Small business growth seen booming
By ERIN POOLEY
More than 100,000 small businesses will be started in Canada in the next five years, says a CIBC report released yesterday.
The report, called Start Me Up: A Look at New Entrepreneurs in Canada, said an aging population coupled with advances in technology and the Internet is driving the boom in small business.
"Starting a business is becoming a more popular career choice, particularly among Canadians over 55 and those who are highly educated," said Rob Paterson, senior vice-president of CIBC small business banking, in a release.
New entrepreneurs who are 55 and over now account for 15 per cent of total startups, compared with 11 per cent in 1990.
"With only one in three startups being headed by an entrepreneur who is over 45, the aging Canadian population is expected to lead to strong startup growth," Mr. Paterson said.
One in four people who started a small business in Canada in the past two years have a university degree, compared with only half that number in 1990, Mr. Paterson said.
Science and health-related businesses led the startup sector over the past two years, followed by the financial and sales and services industries. Growth in in British Columbia nearly doubled the national average over the past two years.
GlobeAndMail
More than 100,000 small businesses will be started in Canada in the next five years, says a CIBC report released yesterday.
The report, called Start Me Up: A Look at New Entrepreneurs in Canada, said an aging population coupled with advances in technology and the Internet is driving the boom in small business.
"Starting a business is becoming a more popular career choice, particularly among Canadians over 55 and those who are highly educated," said Rob Paterson, senior vice-president of CIBC small business banking, in a release.
New entrepreneurs who are 55 and over now account for 15 per cent of total startups, compared with 11 per cent in 1990.
"With only one in three startups being headed by an entrepreneur who is over 45, the aging Canadian population is expected to lead to strong startup growth," Mr. Paterson said.
One in four people who started a small business in Canada in the past two years have a university degree, compared with only half that number in 1990, Mr. Paterson said.
Science and health-related businesses led the startup sector over the past two years, followed by the financial and sales and services industries. Growth in in British Columbia nearly doubled the national average over the past two years.
GlobeAndMail
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