Why Canada needs U.S. tech giants in our backyard GlobeBusiness
From our perspective of investing for more than 20 years in the Canadian tech industry as a venture-capital firm,
, “twice the number employed in the energy sector and more than the auto sector,” contributing $159.9-billion in revenue and $69.5-billion to the Canadian gross domestic product. Toronto alone boasts an industry employing more than 90,000 people and its “technology sector contributed more than $8B in annual employee wages.”
Of course, I understand the fear. We just witnessed the brutal backlash to U.S. automobile companies closing plants in Canada; and I am outraged by the “make America great again” movement’s approach of alienating the non-U.S. marketplace and the way the White House treats Canada. But let’s not inappropriately compare the automobile industry branch offices to U.S. tech companies’ R&D in Canada.
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