{"id":9149,"date":"2026-10-15T21:09:51","date_gmt":"2026-10-15T21:09:51","guid":{"rendered":"https:\/\/www.rbc.com\/en\/thought-leadership\/?p=9149"},"modified":"2026-10-15T21:21:09","modified_gmt":"2026-10-15T21:21:09","slug":"kick-start-how-to-ignite-entrepreneurship-among-young-canadians","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/geopolitics-trade-and-the-economy\/kick-start-how-to-ignite-entrepreneurship-among-young-canadians\/","title":{"rendered":"Kick-start: How to ignite entrepreneurship among young Canadians\u00a0"},"content":{"rendered":"\n<div\n\tid=\"tl-fpb-1\"\n\tstyle=\"background-image:url(https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Report_Banner-wide.jpg?quality=80&amp;w=4096);background-position:50% 50%;background-size:cover;min-height:500px\" class=\"tl-featured-post-banner wp-block-rbc-thought-leadership-blocks-featured-post-banner\">\n\t\t\t<div class=\"tl-featured-post-banner__gradient\" style=\"position:absolute;top:0;left:0;right:0;bottom:0;z-index:0;pointer-events:none;\"><\/div>\n\t\n\t<div class=\"tl-featured-post-banner__inner\">\n\t\t\t\t<a\n\t\t\tclass=\"tl-pill tl-pill--banner\"\n\t\t\thref=\"https:\/\/www.rbc.com\/en\/thought-leadership\/geopolitics-trade-and-the-economy\"\n\t\t>\n\t\t\tGeopolitics, Trade and the Economy\t\t<\/a>\n\t\t\n\t\t<div class=\"tl-featured-post-banner__content\">\n\t\t\t\t\t\t<h2 class=\"tl-featured-post-banner__title\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/geopolitics-trade-and-the-economy\/kick-start-how-to-ignite-entrepreneurship-among-young-canadians\/\">\n\t\t\t\t\t\tKick-start: How to ignite entrepreneurship among young Canadians\u00a0\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t<p class=\"tl-featured-post-banner__excerpt\">\n\t\t\t\tYouth entrepreneurship, especially the building-companies-that-scale variety, is core to a dynamic economy and broad-based prosperity\t\t\t<\/p>\n\t\t\t\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel has-rbc-climate-action-seaweed-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t mob-pad-t mar-b-dbl mob-mar-b-dbl\" style=\"border-radius:0x\">\n<h2 id=\"h-key-findings\" class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-1\">Key Findings<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>There are more self-employed young Canadians than ever, but 40% fewer are building businesses that hire than 20 years ago.<\/strong> Two decades ago, 1-in-35 working young Canadians (aged 20-39) owned a business with employees. Today, it\u2019s 1-in-57.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Young Canadians have enormous entrepreneurial ambition.<\/strong> Two-thirds of young Canadians report seeing good opportunities to start a business, while three-in-five say they have the skills to start a business\u2014both above the OECD average. Canada ranks fourth of 23 OECD economies on early-stage entrepreneurial activity among young Canadians (24%).<sup><a href=\"#legal-1\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"1\" class=\"rbc-link-format\">1<\/a><\/sup>&nbsp;But Canada ranks eleventh on established youth business ownership (5%).<sup><a href=\"#legal-2\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-label=\"2\" data-dig-action=\"link click\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" class=\"rbc-link-format\">2<\/a><\/sup><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Fear is a key constraint.<\/strong> Nearly 60% of young Canadians would not pursue entrepreneurship for fear of failure\u2014the highest among 22 OECD peers.<sup><a href=\"#legal-3\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"3\" class=\"rbc-link-format\">3<\/a><\/sup><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>One-person shops account for 80% of self-employment in Canada.<\/strong> The types of entrepreneurs who hire have lost ground (\u2018builders\u2019) or collapsed (\u2018strivers\u2019). Aside from solopreneurship, the only other category to meaningfully increase is the public sector.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>The window for transitioning from solo self-employment to employer status is narrow.<\/strong> More than 90% of incorporated businesses that hire do so in the first five years; but hiring rates peak in year one and drop every year thereafter.<sup><a href=\"#legal-4\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"4\" class=\"rbc-link-format\">4<\/a><\/sup><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Founders describe a scale-up gap.<\/strong> Canada\u2019s support ecosystem dries up at exactly the point where young firms are stalling. Supports for firms could focus on making their first hire through scale-up capital, operator-led mentorship, and lowering the personal cost of failure.&nbsp;<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<p class=\"mar-t-0 mob-mar-t-0 wp-block-paragraph\">Scan the headlines and it\u2019s easy to assume that youth entrepreneurship is undergoing something of a renaissance. LinkedIn reported a near 70% jump in those adding &#8216;founder&#8217; to their profiles last year.<sup><a href=\"#legal-5\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"5\" class=\"rbc-link-format\">5<\/a><\/sup> Almost 40% of soon-to-be U.S. college grads surveyed say they\u2019re leaning towards entrepreneurship over a traditional job. Closer to home, almost one-in-four young Canadians are in the process of establishing a business (13%) or in the early years of business ownership (11%). That\u2019s nearly double the OECD average. In fact, Canada ranks fourth among OECD countries in early-stage entrepreneurial activity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In absolute terms, Canada has more young entrepreneurs than ever. Last year, more than 800,000 Canadians between the ages of 20 and 39 counted themselves as self-employed, a two-decade high. But digging a little deeper, our research reveals that entrepreneurship among young Canadians, in relative terms, is hovering near a 20-year low. More alarming still is that the share of self-employed young people who employ others is down 40%: 1-in-57 youth presently own an enterprise that employs others, down from 1-in-35 two decades ago. One-person shops account for 80% of all self-employment in Canada\u2014a trend with wider economic consequences.<sup><a href=\"#legal-6\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"6\" class=\"rbc-link-format\">6<\/a><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Youth entrepreneurship\u2014especially the building-companies-that-scale variety\u2014is core to a healthy, dynamic economy and to broad-based prosperity. We\u2018re talking about the next Shopify, the next Cohere. It\u2019s the young who tend to create the next big thing\u2014the products and services of the future. Look no further than the 10 largest publicly-traded firms in the U.S.