Toronto Technology Sector
There is a huge shift in North America with the modern Entrepreneur. When starting a business venture it used to involve opening up a brick a mortar operation in a large city and delivering a tangible product or service to your target market. Improving on old business models and creating new options for customers was the key to gaining market share and then finding ways to cut costs and pass this savings onto your customers. If you did this you would have a sustainable competitive advantage and kill your competition.
Back to my point here.....People are creating HUGE businesses without the old business models of before. They are leveraging technology to create ways to turn software into businesses that save time for people across the world. For example there is software in development right now using machine learning to teach software to answer Tax related problems and provide the solutions necessary. Check out http://www.bluejlegal.com/ for more information. The message is making professionals better. This has been distributive fore sure, and it will continue to be.
There is also Toronto based start up Equibit, the business model is leveraging block-chain technology to build the first decentralized OTC securities platform. This is going to change the business of dividend distribution forever.
Entrepreneurs across the world are focusing on the trend of leveraging Tech to create solutions for today's challenges. From HealthTech, FinTech, the list goes on. Using Tech to solve industry challenges is a trend that's here to stay and this is the future of business. For more information on the Toronto Tech space, check out TechTO.
How our Firm Entered the Tech Sector
MP Group is a progressive accounting firm based in Toronto, and in the past 3 years we have noticed this shift in the business world towards using Technology in ways that we have never seen before. With organizations like U of T BBCIE, Mars, and Ryerson DMZ, these are the largest Tech incubators and accelerators in Toronto. Our firm has attended multiple events and supports the community by offering free consultations to many Tech Start Ups. As entrepreneurs that use modern Tech as part of our business, we can relate to this community and we enjoy providing guidance including: pitch deck creation/reviews, developing financial models, business valuations, and raising capital. We like learning about different business models in this space and it has even lead us to our own Tech Venture in the works, we are working on solving the issue of implicit name discrimination in the workplace ( currently in prototype).
If you would like to chat about the Tech Business in Toronto, give us a call anytime at 416-214-0527, or shoot me an e-mail at rmazze@mpgroupcpa.com, I always like hearing about new concepts and finding ways to help.