A holistic understanding of the state of entrepreneurship and entrepreneurial support is required to support the success and scalability of startups and small businesses across Canada.
A national census distributed to Startup Canada’s network of 122,000 entrepreneurs and key stakeholders continues to fortify baseline data to measure success and scalability. The strategic insights from the 2021 Startup Canada Census provide a snapshot of key characteristics and trends within the Canadian entrepreneurship community, such as persistent challenges that prevent entrepreneurs from reaching full growth potential, entrepreneur needs and wants as they start and scale, and opportunities for the national support ecosystem to enhance initiatives that amplify entrepreneur-driven economic impact.
of the respondents mentioned that it took them over 100 hours to research and learn about different components of their business.
of the respondents found their experience in taking their business digital difficult to very difficult.
of the respondents found their experience accessing or applying for government grants or funding difficult to very difficult.
of the respondents said that there are limited funding options in Canada.
of the respondent Investors and lenders in Canada are too conservative.
of the respondents do not have an incorporated business and believe that is one of the reasons they were not able to access funding.
Current and aspiring entrepreneurs from the Startup Canada network are striving towards a future where there is more accessible funding, mentorship and advisory support, and tools and resources to help them navigate the challenges of running and growing a successful business. The COVID-19 pandemic demonstrated that this is more important now than ever.
Evidently, this report shows the statistics that funding is highly sought by Canadian entrepreneurs, however there is a lack of easy, straightforward access. The report also shows certain areas where entrepreneurs are struggling the most, for instance digital transition, connecting with funders and investors, incorporating a business, understanding taxes and accounting, to name a few.
This national census helps paint a picture of what the government, private sector, entrepreneur support organizations, and national conveners (such as Startup Canada) can do to ensure entrepreneurs are fully supported. Together, we can strive toward a future where Canada becomes the best place to start and grow a business.