Over the past few years, Montreal and Calgary have emerged as unexpected powerhouses in Canada’s innovation economy. Once overshadowed by Toronto and Vancouver, these cities are now attracting growing streams of venture capital—and for good reason.
Montreal: Canada’s AI Capital
Thanks to world-class research institutions like MILA and strong academic-industry partnerships, Montreal has become a global hub for artificial intelligence and machine learning.
Why investors are paying attention:
- Thriving ecosystem of early-stage AI startups
- Access to top AI talent from institutions like McGill and Université de Montréal
- Government grants and R&D tax credits reducing investor risk
Startups in natural language processing, robotics, and AI for healthcare are gaining traction, with several attracting international funding in 2024.
Calgary: From Oil to Innovation
Calgary is redefining itself from an energy capital to a FinTech and CleanTech hub, supported by a push toward economic diversification.
What’s driving the shift:
- Local government and incubators supporting tech entrepreneurship
- Strong momentum in digital finance, energy optimization, and ESG tech
- Lower operating costs and high-quality talent pool
VC funds are increasingly drawn to Calgary’s practical, results-driven tech ventures—especially those addressing real-world infrastructure challenges.
Takeaway:
Investing in Montreal and Calgary isn’t just about location—it’s about catching the momentum of ecosystems where innovation meets execution. For venture capitalists and private investors, these cities represent high-potential, underpriced opportunities.
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