\u2014mega-cap tech companies like Apple, Microsoft, Meta, and SpaceX. On average, the age of the founder at incorporation was under 30.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large mar-b mob-mar-b\"><img loading=\"lazy\" decoding=\"async\" height=\"627\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png?quality=80&amp;w=1024\" alt=\"Propotion of young Canadians (20-39) at historic low\" class=\"wp-image-9241\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png 4000w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png?resize=300,184 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png?resize=768,470 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png?resize=1024,627 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png?resize=1536,940 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-1-1.png?resize=2048,1254 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"mob-mar-b mar-b wp-block-paragraph\">Two forces threaten to make things worse. For one, there are fewer young people in Canada as a proportion of the total population, due in part to falling birth rates (Exhibit 1). A further headwind comes with trends in business formation. The pandemic era saw excessive business destruction, unsurprisingly, followed by a surge in creation, post-lockdown (Exhibit 2). But over the past five years the rate of net new business creation has been falling. U.S. tariffs, a more restrictive approach to immigration, and a challenging policy environment could all be factors. The affordability crunch may be another reason that young people aren\u2019t taking the leap.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"749\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png?quality=80&amp;w=1024\" alt=\"Canadian business exists are exceeding entrants, post-pandemic\" class=\"wp-image-9245\" style=\"width:1024px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png 4000w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png?resize=300,220 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png?resize=768,562 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png?resize=1024,749 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png?resize=1536,1124 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-2-1.png?resize=2048,1499 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\">RBC Thought Leadership spoke to young founders across the country, representing a range of industries in different stages of growth. Many noted various obstacles when it came to scaling their businesses. While supports are available at launch\u2014from grants to programs like Futurpreneur, Business Development Bank of Canada, Next Canada, and the League of Innovators\u2014access to capital is a persistent hurdle, with Canada\u2019s risk-averse investment culture identified as one factor that has pushed entrepreneurs to seek funding in the U.S., and elsewhere. Mentorship is also cited as a major gap, leaving founders navigating hiring, financing, and expansion on their own.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given the importance of youth entrepreneurship, civil society and political leaders face a cascading set of trade-offs and strategic tensions. Navigating these is critical to reversing the decline in youth entrepreneurship.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But it\u2019s important to first understand the landscape.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 id=\"h-four-archetypes-of-entrepreneurship\" class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-2\">Four Archetypes of Entrepreneurship<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Since Statistics Canada does not break out youth entrepreneurship from the broader population of entrepreneurs, we spliced together more than 1.2 billion cells of StatsCan data to create a new multi-decade history of youth entrepreneurship in Canada. We map young entrepreneurs, between the ages of 20 and 39, into one of four categories, segmented by motivation for founding (opportunity versus necessity) and the level of commitment (lower versus higher), recognizing that the motivations and level of commitment do not cleanly fit this four-way taxonomy, not least because they blend into each other. The four archetypes include (Exhibit 3):<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"556\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png?quality=80&amp;w=1024\" alt=\"One-person operations make up 80% of self-employment\" class=\"wp-image-9247\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png 4000w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png?resize=300,163 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png?resize=768,417 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png?resize=1024,556 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png?resize=1536,834 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-3-1.png?resize=2048,1112 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mar-t mob-mar-t has-grey-tint-four-background-color has-background\" style=\"border-radius:7px;overflow:hidden\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner mar-b-0 mob-mar-b-0 pad-b mob-pad-b\" style=\"border-radius:0x\">\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Builders (17%):<\/strong> Motivated by opportunity and legally committed through incorporation, this group includes incorporated business owners with employees. It encompasses a range of enterprises, including restaurants, construction companies, law firms and tech companies.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Strivers (3%):<\/strong> The business owners who, for whatever reason, have remained unincorporated while employing others. Together with the builders, these are \u2018entrepreneurs\u2019 in the traditional sense of building and scaling a business.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Solopreneurs (28%):<\/strong> Incorporated business owners without employees. This group includes professional, scientific and technical contractors and consultants, but also those engaged in gig and platform work (e.g., ride-hailing, delivery services).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Survivors (52%):<\/strong> This category has the highest turnover and is the most insecure among the self-employed insofar as the enterprises are unincorporated without employees. This includes those between paid employment, bouncing between contracts, as well as consultants, freelance writers, small farmers, street vendors, artists, and gig workers.