The 2015 Global Entrepreneurship Monitor (GEM) Ontario Report is an annual report produced this year by the Brookfield Institute for Innovation + Entrepreneurship (BII+E), Ryerson University and The Centre for Innovation Studies.
The report analyzed the performance of entrepreneurs in Ontario in comparison with similar economies worldwide, including Canada as a whole, the US, Australia and Germany.
Ontario is a leader in entrepreneurship participation, with growth from 11.7% in 2013 to 14.4% in 2015. In Ontario’s rich and robust entrepreneurship ecosystem, everybody has access to entrepreneurship, regardless of age, gender or income.
This report is useful to government policy makers, academics, university and post-secondary institutions and those who want to gain a better understanding of entrepreneurship ecosystem in Ontario, as well as the entrepreneurs operating within the ecosystem.
Read this report to help you:
- Understand the level of entrepreneurship activity and the economic aspirations of entrepreneurs in Ontario
- Understand public attitudes towards entrepreneurship
Compare the entrepreneurial performance of Ontario with similar economies around the world
- Identify relevant policy responses to the continual improvement of the entrepreneurship ecosystem in Ontario
This report shows that Ontario is a leader in entrepreneurship and performing quite well, but there are clear areas in which we can improve. In 2015:
- Ontario had one of the highest entrepreneurship participation rates among reference economies, second only to Canada as a whole.
- 21% of Ontario entrepreneurs adopted the very latest technologies in their businesses
- Ontario had the highest woman entrepreneurship participation rate at 13.8%, and 87.76% of woman entrepreneurs were opportunity-driven
- 51.2% of Ontarians were confident in their abilities to start a business, but 46.7% said fear of failure would prevent them from starting a business.
- 52% of opportunity-driven entrepreneurs see independence as a strong incentive for starting a business, while only 29.2% see increasing income as motivation
- 26% of all Ontario entrepreneurs operate in the wholesale, retail and hotels sector.
The report delves into relevant policy recommendations, including mentoring programs, developing a strategic vision and programs for women in entrepreneurship, R&D transfer improvement and entrepreneurship education from a young age.
Also included as part of the report is a downloadable infographic, visually demonstrating the report’s key findings.
To find out our take on why entrepreneurship in Ontario is thriving, read our blog post, Access Granted: Ontario Supports Entrepreneurs from All Walks of Life.