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That's part of the story. There are also no "anchor" companies. The massive companies that go for a big sale in the Tech Industry are very rare in these Canadian Cities.

There is money, but there are relatively little opportunities for companies to source these funds.

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I suppose but I mean... I feel like Canada is a near perfect location for the start up.... furthermore, it's not as if Anchor companies are far away (like the US for example).

As a Canadian now in the US... I really wish that Canada would step its game up and get a group of angels together or a proper incubator program. My family friends have started a pseudo incubator at http://www.thenext36.ca/

I don't think an incubator program would be enough. There's something to be said to living in close proximity to hundreds of different angel groups and investors, which is why most of the successful start ups come out of Silicon Valley and why SV is the best place to be. There are start ups that can become successful despite the distance from SV, but it's just going to be another hurtle to overcome in a fragile start up's early life.

There are notable exceptions though, GroupOn from Chicago, and for a Canadian example - Shopify from Ottawa, Ontario.

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