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/section>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"698\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-9251\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png 3372w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png?resize=300,205 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png?resize=768,524 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png?resize=1024,698 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png?resize=1536,1047 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_Arrow-Quadrant-Graphic.png?resize=2048,1396 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\">The self-employed among young Canadians skews massively toward solo forms of self-employment, with four-in-five operating a business without employees. This may limit the potential to meaningfully scale and become the type of lucrative enterprise that creates broad-based wealth through the production of goods and services, and indirectly through the payment of wages, salaries, and taxes. It\u2019s unclear if AI will change this calculus. It\u2019s possible that young founders can leverage this technology to scale an enterprise with few (if any) employees, given that AI is proficient at an expanding range of tasks. In the interim, it\u2019s concerning that the share of young people who fit the builder archetype is shrinking: 20 years ago, 1-in-45 young people owned a business with employees. More recently, it stands at 1-in-63 (Exhibit 4).<sup><a href=\"#legal-7\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-label=\"7\" data-dig-action=\"link click\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" class=\"rbc-link-format\">7<\/a><\/sup><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"525\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png?quality=80&amp;w=1024\" alt=\"The builder archetype has shrunk over 20 years\" class=\"wp-image-9253\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png 4000w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png?resize=300,154 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png?resize=768,393 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png?resize=1024,525 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png?resize=1536,787 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-4-2.png?resize=2048,1049 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\">To be clear, not all entrepreneurship has stagnated among young Canadians; it has bifurcated. The types of entrepreneurship that scale enterprises by hiring employees have lost ground (builders) or collapsed (strivers). And all have been dislodged by the surge in solopreneurship. The only other category to meaningfully increase is the public sector (Exhibit 5). The reasons for this are not clear, but the public sector tends to offer higher levels of job and retirement security. Amidst an affordability crunch, growing public sector employment could be interpreted as a flight to safety.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"589\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png?quality=80&amp;w=1024\" alt=\"Growth concentration ratios\" class=\"wp-image-9311\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png 4000w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png?resize=300,172 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png?resize=768,441 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png?resize=1024,589 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png?resize=1536,883 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-5_FIGURE-5.png?resize=2048,1177 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">A growth concentration ratio shows whether a category is gaining or losing share of the economy as it grows. A ratio above 1 means it\u2019s capturing more than its \u2018fair share\u2019 of new employment relative to its size, while a ratio below 1 means it is shrinking as a share even if it\u2019s adding employment in absolute terms.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The rise of solopreneurship is more challenging, partly because of the mixed motivations at play. Surveys show that young people are pulled into entrepreneurship because they value flexibility, purpose, and social impact, or because they believe entrepreneurship is simply more lucrative.<sup><a href=\"#legal-8\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-label=\"8\" data-dig-action=\"link click\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" class=\"rbc-link-format\">8<\/a><\/sup> But young people also report being pushed into entrepreneurship because many entry-level jobs are vanishing, which eliminates the traditional pathway to middle class security and prosperity.<sup><a href=\"#legal-9\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"9\" class=\"rbc-link-format\">9<\/a><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the mixed motivations, what seems clear is that there is an elevated desire among the young to at least explore entrepreneurship. &nbsp;Nearly two-thirds (65%) see good opportunities to start a business in Canada and feel they possess the skills to launch a new enterprise (59%), both of which are well above the OECD average. But as a recent survey by Ownr revealed, while 23% of those surveyed have a side hustle, only 19% of them were thinking of handing in their two weeks&#8217; notice and taking the leap into full-time entrepreneurship.<sup><a href=\"#legal-10\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"10\" class=\"rbc-link-format\">10<\/a><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So what\u2019s holding would-be entrepreneurs back?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The high cost of living\u2014especially housing\u2014for one thing. When food and shelter costs are rising it makes self-financing a new venture riskier\u2014or in some cases a non-starter. A <em>Be Giant<\/em> poll of young entrepreneurs in Canada found this to be the top reason why Canada is losing entrepreneurial talent to other markets.<sup><a href=\"#legal-11\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"11\" class=\"rbc-link-format\">11<\/a><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fear of failure is another factor (Exhibit 6). According to Global Entrepreneurship Monitor (GEM) data, 60% of Canadians surveyed said they would not start a business because the probability of failing is too great. Canada is an outlier on the fear metric, ranking first out of 22 peers and well above the OECD average. This meshes with what we heard from founders who said culture\u2014including a fear of failure\u2014may be limiting the pipeline. Matthew Hibbert, CEO of Winnipeg-based MAKA Power, said that failure is often viewed negatively in Canada compared to other countries like the U.S., for instance, where \u201cit\u2019s more celebrated: they had the guts to try to start a company, and that should be celebrated. There has to be a shift towards celebrating the people who tried and failed.