Despite having the highest rates of entrepreneurship in Canada as per the Global Entrepreneurship Monitor (GEM) Report, poor economic situations have led to little growth and innovation in many of these startups.
Albertan startups, when compared to the rest of Canada are much more heavily based on oil and gas, mining, agriculture, and manufacturing, while typically being much smaller than the Canadian average. A large proportion of Albertan startups have no employees with a only small amount (6.7%) having more than 20 employees, nearly half of the Canadian average. In the report, low innovation levels are primarily indicated by the heavy lack of novelty in products/services, very low competition in the startup space, as well as the highest use of older technology in Canada.
The GEM Report indicates the three main constraints faced by Albertan entrepreneurs to be: Financial Support; Government Programs and policies; and capacity for entrepreneurship. The report recommends that opportunities continue to be emphasized, promote forward thinking training initiatives, considerations towards increasing employee entrepreneurship/intrapreneurship within Alberta, further closing the gender gap completely from 90% to 100% in Alberta, as well as providing entrepreneurial support to ensure optimized impacts from new startups, especially for those with high expected growth.
Click to view the blog post Entrepreneurship in Alberta – Definite signs of the poor economic situation in Alberta
Click to view the full 2017 GEM – Global Entrepreneurship Monitor Alberta Report