Did you know that over one in ten Mississauga residents have identified themselves as self-employed? Over the past three years, the number of businesses identified as self-employed grew by 11.4%. In many ways, entrepreneurship represents the current and future ‘face of employment’.
In addition, a 2017, Industry Canada study of Canadian Small Medium Enterprises (SMEs) found that a small subsector of SMEs termed high growth firms (employment and revenue growth of over 20% over three years) accounted for 63% of net employment change in Canada, despite only representing 1.24% of businesses.
This shift highlights the importance of the Economic Development Office’s (EDO) Entrepreneurship and Innovation Study (“The Study.”) To undertake the Study, EDO has retained a team comprised of the Canadian Urban Institute, the University of Toronto ‘s Impact Centre and Cash & Associates Inc. to conduct research and stakeholder engagement to inform ways for EDO to support innovators and entrepreneurs in a way that raises standards of living for all, thus achieving deep prosperity and growth.
Mississauga’s entrepreneurship and innovation landscape is experiencing tremendous growth and opportunities as never seen before in the history of our City. A great example that will continue the momentum of growth is the Government of Canada’s $1.5 million dollar investment for EDGE (Entrepreneurship Discovery and Growth Engine) – Sheridan’s innovation hub, located at the Hazel McCallion Campus in Mississauga. This funding will go towards EDGE delivering further entrepreneurship programming to their graduated cohort system; deliver workshops and events; support technical specialists and mentors; and enable prototype development and workspace enhancements. Its announcements like this that exemplify a common goal of creating a pipeline of new companies in Canada.
It is anticipated that the findings of the Study will be available this spring. I am confident that these findings will help take our entrepreneurship and innovation landscape to the next level in Mississauga!