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"874\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png?quality=80&amp;w=1024\" alt=\"More Canadians cite fear of failure than OECD peers\" class=\"wp-image-9259\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png 4000w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png?resize=300,256 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png?resize=768,655 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png?resize=1024,874 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png?resize=1536,1311 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Charts_FIGURE-6.png?resize=2048,1747 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\">In speaking with young founders across the country, here are some of the other things that they faced\u2014and in many cases overcame.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Access to capital remains a barrier.<\/strong> Entrepreneurs repeatedly cited difficulties in securing funding at various stages of launch. While the early-stage ecosystem offers many supports and programs, young founders often face a credibility challenge, particularly when the business is still just an idea. Canada\u2019s scale-up risk capital eco-system is comparatively thin, which drives many founders to the U.S. Several entrepreneurs were advised to seek capital stateside, where it can be easier to access and on more favourable terms. \u201cIf we want more Canadian companies ready for growth capital, we also have to create more opportunities for promising ideas to reach the growth stage,\u201d said Chloe Swain, 20, CEO of FutureTwin, a Vancouver-based tech startup.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supports dry up at scaling.<\/strong> Capital is a particular challenge when it comes to helping businesses reach the next level. In the initial days of launching, Maguire Shoes cofounder Romy Belzile-Maguire said the company was able to use early-stage funding and pre-sales to drive growth. As the Montreal-based company grew, financing became more of a challenge. \u201cYou can get help at the beginning, and you can get help when you\u2019re a big company and more profitable. When you\u2019re in between, you\u2019re kind of on your own,\u201d she said. \u201cYou\u2019re too big to be small, but too small to be big.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mentorship and network density is lacking.<\/strong> Every founder we spoke with emphasized a desire for more mentorship opportunities throughout the lifecycle of entrepreneurship. \u201cCanada doesn\u2019t only need more entrepreneurs,\u201d said Francesca Chan, founder of Artket Goods in Toronto. \u201cWe need stronger connections between the entrepreneurs, suppliers and businesses that are already here.\u201d Founders noted the importance of mentorship in managing the stress and difficulties associated with starting a business, as well as guidance to avoid costly mistakes. Some also expressed a desire to have entrepreneurship opportunities encouraged and tied to postsecondary programming, which is lacking. Early exposure and connections to entrepreneurs could also help spark innovation: most of the entrepreneurs we spoke to came from entrepreneurial families.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Labour and skills matching are an obstacle to hiring.<\/strong> As companies scale, they need to be able to hire the right talent. Some in high-tech industries said they are facing a skills gap in a rapidly changing and evolving industry. Georgiy Sekretaryuk, CEO of Vancouver-based AI startup Overdrive, said the struggle to find the right talent has pushed him to be creative when it comes to hiring, hosting hackathons and approaching those who have performed well, and offering remote work to expand their potential talent pool. Those relying on trade workers are also grappling with shortages. One founder said that recent changes to immigration policies has made it more difficult to keep some researchers in Canada.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Risk-aversion, both among entrepreneurs and their funders.<\/strong> From investors who may be reluctant to take a chance on an unproven idea, to young people that may be wary of the financial uncertainty that can come with launching a business, many said broad risk-aversion remains an obstacle.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 id=\"h-key-considerations\" class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-3\">Key Considerations<\/h2>\n\n\n\n<h5 id=\"h-1-nbsp-measure-what-matters-first-hires-three-year-survival-and-growth\" class=\"wp-block-heading\">1. &nbsp;Measure what matters: first hires, three-year survival, and growth<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Research from ISED shows that the window for transitioning from incorporated solo self-employment to employer status is narrow: hiring odds fall from 10-16% in year one to just 1% in year five.<sup><a href=\"#legal-12\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"12\" class=\"rbc-link-format\">12<\/a><\/sup> Financial and mentorship support could be concentrated in the early years of incorporation to help new founders not only secure their first customer, but graduate to their first hire. Funders and not-for-profits could report first hires, three-year survival rates, and revenue growth, not applications or startups launched, as the key success metrics, noting that early and scale-up supports are ultimately complementary, not alternatives.<\/p>\n\n\n\n<h5 id=\"h-2-simplify-federal-programs-and-judge-them-on-whether-firm-s-scale\" class=\"wp-block-heading\">2. Simplify federal programs and judge them on whether firm&#8217;s scale<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Recent research shows the federal government currently has 166 separate programs that support firms to innovate and grow.<sup><a href=\"#legal-13\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-label=\"13\" data-dig-action=\"link click\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" class=\"rbc-link-format\">13<\/a><\/sup> A young founder must find the right program, learn its rules, and complete its paperwork, and then repeat the exercise for the next application. The associated administrative burn (time spent on paperwork and compliance) detracts from scaling their business. Our research suggests support is strongest at launch and thins out at scale-up. Programs could be reviewed against the measures in the consideration above. Programs that cannot show results should be merged or retired, with the savings redirected to the stage where founders say existing supports dry up.