Canada’s youth turn to entrepreneurship

April 10, 2014

Canada’s early-stage entrepreneurship rates are now well above those of other G7 countries and on par with the US, reveals a new report by the Global Entrepreneurship Monitor. The report also reveals that young men and women in Canada are the driving force behind this entrepreneurial shift, representing a wave of youth that are following opportunities and are more optimistic and less afraid of failure than entrepreneurs in other countries where necessity often drives entrepreneurship. The report involved a survey of 3,272 Canadians and 42 expert interviews, and found that only about 50% of Canadians feel they have the skills and knowledge to start a business. Provincially, Alberta has the highest level of entrepreneurship and Quebec has the lowest. Canada has often been ranked low in innovation by organizations such as the Conference Board of Canada and the World Economic Forum; it is hoped that the rise of young entrepreneurs combined with increased access to funds and support, and the creation of a federal science, technology, and innovation strategy will help improve Canada’s innovation performance. Globe and Mail