I think you're overlooking the broader point I'm making by focusing on that one line. The point is that if Toronto had the same tech ecosystem as to say even Seattle or New York for salaries ranging between half to two-thirds of their American counterparts, I'd reasonably certain Canadians would opt to stay here.

Yes, the investment community has a broader effect on the startups within the city. But I'm not sure they have as significant of an effect on large tech companies setting up research or dev centres here. And ultimately, having the powerhouses here helps to retain talent probably greater than having hundreds of startups in the $10-50 million revenue range.