<\/p>\n\n\n\n<h5 id=\"h-3-close-the-scale-up-gap-with-anchor-customers-and-operator-led-mentorship\" class=\"wp-block-heading\">3. Close the scale-up gap with anchor customers and operator-led mentorship <\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Canada\u2019s capital ecosystem dries up at exactly the point where its market structure winnows: mid-size, scaling firms. Larger firms and government could commit procurement to young-founder suppliers and pay in an expedited window to ease liquidity constraints (e.g., 15\u201330 days). Business associations and corporate executives could commit to multi-year pairings with founders who have already scaled and build offerings that combine operational and financial expertise, tailored to the industry and stage of maturity.<sup><a href=\"#legal-14\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-label=\"14\" data-dig-action=\"link click\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" class=\"rbc-link-format\">14<\/a><\/sup><\/p>\n\n\n\n<h5 id=\"h-4-match-young-talent-with-young-firms\" class=\"wp-block-heading\"><strong>4. Match young talent with young firms<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Founders said hiring skilled people is difficult, while youth unemployment runs well above national rates. A first hire of a young graduate helps both sides: the founder gets capacity, and the graduate gets an entry-level job. Large firms, colleges, and industry associations could fund co-op and apprenticeship placements at early-stage firms.<\/p>\n\n\n\n<h5 id=\"h-5-lower-the-personal-cost-of-failure\" class=\"wp-block-heading\"><strong>5. Lower the personal cost of failure<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Canada ranks first of 22 OECD peers on fear of failure, at 60%. Founders cite the lack of six-figure reserves and a high cost of living as obstacles from launching new enterprises, and possibly, scaling them. Employers could offer entrepreneurial leave with a right to return, treat founder experience as a hiring credential, and consider extending benefits. Education and non-profit leaders could put founding on the curriculum and publicly recognise founders who recovered from failure.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mar-t mob-mar-t mar-b mob-mar-b has-rbc-dark-blue-tint-background-color has-background\" style=\"border-radius:7px;overflow:hidden\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-grey-light-tint-three section-inner  mar-b mob-mar-b mar-t mob-mar-t pad-t-0 mob-pad-t-0 mar-l mob-mar-l mar-r mob-mar-r has-fafafa-background-color has-background\" style=\"border-radius:0x\">\n<h3 id=\"h-what-entrepreneurs-are-saying\" class=\"wp-block-heading pad-t mob-pad-t has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-4\">What entrepreneurs are saying<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">RBC Thought Leadership spoke to young founders across the country, representing a range of industries in different stages of growth.<\/p>\n\n\n\n<h5 id=\"h-nivatha-balendra-30-founder-and-ceo-of-dispersa-est-2019\" class=\"wp-block-heading mob-mar-t-hlf mar-t-hlf has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-5\">Nivatha Balendra, 30, founder and CEO of Dispersa (Est. 2019)<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"769\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-9325\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg 7215w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg?resize=300,225 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg?resize=768,576 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg?resize=1024,769 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg?resize=1536,1153 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-x-Dispersa-Selena-Phillips-Boyle-6811-2.jpg?resize=2048,1537 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo Credit: Selena Phillips-Boyle<\/figcaption><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\"><strong>The business:<\/strong> A biotech company in Lavalusing food waste to create biodegradable cleaning ingredients.<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr wp-block-paragraph\"><strong>How it started:<\/strong> Concerned by the environmental catastrophe that followed the 2013 Lac-M\u00e9gantic disaster, Balendra researched strains of microbes that could break down oils to clean up contaminated sites in a natural way as part of a high-school science project. Years later, that original idea grew into Dispersa.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The challenge:<\/strong> When she started her company, she was still focused on oil spill remediation. Then the pandemic hit. \u201cEveryone was talking about sanitation and surfaces and cleaning our hands. Our key ingredient, a surfactant, can do many things, not only clean up oil spills.\u201d Balendra realized she was developing the right product, but that there was a more strategic market fit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The lesson:<\/strong> \u201cAgility is a startup&#8217;s biggest strength: how fast could we respond to the markets need? At a time when everyone was talking about sanitation and surfaces, I thought, why not? Surfactants are one of the most critical ingredients in everyday consumer products. Fast forward to today, we\u2019re still operating in the cleaning product sector, because it was the right fit.\u201d<\/p>\n\n\n\n<h5 id=\"h-aedan-fida-29-ceo-of-blade-air-est-2017\" class=\"wp-block-heading mar-t mob-mar-t has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-6\">Aedan Fida, 29, CEO of Blade Air (Est. 2017)<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"683\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-9329\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg 4500w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg?resize=300,200 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg?resize=768,512 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg?resize=1024,683 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg?resize=1536,1024 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/RBC-BLADEAIR0820_94e2a8.jpg?resize=2048,1366 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo Credit: Daniel Ehrenworth<\/figcaption><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\"><strong>The business:<\/strong> A Toronto-based company that provides air quality solutions for businesses, \u201cdoing to HVAC filters what LED lights did to lighting.\u201d<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr wp-block-paragraph\"><strong>How it started:<\/strong> Blade Air initially started building zero-waste carbon filters aimed at what was then a rapidly growing cannabis industry. Then the market slowed, the pandemic hit, and the cofounders were forced to reevaluate.