Too Few Entrepreneurs Able to Scale Up Their Business: Peterborough Chamber Report Identifies Six Barriers to Growth
PETERBOROUGH, ON, April 21, 2016: Today, the Peterborough Chamber of Commerce, in partnership with the Ontario Chamber of Commerce (OCC), released the report, Breaking Barriers: Ontario’s Scale Up Challenge, which identifies the major roadblocks preventing Ontario businesses from expanding and presents recommendations to best support business owners in taking their ventures to the next stage of growth. According to the report, based on interviews with nearly two dozen business owners, sector associations, and other organizations, as well as a survey of over 350 Ontario business owners, too few entrepreneurs are continuing to build their business, or “scale up”, in the province.
The report adds to a recent chorus of voices calling for governments, the business community, and other actors to build on the province’s entrepreneurial spirit by creating the conditions to enable our most promising firms to scale.
To position Ontario for long-term success, the report proposes recommendations to address six specific barriers preventing businesses from growing, which includes a lack of access to talent with scale up experience, gaps in the right kinds of financing, and lower incentives to growth offered through public programs.
Chief among the Peterborough Chamber’s recommendations are for governments to improve businesses’ access to talent in the short-term by creating a scale-up visa to quicken access to essential international managerial talent. According to an OCC survey, 63 percent of businesses that are looking to grow face a talent shortage. The Peterborough Chamber of Commerce also encourages governments to gain a better understanding of where current gaps exist in the Canadian financing landscape.
Other recommendations of the report include:
Scaling Up Report
Launch of "Breaking Barriers Ontario's Scale up Challenge"