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1/Today's @bopinion post is about Canada.
Could Toronto be North America's next big technology hub? How about Vancouver and Ottawa?
bloomberg.com/opinion/articl…
Could Toronto be North America's next big technology hub? How about Vancouver and Ottawa?
bloomberg.com/opinion/articl…
2/Canada should have everything it needs for a world-beating tech industry.
For starters, it has the world's best skilled immigration system.
theconversation.com/why-canadas-im…
For starters, it has the world's best skilled immigration system.
theconversation.com/why-canadas-im…
3/It also has one of the world's best education systems, recently coming in ahead of China and South Korea and tied with Taiwan on the PISA rankings. 
4/It has abundant capital, English ability, cultural ties to all the world's big markets, a business-friendly legal environment, and relatively low taxes. Its cities are fun, beautiful, safe, diverse, and - most importantly - affordable.
5/So why is Canada's tech industry such an also-ran?
6/The reason is BRAIN DRAIN.
Smart Canadians tend to go work in the U.S.
Smart Canadians tend to go work in the U.S.
7/Tech clusters are super important. They are self-reinforcing. It's very hard to resist the pull of Silicon Valley, Seattle, New York, L.A., Austin, etc.
richmondfed.org/publications/r…
richmondfed.org/publications/r…
8/But things may be about to change.
By electing Trump, America may have handed Canada's tech industry exactly the windfall it needed.
Because Trump is making it harder and harder for smart people to work in the country.
bloomberg.com/opinion/articl…
By electing Trump, America may have handed Canada's tech industry exactly the windfall it needed.
Because Trump is making it harder and harder for smart people to work in the country.
bloomberg.com/opinion/articl…
9/In addition to Trump's various policies to restrict skilled immigration, there's his overall xenophobia.
Suppose you're a brilliant engineer. Would you really want to move to a country where people are going to tell you - and your kids - to "go back"??
bloomberg.com/news/articles/…
Suppose you're a brilliant engineer. Would you really want to move to a country where people are going to tell you - and your kids - to "go back"??
bloomberg.com/news/articles/…
12/The brain drain from Canada to the U.S. may be abating:
14/Meanwhile, NIMBYism is helping to make rents unbearable in America's tech hubs, causing tech companies and workers to look around for alternative locations.
sf.curbed.com/2019/4/5/18297…
sf.curbed.com/2019/4/5/18297…
17/But the Canadian government needs to do more.
Two big things it could do are:
1. Ban the enforcement of noncompete agreements.
2. Increase the percent of GDP spent on research, from the current 1.5% to 2.5% or 3%.
Two big things it could do are:
1. Ban the enforcement of noncompete agreements.
2. Increase the percent of GDP spent on research, from the current 1.5% to 2.5% or 3%.
18/U.S. stupidity, xenophobia, racism and NIMBYism have given Canada a chance to steal a march on its neighbor to the south.
Canada's government should make sure not to waste that chance.
(end)
bloomberg.com/opinion/articl…
Canada's government should make sure not to waste that chance.
(end)
bloomberg.com/opinion/articl…