&nbsp; They pivoted, expanding their focus beyond only air quality, to energy, operations and logistics using locally manufactured HVAC solutions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The challenge:<\/strong> In 2021, the company was awarded a $20 million contract, partnering with another Canadian manufacturer to provide air sanitization technology. But at that point, Blade Air had reported $1.5 million in revenue, losing money along the way. \u201cWe were like: &#8216;Okay, how are we going to finance this?\u2019\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What worked:<\/strong> Finding financing was difficult. \u201cAccessibility of capital in Canada has been really, really challenging. Even when we were debating doing a raise a few years ago, everyone told us to go to the U.S.\u2014that we were going to find cheaper capital, on more favourable terms,\u201d Fida says. In the end, Blade Air secured funding to go through with the project. \u201cWe had to go through a mad scramble until we found a lender that was willing to take shares in our company as collateral.\u201d&nbsp;<\/p>\n\n\n\n<h5 id=\"h-darion-ducharme-33-ceo-of-teqare-est-2021\" class=\"wp-block-heading mar-t mob-mar-t has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-7\">Darion Ducharme, 33, CEO of Teqare (Est. 2021)<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"671\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-9339\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg 6922w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg?resize=300,197 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg?resize=768,503 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg?resize=1024,671 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg?resize=1536,1007 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/edit_2026October06_dsc09959_DavidLipnowskiPhotography_7fc89c.jpg?resize=2048,1342 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo Credit: David Lipnowski<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The business:<\/strong> The Winnipeg-based firm delivers educational workshops focused on scam prevention, financial literacy, and cyber security.<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr wp-block-paragraph\"><strong>How it started:<\/strong> After a decade working in telecommunications, Ducharme kept meeting people who had fallen victim to scams. An Indigenous entrepreneur, he also saw that many community members, particularly Elders, didn\u2019t have access to trusted support.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The challenge:<\/strong> When he was starting the company, Ducharme was negotiating a $90,000 contract that would have \u201creally got us going.\u201d He spent weeks on the proposal, had many positive talks with the potential client\u2014then heard nothing. \u201cThey ghosted us,\u201d he says. \u201cIt was so discouraging. I think I even shed a tear or two.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The lesson:<\/strong> \u201cI think it\u2019s okay to be a bit discouraged, but you can\u2019t just be the victim, you have to overcome these things or you won\u2019t be successful as an entrepreneur,\u201d says Ducharme. \u201cAfter getting ghosted, I contacted my mentor, who helped me identify ways to pivot and strengthen our service. We adjusted our approach\u2014I realized you may have to send out 20 proposals to close one or two\u2014and we began securing new bookings. It taught me that losing one opportunity is not failure. Giving up, or refusing to adapt, is.\u201d<\/p>\n\n\n\n<h5 id=\"h-diana-virgovicova-24-ceo-of-xatoms-est-2024\" class=\"wp-block-heading mar-t mob-mar-t has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-8\">Diana Virgovicova, 24, CEO of Xatoms (Est. 2024)<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"683\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-9342\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg 7403w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg?resize=300,200 300w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg?resize=768,512 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg?resize=1024,683 1024w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg?resize=1536,1024 1536w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Diana-Virgovicova-2-1.jpeg?resize=2048,1366 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo Credit: University of Toronto<\/figcaption><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\"><strong>The business:<\/strong> A company in Toronto that uses AI and quantum chemistry to speed up the discovery process of photocatalysts to treat water.<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr wp-block-paragraph\"><strong>How it started:<\/strong> When she was 14, Virgovicova had travelled in India and met many women that were unable to access drinkable water. At 17, she modelled a novel sunlight-activated photocatalyst for water purification. She continued her research at the University of Toronto where she founded Xatoms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The challenge:<\/strong> Selling her vision and building credibility. Virgovicova was still studying when she first started pitching her idea to investors. \u201cThe biggest challenge was we had almost nothing to show\u2014it was really just an idea\u2026 they didn\u2019t want to take the risk.\u201d She says some investors were reluctant to invest in quantum technology, opting for simpler proposals and businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The lesson:<\/strong> When you\u2019re young and don\u2019t have much experience behind you, it\u2019s really about storytelling and selling your vision,\u201d she says. Virgovicova received many rejections before she finally got a yes from Quantacet in Montreal, a specialized fund that focuses on investing in quantum technology startups.<\/p>\n\n\n\n<h5 id=\"h-romy-belzile-maguire-39-co-founder-of-maguire-shoes-est-2017\" class=\"wp-block-heading mar-t mob-mar-t has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-9\">Romy Belzile-Maguire, 39, co-founder of Maguire Shoes (Est. 2017)<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"768\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Romy-Belzile-Maguire-2.jpeg?quality=80&amp;w=768\" alt=\"\" class=\"wp-image-9264\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Romy-Belzile-Maguire-2.jpeg 6192w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Romy-Belzile-Maguire-2.jpeg?resize=225,300 225w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Romy-Belzile-Maguire-2.jpeg?resize=768,1024 768w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Romy-Belzile-Maguire-2.jpeg?resize=1152,1536 1152w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Romy-Belzile-Maguire-2.jpeg?resize=1536,2048 1536w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n\n\n\n<p class=\"mar-t mob-mar-t wp-block-paragraph\"><em><strong>The business:<\/strong> <\/em>A Montreal-based women\u2019s footwear brand that she runs with her sister, Myriam.