, which consists of Canadian firms that are poised to grow to at least $1 billion in revenue by 2030. The methodology for identifying these enterprises is similar to the highly successful Own the Podium initiative, which dramatically increased Canada’s Olympic medal count.