New Report Applauds Canada’s Entrepreneurial Ecosystem
New Report Applauds Canada’s Entrepreneurial Ecosystem
October 12, 2011 – Toronto, ON – A recent report titled “The Power of Many: Realizing the socioeconomic potential of entrepreneurs in the 21st century” prepared for the upcoming G20 Young Entrepreneur Summit (G20 YES) in Nice, France, has found Canada to have the most entrepreneurial ecosystem of all the G20 economies.
With a score of 93 (compared to the next-most favourable, the United States with a score of 75), Canada flourishes in the report, the result of the following key indicators:
- A protective and fluid environment for entrepreneurs
- The quality of education available
- Lack of comparable taxes and regulatory burdens
- The encouragement of collaboration.
Overall, Canada placed second on the Entrepreneurial Context Index (ECI), an average index measuring the entrepreneurial ecosystem, entrepreneurship financing and entrepreneurial culture. This recognizes room for improvement in Canada’s comparative access to financing, which scored 57 (on par with other G20 countries like the United Kingdom, Australia and France), lower than the 94 scored by the US.
The report, authored by McKinsey & Company, is based on an analysis of more than 200 initiatives that are aimed at supporting and fostering entrepreneurship by governments, national agencies, local public-sector players, professional organizations, companies and foundations. These initiatives were selected for review according to their relevance and impact, with the help of the members of the G20 Young Entrepreneurs’ Alliance (G20 YEA). The Canadian Youth Business Foundation (CYBF) is the official respondent from Canada. CYBF is also the lead for the Canadian delegation at the G20 Young Entrepreneur Summit (G20 YES) taking place October 30 – November 2, 2011 in Nice, France. The new report will be used to guide world leaders and policy-makers in advance of the G20 YES.
CYBF hosted the inaugural G20 YES in June 2010, where the primary outcome was the formation of the G20 YEA, a collective of leading entrepreneurially-minded organizations. The G20 YEA was founded as a movement to engage the G20 leaders in the cause of youth entrepreneurship, share information across borders, affect positive policy change and create a global network of young entrepreneur advocates while building a collaborative entrepreneurial environment worldwide.
“At the Canadian Youth Business Foundation, we’ve worked hard to create our all-important entrepreneurial ecosystem through our collaborative network of partners from coast to coast to coast and are proud that our efforts have been recognized,” said Vivian Prokop, chief executive officer of CYBF and founding chair of the G20 YEA. “In Canada we know that entrepreneurs have a key role to play in fostering Canada’s growth, creating jobs and cultivating innovation and prosperity. It is heartening to see that Canada’s forward strides are being recognized globally.”
To read the McKinsey report in full, please click here.
About the Canadian Youth Business Foundation – Canada’s Entrepreneur Gateway
The Canadian Youth Business Foundation (CYBF) is the ‘go to’ place for youth entrepreneurship. As a national charity, we are dedicated to growing Canada’s economy one young entrepreneur at a time. We look at character, not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring. We help them launch and sustain a successful entrepreneurial business. www.cybf.ca
CYBF Media Contacts:
Rachel Azagury
Senior Manager, Marketing & Communications
Email: razagury@cybf.ca
Phone: 866-646-2922 x2111
Cell: 647-834-2923
Valérie Bellavance
Directrice générale, Québec, FCJE
Courriel : vbellavance@fcje.ca
Tél : 514.225.7035, poste 4001