<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr wp-block-paragraph\"><em><strong>How it started:<\/strong> <\/em>The sisters saw many direct-to-consumer fashion and beauty brands popping up in the early aughts and saw an opportunity to do that with shoes. Combining Myriam\u2019s shoe design background with Romy\u2019s marketing skills, the sisters used their savings\u2014a $15,000 bonus from Myriam\u2019s day job\u2014to produce one shoe in two colours. The business grew from there, and now has four retail stores in Canada and the U.S.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The challenge:<\/strong> The de minimis rule changes in the U.S. upended operations for Maguire Shoes, which was in the early days of an American expansion. \u201cOvernight, we had to completely change our operations\u2014how we shipped, how we brought inventory to the U.S. and our costs,\u201d says Romy. \u201cWe had to find cash flow. We had to revise our prices.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The lesson:<\/strong> \u201cWhen you\u2019re a small or medium-sized business, you don\u2019t have all the experts around the table, and you don\u2019t have money to pay for the consultants or financers that can help,\u201d says Romy. \u201cSo you need to figure everything out yourself.\u201d That meant calling shipping companies themselves, trying out different ways of sending inventory, changing their fulfilment process entirely. \u201cNobody had the answers at the time, so we had to figure it out ourselves.\u201d<\/p>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-columns mar-t-dbl mob-mar-t-dbl has-border-color has-grey-border-color is-layout-flex wp-container-core-columns-is-layout-9ba6dbca wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column has-border-color has-grey-border-color is-layout-flow wp-block-column-is-layout-flow\" style=\"border-width:1px;flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"572\" height=\"362\" src=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Report_Download-PDF-RBC-TL.jpg\" alt=\"Kickstart: How to ignite entrepreneurship among young Canadians\u00a0\" class=\"wp-image-9282\" srcset=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Report_Download-PDF-RBC-TL.jpg 572w, https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Report_Download-PDF-RBC-TL.jpg?resize=300,190 300w\" sizes=\"auto, (max-width: 572px) 100vw, 572px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<h4 id=\"h-download-the-report\" class=\"wp-block-heading mar-l mar-b-hlf mob-mar-b-hlf mar-t mob-mar-t\">Download the Report<\/h4>\n\n\n\n<div class=\"wp-block-buttons  mar-l is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button btn before is-style-tertiary tertiary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Kick-start-How-to-ignite-entrepreneurship-among-young-Canadians-PDF.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-09519300\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"button click\" data-dig-label=\"Download-https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/Kick-start-How-to-ignite-entrepreneurship-among-young-Canadians-PDF.pdf \">Download<\/a><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 has-rbc-bright-blue-tint-1-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t mob-pad-t mob-pad-b pad-b\" style=\"border-radius:0x\">\n<p class=\"has-white-color has-text-color has-link-color wp-elements-10 wp-block-paragraph\"><strong>Contributors<\/strong>:<\/p>\n\n\n\n<p class=\"mar-b-qtr mob-mar-b-qtr has-white-color has-text-color has-link-color wp-elements-11 wp-block-paragraph\"><strong>RBC Thought Leadership<\/strong><\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 pad-b-0 mob-pad-b-0 pad-t-0 mob-pad-t-0 mar-b-0 mob-mar-b-0 has-white-color has-text-color has-link-color wp-elements-12 wp-block-paragraph\"><strong>Jordan Brennan<\/strong>, Managing Director<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 pad-b-0 mob-pad-b-0 pad-t-0 mob-pad-t-0 mar-b-0 mob-mar-b-0 has-white-color has-text-color has-link-color wp-elements-13 wp-block-paragraph\"><strong>Alicja Siekierska,<\/strong> Editor<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 has-white-color has-text-color has-link-color wp-elements-14 wp-block-paragraph\"><strong>Farhad Panahov<\/strong>, Economist<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 has-white-color has-text-color has-link-color wp-elements-15 wp-block-paragraph\"><strong>John Intini<\/strong>, Senior Director, Editorial<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 pad-b-0 mob-pad-b-0 mob-pad-t-0 pad-t-0 has-white-color has-text-color has-link-color wp-elements-16 wp-block-paragraph\"><strong>Yadullah Hussain<\/strong>, Managing Editor<\/p>\n\n\n\n<p class=\"pad-b-0 mob-pad-b-0 pad-t-0 mob-pad-t-0 mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 has-white-color has-text-color has-link-color wp-elements-17 wp-block-paragraph\"><strong>Caprice Biasoni<\/strong>, Design Lead<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 has-white-color has-text-color has-link-color wp-elements-18 wp-block-paragraph\"><strong>Lavanya Kaleeswaran<\/strong>, Director, Digital &amp; Production<\/p>\n\n\n\n<p class=\"mar-b-qtr mob-mar-b-qtr mar-t-hlf mob-mar-t-hlf has-white-color has-text-color has-link-color wp-elements-19 wp-block-paragraph\"><strong>Acknowledgments:<\/strong> <\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-l-0 mar-b-0 mob-mar-b-0 mob-mar-l-0 has-white-color has-text-color has-link-color wp-elements-20 wp-block-paragraph\"><strong>Karen Greve Young<\/strong>, Futurpreneur Canada<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 has-white-color has-text-color has-link-color wp-elements-21 wp-block-paragraph\"><strong>Laurent Carbonneau<\/strong>, Canadian Council of Innovators<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 has-white-color has-text-color has-link-color wp-elements-22 wp-block-paragraph\"><strong>Yan Zhang<\/strong>, Statistics Canada<\/p>\n\n\n\n<p class=\"mar-t-0 mob-mar-t-0 mar-b-0 mob-mar-b-0 pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 has-white-color has-text-color has-link-color wp-elements-23 wp-block-paragraph\"><strong>Huju Liu,<\/strong> Statistics Canada<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-rbc-legal-collapsible disclaimer\" aria-label=\"Legal Disclaimers\"><div class=\"section-inner\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapseDisclaimer\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapseDisclaimer\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-48720dde\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"legal close\" data-dig-label=\"legal close\" action-closed=\"legal close\" action-opened=\"legal open\" label-close=\"legal open\" label-open=\"legal close\"><span>View Endnotes<\/span><span>Hide Endnotes<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapseDisclaimer\"><div class=\"collapse-inner\"><div class=\"table-wpr\">\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-1\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>1<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Global Entrepreneurship Monitor, 2026. Adult Population Survey (individual-level data). RBC Thought Leadership calculations.