Ontario is a hub for entrepreneurial activity, fostering some of the most innovative startups and businesses in Canada. As we enter 2021, here are five Ontario businesses that are making waves in their respective industries.
1. Flashfood
Food waste is a growing concern globally, and Flashfood is tackling this issue by turning surplus grocery food into deals for consumers. The Toronto-based startup partners with grocery stores to sell surplus food at discounted prices on its app. In doing so, they reduce food waste and offer affordable food options for consumers. Flashfood recently expanded to over 700 stores across the United States, making it one of the most promising startups to watch in 2021.
2. Decentral
Decentral is a Toronto-based company that specializes in blockchain technology. They are the creators of the Jaxx Liberty cryptocurrency wallet, one of the most user-friendly wallets on the market. Decentral is also at the forefront of developing blockchain-based tools for digital security, privacy, and identity verification that offer innovative solutions to current issues.
3. Koho
Koho is a Canadian fintech startup that offers a digital banking platform and a mobile app for managing finances. Koho’s app allows users to manage multiple accounts, track spending, and save money with roundups and cashback. Moreover, they provide users with perks and offers from their partners. Koho has grown to become one of the fastest-growing fintech companies in Canada, with over 300,000 active users in just four years.
4. Inkbox
Inkbox is a Toronto-based company that offers semi-permanent tattoos. They use a plant-based formula that is safer for the skin than conventional tattoos and fades after two weeks. Inkbox’s tattoos are popular among millennials, who prefer temporary tattoos that can be switched up regularly. The company has seen a 700% increase in sales since it launched in 2015.
5. Algonquin Outfitters
Algonquin Outfitters is a family-owned business that has been operating in Ontario for over 50 years. They offer canoe, camping, and fishing gear rentals in the Algonquin Park. Besides rentals, they also offer guided tours and eco-adventures in the park. The company has seen a significant increase in outdoor activity due to the pandemic and is taking steps to ensure the safety of its customers.
In conclusion, these Ontario businesses have demonstrated great innovation and resilience in the face of economic challenges and uncertainty. It will be interesting to see how they continue to adapt and grow in 2021 and beyond, making a positive impact on their respective industries.
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