Canada fits the ‘bigger is not always better’ narrative when it comes to startup potential.
With a relatively smaller market than world’s leading tech giants, this North American country is still a lucrative destination for startups looking to make a name in the tech world.
If you want to dominate the Canadian market, it makes sense to start with its largest and most populous city: Toronto.
What are the Benefits of App Development for Toronto Startups
People have been increasingly reliant on mobile apps for various purposes, including productivity, education, and entertainment.
The residents of Toronto are no different. In 2023, there were 31.2 million smartphone users in Canada, and they spent 19 billion hours per year on mobile apps.
Investing in a mobile app is a great way to boost brand awareness, especially since you’re just getting started.
When users download your app, they will see it every time they open the phone, ingraining your brand name deep in their brain.
The key here is to build an app that’s actually useful, so users will voluntarily promote your app to their friends and family.
Now, you might wonder, how to create a mobile app?
How to Build and Monetize Your App
If you have no technical know-how whatsoever, the easiest option is to hire the best app development agency in Toronto.
Simply describe your needs, and let the professionals do what they do best.
Once the app is ready, it’s time to attract new users and downloads. As a new player in the competitive app market, it’s best to offer a free version initially.
But make sure to include in-app purchase options, so users who are satisfied with your app can upgrade to the premium version.
According to Wifi Talents, free mobile apps with in-app purchases keep a large user base engaged, generating 98% of app revenue worldwide.
You can also integrate an analytics feature to your mobile app to understand user behaviour and preference.
The information will be helpful during your monetization strategy – which includes deciding on the subscriptions model and in-app purchases.
Moreover, it also helps you deliver a personalized experience.
Over time, this potentially leads to increased satisfaction and stronger brand recognition in Toronto’s less crowded startup scene.
Why Toronto is the Ideal Market for Mobile Apps
As one of the growing tech hubs, Toronto offers the perfect landscape for mobile app development.
First, the city appeals to businesses and Toronto app developers with a government-backed tech startup scene.
Within such a supportive ecosystem, Toronto startups can source high-quality developers and designers in the abundant talent pool – with competitive development pricing atop that.
Robin Ferretti says the city’s infrastructure is crucial in supporting both startups and established companies.
Also, startups can apply to receive financial assistance from the government and benefit from tax incentives. These government initiatives help startups jump into market expansion with fewer financial risks.
Additionally, Toronto provides access to tech incubators, mentorship opportunities, and networking with industry experts. All reliable resources that drive mobile app startup growth.
Finally, with less competition compared to the USA, your startup business has more time to refine products and features without immediate pressure from competitors.
Plus, fewer players mean it’s much easier to build a stronger customer base.
Case Studies of Successful Toronto Startups
1. MindSea
MindSea partners with experts in health tech and wellness to provide users with a unique approach to living a healthier lifestyle.
This Toronto-based unicorn combines formulated strategy and compelling UX design with continuous mobile app iterations, going the extra mile with impactful products to foster better outcomes.
2. Clearco
A groundbreaking Toronto-based startup founded in 2015. Targeted to entrepreneurs, Clearco flipped the traditional venture capital with a distinct funding model.
Clearco is notable for their bold move – providing growth capital in exchange for revenue share. While they don’t create a mobile app, their solutions are often integrated into app-based platforms.
3. WealthSimple
As the name suggests, this rapidly growing startup makes navigating your finances simple.
While offering a suite of products – Wealthsimple Cash, Wealthsimple Trade, Wealthsimple Invest, and Wealthsimple Save – they ensure planning is fun and accessible by offering a user-friendly app.
Also, WealthSimple is winning both beginners and seasoned users’ hearts with low cost, simplicity, and educational factors.
Overcoming Challenges in Mobile App Development
While mobile app development offers numerous advantages for Toronto startups, there are a few concerns to address, such as:
Conclusion
Toronto has a high smartphone adoption rate, startup-friendly policies, a potential audience, and sufficient development talents.
These factors make the city a great market for mobile app development.
If you want to dominate Toronto’s startup scene, partner with a trusted app development firm in Canada like Intelivita.
Contact us today and let’s take the North American market by storm!
