A fall report produced by the economic think-tank, Centre for Digital Entrepreneurship and Economic Performance, found that tech startups pose a number of present and future benefits. Not only could these companies grow the Canadian economy, they could also become “significant employers of tomorrow.” The report was commissioned by the Federal and Ontario governments, and explains different ways to help tech entrepreneurs grow their businesses.
The report notes that Canada has continued to underperform in creating high-growth firms, and offers limited support to those within the startup community. As a result, it outlined six “priority areas” that would allow for the country’s research and technological innovation to ultimately become internationally competitive. The following areas are:
- Identifying which companies could be high achievers and helping them scale up.
- Increasing the transparency of startup assistance groups’ reporting and data, particularly among business incubators and accelerators.
- Getting large corporations to partner with Canadian incubators and accelerators, as is done in the United States.
- Connecting companies who have the potential to be high achievers with tech business leaders who have already achieved international success.
- Exposing startups to international audiences.
- Finding additional ways to involve investors more in startups.
This study’s recommendations for tech startups are particularly significant at this moment in Canada. Many expect that the findings and strategies for expanding the country’s tech firms will be reflected in the Liberals’ first budget, which is set to be released next month.
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