A recent KPMG Canada report ‘Entrepreneur Rising’ surveyed a select group of 52 Canadian entrepreneurs to seek their guidance in building a world-leading technology company. The report found that 85 per cent of respondents agree that the Canadian technology/innovation ecosystem has improved significantly over the past 5 years. Further, 54 per cent of respondents feel that Canada is an ideal location to build a world-leading company.
To add in the mix, the Canadian Venture Capital Association also recently announced that Canadian companies are now attracting over $2Bn per year in venture capital funding. This new data points to a growing cohort of Canadians who are willing to take risk, pursue their passion, and try their hands at becoming or investing in successful entrepreneurs.
First steps in becoming a successful Canadian entrepreneur?
In the early stages, ask for advice in brainstorming your business idea. You’ll find that people are eager to talk about something that falls into their area of expertise. Listen well, ask great questions, and look to build relationships within your target industry – mentors, developers, VCs and future acquisition partners are all key relationships to establish.
Entrepreneurs will also inevitably require money at some point and raising capital is often the hardest and most critical part of launching a business. So think ahead and establish relationships with potential investors before you request funding. Keep in mind that capital from sales growth is preferable to capital from investors.
Also, seek growth through expansion into international markets and consider taking your business global early on. If you don’t consider going global from the onset, might you risk starting behind both your local and potential international competitors in the first place?