A global view confirms that governments are catching up to what VC’s have known for a long time: investing in tech startups has a massive payoff.
As the Globe and Mail reports, Canada’s Innovation Minister Navdeep Bains is urging a push toward increased federal investment in startup tech. It’s easy to see why: countries that invest in startups with a vision and actionable plans see a confirmed economic uptick within just a few years.
In Singapore, the government has provided enough funding to startups to secure the 10th spot in Compass’s Global Startup Ecosystem Report. This national success story is defined by huge growth and major exits.
Finland’s government investment programs have contributed to the country’s rank in the top five of the World Intellectual Property Organization’s (WIPO) Global Innovation Index. Employment and revenue have consistently risen alongside government investment.
Canada’s tech and startup growth has steadily made the industry a massive pillar of the nation’s economy. While federal funding and tax credits are available, government investment hasn’t risen to a level that recognizes the massive worth of the country’s tech sector.
Entrepreneurial passion and smart private funders continue to drive international tech growth, but governments are an essential part of the startup equation. The countries that recognize this are quickly becoming major players in an increasingly competitive—and exciting—global tech scene.