Start-up businesses, in Canada, have boosted up a lot so far. Based on growth, performance, funding, and exit values, Canada is ranked the 25th best start-up ecosystem in the world. In fact, outside of Silicon Valley, Waterloo has the highest start-up density of any area in the world. And with a blend of economic freedom, low start-up costs, government funding, accessible business tools, and abundance of talent, Canada is one of the best and most lucrative places to launch your new venture.
Also, Canada is the United States’ neighbour to the North, which makes the idea of doing business in Canada interesting for many people. Aside from its propinquity to the U.S. and its residents’ prestigious reputation, there are some highly lucrative business-related benefits associated with growing into the country. Let us give you some reasons below, for instance:
- Economic Freedom– Canada comes under the top 10 of the world’s independent economies, leaving behind both the United Kingdom and the United States. The Index of Economic Freedom takes cultural aspects such as property rights, freedom from corruption, government spending, financial freedom, business leverages, labour freedom, monetary benefits, trade freedom, and investment freedom into consideration while establishing a country’s ranking. This sort of economic environment makes a significant impact on business culture and is one reason why Canada turned out to be the best on the start-up front in 2016.
- Business Start-Up Costs and Funding– One factor that excessively contributes to the functioning and performance of start-ups in Canada is the ability to have reasonable start-up costs as well as funding or financial support in the form of grants and loans.Canadian businesses mostly have the opportunity to apply for government loans or grants for the start-up. Moreover, with various financing options available to start-ups, Canada offers remarkable support for business and commerce wherein some of the grants are regional or industry-specific, while others offer general business support.
- Canadian Economic System– According to a study recently conducted by Deep Centre, there is room for economic improvement in Canada that would improve the chances of start-up success; they found that the top 20 Canadian incubators have helped to attract more than $1.7 billion in follow-on investment and helped ease out the creation of more than 10,000 new jobs. As such, the Canadian economic system has allowed for many successful start-ups, and this success will continue to grow.
- Start-up Business Tools– In Canada, Start-up business tools, such as BizPal and Salesforce, are decisive factors that lead to start-up success in Canada. BizPaL is a platform that allows start-ups to look for permits and licenses when they initiate their business journey. It also provides 24/7 support for any queries or concerns business owners may have on regional or federal issues. Whereas, with Salesforce, people can build highly scalable apps to grow their company with.
While the world focuses mainly on Silicon Valley for start-ups, Canada is incredibly becoming a start-up powerhouse. To know more about how you can take advantage of what Canada has to offer to the entrepreneurs and new ventures, check out our official website.