Canada intends to make America's tech talent its loss

By Shiva Kumar

NEWS

Canada sees a huge opportunity in attracting tech talent north of the US border and is making every effort to seize it.

What's going on: Canada's approach to immigration laws, increased government support, and a polarized United States have all contributed to the Great White North's tech boom.

Why it matters: As U.S. tech behemoths struggle to attract foreign high-skilled tech workers, Canada is adding more and more. As a top city for tech talent, Toronto is quickly catching up 

By the numbers: Canada announced in 2021 that it had welcomed the greatest number of immigrants in a single year in its history.

According to Pitchbook data, venture capital invested in startups in Canada increased from $2.1 billion in 2016 to $13.7 billion in 2021.

Canada announced in April that it would spend $1 billion (approximately $780 million USD) over five years to establish an agency dedicated to investing in science and technology innovation.

Between the lines: Canada's gains in tech talent began during Trump's hardline immigration , which appear to have pushed people out of the US as much as they lowered domestic immigration 

According to a 2020 study, the number of US residents entering Canada through a skill-based immigration program increased by 75% between 2017 and 2019.

We want to be the ones to start the parade "François-Philippe Champagne, Canada's innovation, science, and industry minister, stated during an onstage interview.

"Immigration is our greatest competitive advantage," said Sean Fraser, Canada's immigration minister, in an interview with Axios at Collision. "

According to Fraser, the Canadian government also intends to pass legislation to expedite immigration to meet specific labor needs by sector.

The United States has an annual limit of 85,000 H-1B visas, which is far too few for the number of applicants. Canada does not have a comparable cap.

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