Ontario is the provincial powerhouse that generates 37% of Canada’s national GDP, employing over 50% of all employees in Financial Services, Knowledge, and Technology sectors. Blessed with the second largest area, Ontario covers 1 million square kilometers with Quebec and Manitoba enclosing the borders on the east and the west respectively. The Great Lakes (Lake Superior, Lake Michigan, Lake Huron, Lake Erie and Lake Ontario), which accounts for world’s one-fifth of fresh water supply was the basis for industrial development in Canada. For early European settlers, the lakes were inroads into the vast resources in Ontario. With 98% of all Ontario residents settled near the Great Lakes and St. Lawrence River Basin, the influence of waterways on migration and settlement in the province is paramount.
Toronto, the capital of Ontario, is one of the world’s most ethnically diverse cities with the inhabitants speaking over 100 languages and dialects; the most commonly spoken language apart from English include French, Chinese, Spanish, Italian, German, Polish, Punjabi, Ukrainian and Portuguese. The province is a favorite destination for immigrants with 40% of them, choosing Ontario over other provinces.
Job Opportunities
Manufacturing
Ontario’s Manufacturers create products worth $275 billion, each year that includes 81.5% of the province's exports. There are approximately 1.5 million indirect jobs and 800,000 direct jobs in the sector. With the slump in oil prices, Energy companies have slowed their orders for new machinery and equipment but the $8 billion in annual payroll demonstrates why the Auto sector continues to offset any weakening in the Manufacturing sector. Ontario is the largest manufacturing hub in North America, producing one in six American cars in the world. The government has set up a $5 million Automotive Supplier Competitiveness Program for smaller auto parts manufacturers. In addition to that, $10 million for R&D and autonomous software, $100 million for The Automotive Supplier Innovation Program (ASIP), and 10-15% of grants(minimum spend of $75 million) through the Automotive Innovation Fund (AIF). For MBAs planning to join the Auto sector, Ontario employs 127,000 workers and hosts headquarters/manufacturing plants for General Motors (Oshawa), Ford (Oakville), Chrysler (Windsor), Honda (Toronto and Alliston), Toyota (Toronto and Woodstock) and Volvo (Toronto).
Entrepreneurship
For start-ups planning to raise funds, Ontario hosts 125 leading Venture Capital and Private Equity firms. In 2014, Ontario-based firms received $906 million in funds, but the investment as a percentage of Canada’s GDP is 0.11, much lower than the rates that British Columbia or Quebec invested. Overall, Ontario was ranked #4 in the world, behind the US (0.173 GDP), British Columbia (0.157 GDP) and Quebec (0.144), with a “B” grade.
Technology
It would not be an exaggeration to call the Toronto-Waterloo corridor as the Silicon Valley of Canada. The region boasts of 1,000 high-tech companies, contributing over $30 billion to the world economy. If Silicon Valley employs 385,000 technology professionals, the Canadian counterpart is not far behind with 280,000 employees. Technology companies in Ontario attract the most Venture Capital investments, taking in most of the 38% deals that were signed in Canada, valued at $2.3 billion, primarily driven by three IPOs. E-Commerce Company Shopify was one of the technology companies that went public.
Federal Government is supporting the Entrepreneurial ecosystem with the Venture Capital Action Plan program with a total funding of $350 million, largely to set up four funds in collaboration with Corporate and Institutional investors. One of the funding programs is the $217 million fund managed by Northleaf that offers vital capital for start-ups. For MBAs with Entrepreneurial goals, setting base in Toronto-Waterloo corridor would be a strategy that would give the best return.
Inside Why Canada: A Complete Career Guide for MBA Applicants
- Top 4 MBA programs in Ontario
- Job Opportunities for MBA candidates in Ontario
- Analysis of 10 Canadian provinces and the best fit for you,
post-MBA - Funding Options available for Local and International Students pursuing an MBA in Canada
Download: Why Canada: A Complete Career Guide for MBA
Applicants
