Canadian entrepreneurship on the rise but many firms struggle to grow

"Canada is abuzz with entrepreneurial activity. A new study on entrepreneurship finds Canada has one of the highest levels among Group of Seven countries. It ranks No. 2 after the United States and tied with Australia among industrialized nations. The paper, released Friday by the Global Entrepreneurship Monitor (GEM), suggests that Canadians have an embracing attitude toward entrepreneurship, and that many are turning to it as a career path."

"Among its findings: Early-stage entrepreneurship levels are highest in Alberta for the second year running, while Nova Scotia has the lowest rate. The share of female entrepreneurs is two-thirds the male rate, an area the authors say has room for improvement. The peak age of entrepreneurs is the 45- to 64-year-old range, up from the previous survey when it was largely people in their mid-30s to 40s. It also found entrepreneurship tends to rise with education levels, and that Canada has high levels of social entrepreneurship, (defined as 'initiatives with a particular social, environmental or community objective')."

"There are several weak spots, however. One is in turning those ideas into long-lasting businesses – all these great ideas aren’t necessarily morphing into enduring, larger-sized business ventures. And entrepreneurship levels within large organizations are weak, suggesting workers at big firms are hesitant to take initiative. This weakness could help explain the country’s relatively poor innovation record."

"Entrepreneurship often grows when unemployment rises as more people are forced into it due to lack of other opportunities. In Canada though, the data suggest entrepreneurship is higher in provinces with greater wealth, and that many are turning to it out of choice rather than necessity."

From +The Globe and Mail: 

Canadian entrepreneurship on the rise but many firms struggle to grow
Report finds that our many innovators are having difficulty turning small enterprises into larger businesses

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