The EY G20 Entrepreneurship Barometer 2013: Canada

Entrepreneurship culture

Pillar ranking: 3

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A supportive environment helps Canadian entrepreneurs have a bigger impact on society.

Canada scores very highly on its entrepreneurship culture in the Barometer. This is driven by factors such as the very low cost of insolvency in Canada — the lowest in the G20 — and the country’s emphasis on a culture of research and innovation, as demonstrated by the high number of scientific and technical journal articles published in the country.

The Government continues in its efforts to support that culture through initiatives such as its new partnership with the venture capital sector. Since 2006, it has invested C$9b in funding for science, technology and innovation, and further support has been made available for R&D in higher education.

Such endeavors have often attempted to establish entrepreneurship as a force for the common good. Canada’s entrepreneurs are in the bottom five of the G20 in terms of seeing self-made worth as something to celebrate. Instead, they see an entrepreneur’s role in job creation as much more important.

However, the profile of entrepreneurs in Canada must be raised, says Scott Walton, the founder of industrial gas materials innovation business, Enovec and a member of the Canadian delegation at the 2012 G20 Young Entrepreneur Summit. “People always say they are afraid to fail, but the more that we can do to campaign and profile entrepreneurs the better,” he says. “That will give a lot more confidence to people.”

EY - Entrepreners’ view as to whether Canada’s culture encourages entrepreneurship