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"
Nominations Open and New Category Announcement for 2016 Business Excellence Awards Program
The Greater Peterborough Chamber of Commerce is proud to be opening the call for nominations for the 13th Annual Peterborough Business Excellence Awards. The awards publicly recognize and honour local businesses who have demonstrated a passion for excellence.
The Chamber is pleased to announce the addition of the Newcomer Entrepreneur of the Year Award to our event. This award was established in 2015 by the New Canadians Centre to recognize the achievements of business leadership and community involvement made by newcomers within the Peterborough community.
“We are very pleased to be partnering with the New Canadians Centre for the Newcomer of the Year award,” said Jason Becker, BDO Canada LLP and Chair of the Chamber Board of Directors. “The award has been established by the NCC at their annual Gala, and they will now help us recognize this important business sector”.
Thank you to the 2016 Excellence Committee Co-Chairs Angela Jones, Lakeshore Designs and Cheryl Smith, RBC – Royal Bank and the entire committee for their work on the Chamber’s award program.
Early Bird Deadline for Nominations – Monday, April 25th * at 4:30pm
Final Deadline for Nominations – Wednesday, May 25th at 4:30pm
*Nominations received by April 25th at 4:30pm will be entered in our Early Bird Draw to win two tickets to attend the Awards Ceremony.
Nominate online: excellencepeterborough.ca
We will announce three Finalists in each category on Thursday, August 11th, with the award recipients revealed at the Awards Ceremony.
Awards Ceremony – Wednesday, October 19th
Location – The Trentwinds International Centre, 264 Lansdowne St. E.
Time – 5:30pm to 10:00pm
Awards will be handed out in 18 categories, plus the 4-Under-40 Profiles, Student Business Leadership Bursaries, and the prestigious Business Citizen of the Year Award.
The Peterborough Business Excellence Awards were established to promote the advancement of responsible business leadership within the community. We encourage interested businesses to nominate themselves, or to nominate any qualified individual or business for any of the award categories. Nominees do not need to be members of the Chamber of Commerce.
Please take advantage of our simplified nomination process – complete the nomination online or download the form and submit by email or hardcopy.
Peterborough Business Excellence Awards Categories 2016
Excellence Launch Wednesday, April 6, 2016