Vibrant entrepreneurship, with an early stage rate virtually tied with the US, and leading all other G7 countries
Most recent data: 2014
The Canadian population offers a highly supportive culture for entrepreneurship; it is regarded as a good career choice. Successful entrepreneurs enjoy high status and Canadian media are seen to report fully on entrepreneurship. Conviction that there is opportunity and that the skills and knowledge required are widely distributed leads to a low rate of Canadians inhibited by fear of failure.
In this climate, the TEA rate has grown to its present leadership position, with opportunity-driven entrepreneurial activity (those pursuing an opportunity) leading necessity-driven activity (those with no other option for work) by a ratio of 5:1. The rate among women has risen from half that of men to two-thirds and is a major factor in growth.
The GEM Canada analysis is designed to identify innovative and productive entrepreneurship that can promote economic growth, job creation, sustainability, and quality of life. In common with most other GEM countries the largest amount of entrepreneurship occurs in consumer oriented services, just ahead of business oriented services.
Healthy fractions of entrepreneurs aspire to 50% growth and more than 10 jobs in five years (>20%). More than 30% plan to introduce new products, and nearly 20% expect more than 25% export customers, all suggesting ambitious innovators.Enablers and Constraints
Expert appraisal rates physical infrastructure and the social image of entrepreneur as the most favourable framework conditions for entrepreneurship in Canada. Certainly the social image is a key source of the favourable culture.
Major weaknesses are identified in capacity to transfer knowledge from R&D to small and growing firms, and in the attention to entrepreneurship in the education systems.
Initiatives Supporting Entrepreneurship
There are indications that a new interest in entrepreneurship is emerging in the post-secondary education sector.
Trends Over Time
Challenges for the Future
Future challenges for entrepreneurship in Canada are to support the continuation of the increase in participation by women, and to support an innovation oriented promotion of entrepreneurial thinking in the education systems.