Report on the future of start-ups

Dominik Loncar, CYBF Entrepreneur-in-Residence, dloncar@cybf.ca

Developing jazz skills 

Start-up owners are more educated. In the last twenty years the amount of entrepreneurs who have a university education has doubled (from 15 to 30 percent) states CIBC’s In Focus report on Start-ups.

The exponential rise in technology, the intricacies of social media and the combination of increased education and connectivity will mean higher levels of cooperation between small businesses.

Developing a specific expertise and a depth of competencies will still be necessary. However, in order to succeed, entrepreneurs will be asked to develop strategic alliances, informal partnerships and work on a particular project and disband when the project is finished. These improvised business hubs will continue to grow and be part of our economic landscape and if we add the ease at which individuals can connect globally, we can start to see that this trend is here to stay.

A good analogy is the improvisational jazz band. Individual musicians come together for a particular gig, bring their particular talent and specialty to create music, then disband and start this elsewhere with a new group of players.

It requires one to be fully engaged in the moment while having an ability to pounce on opportunities when they present themselves; sort of like developing “jazz” skills. If you haven’t been developing your “jazz” skills, now may be a good time to start.