The Future of Entrepreneurship
15 Sep 2020
Entrepreneurship’s Importance to Canada’s Economy
Entrepreneurs are the lifeblood of the Canadian economy and often we refer to these types of companies as SME’s, which are companies under 500 employees. They represent 99% of all Canadian companies; they represent 90% of all jobs in the private sector; and SME’s accounted for 85% of all net new jobs created in Canada last year.
I think entrepreneurship is more important today than it was 10, 15, 20 years ago. I think the percentage of new employment created by SMEs is higher. In the past, large corporations seemed to be the ones that were delivering innovation, now it seems to be the smaller companies and with social media, and with technology, and with the cost of starting a new firm, the ease of starting a new firm changing quite a bit in the last decade it seems that a lot of our innovation now is coming from our SMEs.