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Beyond the $ Value: Attitudes, behaviours, and aspirations of Ontario entrepreneurs

An analysis of Ontarian entrepreneurs drawing on the annual Global Entrepreneurship Monitor (GEM) study of entrepreneurship in Ontario

Beyond the $ Value: Attitudes, behaviours, and aspirations of Ontario entrepreneurs

Annalise Huynh

Alumni, Policy Analyst + Designer

Viet Vu

Manager, Economic Research

Matthew Lo

Policy Advisor

December 22, 2017

Read Report PDF Infographic Print Page

About this Report

Drawing on GEM’s 2016 data, this report continues a long-term analysis of the state of Ontarian entrepreneurs. It presents data that quantifies Ontario’s flourishing entrepreneurial ecosystem and compares Ontario to over 20 OECD countries that also participated in the GEM study.

Produced in partnership with BII+E, the Centre for Innovation Studies (THECIS) and Ryerson University, this report goes beyond conventional measures of entrepreneurial success to focus on entrepreneurs themselves. This focus on individual attitudes, behaviours, and aspirations adds a valuable dimension to understanding an essential driver of innovation and growth.

Read this report to help you:

Understand the experience of entrepreneurs, from why they start businesses to why their businesses succeed or fail, as well as to get a broad profile of the people drawn to entrepreneurship in Ontario today
Compare this year’s results with data from previous years to see where Ontario is headed and what has changed
Identify potential challenges to the growth of entrepreneurship in Ontario

Key findings from the report:

Ontario was compared to OECD countries participating in GEM.

In 2016, Ontario was one of the highest performing economies in early-stage entrepreneurial activity, with growing numbers of people stepping into new tech sector businesses.
However, Ontario lags behind Canada as a whole, in terms of its early entrepreneurship participation rate, with higher participation in provinces such as Alberta, and a smaller increase from 2015 to 2016, compared to previous years.
Ontarians believe they have the knowledge, skills and conditions to be successful entrepreneurs and are increasingly comfortable with risk, compared to similar economies (such as Australia Germany, France).
20 percent of Ontarian entrepreneurs were motivated to found their businesses by necessity rather than opportunity.
While Ontario has a relatively high proportion of women entrepreneurs (41 percent) compared to similar economies, women report a higher fear of failure and are less likely to have confidence in their knowledge to start a business.
Ontario has one of the highest rates of youth entrepreneurship, outperforming the rest of Canada. Youth entrepreneurship in Ontario doubled since 2014, from 8 percent to 16.6 percent in 2016.

New student loan changes are good for entrepreneurs, but we need targeted support for marginalized communities

Does the cooling tech labour market signal trouble for the Canadian economy? Not necessarily.

Methodology

This report draws on 2016 data from the Global Entrepreneurship Monitor (GEM) to continue a long-term analysis of the state of Ontarian entrepreneurs. The Global Entrepreneurship Monitor (GEM) is a longitudinal study of entrepreneurial activity and economic growth that draws on data from over 60 countries. In comparison to other major cross-national studies that place an emphasis on firms—in particular, on their financial metrics—GEM focuses on the entrepreneur as the unit of analysis and describes the culture and circumstance of entrepreneurship. While this report does not capture the full picture of entrepreneurship in Ontario, it illuminates the lived experience of entrepreneurs, from why they start businesses to why their businesses succeed or fail.

Annalise Huynh

Alumni, Policy Analyst + Designer

Viet Vu

Manager, Economic Research

Matthew Lo

Policy Advisor

December 22, 2017

Read Report PDF Infographic Print Page

Deep Dive

Dec 22, 2017

To be or not to be (An entrepreneur in Ontario), that is the question

New Beyond the $ Value report provides a rare look into perceptions across the province on entrepreneurship, as well as a deeper definition of the actors that are part of this community

Annalise Huynh + Viet Vu

Illustration of a person sitting at a desk working on a laptop.