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-2\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>2<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Global Entrepreneurship Monitor, 2026. Adult Population Survey (individual-level data). RBC Thought Leadership calculations.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-3\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>3<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Global Entrepreneurship Monitor, 2026. Adult Population Survey (individual-level data). RBC Thought Leadership calculations.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-4\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>4<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Lyming, Huang. 2024. <em><a href=\"https:\/\/ised-isde.canada.ca\/site\/sme-research-statistics\/en\/research-reports\/startup-employer-duration-analysis-time-until-canadian-startups-hire-their-first-employee.\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"From start-up to employer: a duration analysis of the time until Canadian start-ups hire their first employee\" class=\"rbc-link-format\">From start-up to employer: a duration analysis of the time until Canadian start-ups hire their first employee<\/a><\/em>. Ottawa: Innovation, Science, and Economic Development Canada.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-5\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>5<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Perna, Mark. 2026. \u2018<a href=\"https:\/\/www.forbes.com\/sites\/markcperna\/2026\/06\/16\/the-new-entrepreneurship-what-gen-z-is-getting-right\/\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"The New Entrepreneurship: What Gen Z Is Getting Right\" class=\"rbc-link-format\">The New Entrepreneurship: What Gen Z Is Getting Right<\/a>\u2019, Forbes, July 16.&nbsp;<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-6\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>6<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Entrepreneurship is a well-researched topic in Canada. A sample of recently published research that informed our background thinking includes: (i) Deans, Jennifer, and Chad Risley. 2015. <em>The Virtuous Cycle: Why Large Firms Should Nurture Young Entrepreneurs<\/em>. Business Council of National Issues; (ii) Liu, Huju, and Yan Zhang. 2025. <em>Update on the Entry into and Exit from Self-Employment and Business Ownership in Canada<\/em>. Ottawa: Statistics Canada; (iii) Business Development Bank of Canada. 2026. <em>The Entrepreneurial Spark of Canada&#8217;s Self-Employed<\/em>. Ottawa: BDC; (iv) Business Development Bank of Canada. 2003. <em>Entrepreneurship in Motion: Skills to Succeed in a Changing World<\/em>. Ottawa: BDC; (v) Canadian Federation of Independent Business. 2026. <em>Work in Progress: Bridging the Gap between Small Businesses and Canada&#8217;s Youth; (vi)<\/em> Economic Developers Council of Ontario. 2024. <em>Fostering Entrepreneurial Talent in Millennial and Gen Z Ontarians: Bright Ideas Competition Report; (vii)<\/em> Global Entrepreneurship Monitor. 2025. <em>Global Report 2025\/2026: From Uncertainty to Opportunity; (viii)&nbsp;<\/em> Innovation, Science and Economic Development Canada. 2026. <em>SME Profile: Ownership Demographics Statistics<\/em>.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-7\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>7<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">The ease of access and low cost of powerful technologies like AI may enable entrepreneurs to scale their operations without hiring traditional employees through reliance on digital platforms, automation, outsourcing, contractors, or virtual assistants. It\u2019s unclear is, in this context, employer status will continue to be the best indicator of business growth potential or entrepreneurial success.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-8\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>8<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Croll, Dylan. 2023. \u2018<a href=\"https:\/\/finance.yahoo.com\/news\/survey-genz-may-be-the-most-entrepreneurial-of-all-generations-183626972.html.\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"Gen Z may be the most entrepreneurial of all generations\" class=\"rbc-link-format\">Gen Z may be the most entrepreneurial of all generations<\/a>\u2018, Yahoo Finance reporting of a poll from ZenBusiness, July 17.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-9\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>9<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Perna (2026). \u2018The New Entrepreneurship\u2019, <em>Forbes<\/em>.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-10\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>10<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Ownr. 2026. <em><a href=\"https:\/\/www.ownr.co\/blog\/ownr-releases-the-canadian-side-hustle-report-2026\/\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"Canadian Side Hustle Report\" class=\"rbc-link-format\">Canadian Side Hustle Report<\/a><\/em>.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-11\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>11<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Herrold, Charlotte. 2026. \u2019<a href=\"https:\/\/www.begiant.ca\/stories\/people\/entrepreneurship-canada-2026-upstart-index\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"What it takes to build a business in Canada right now: exclusive poll\" class=\"rbc-link-format\">What it takes to build a business in Canada right now: exclusive poll<\/a>\u2019, <em>Be Giant<\/em>-commissionedIpsos poll, April 23.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-12\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>12<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Lyming (2024), <em>From upstart to employer<\/em>.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-13\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>13<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">Lammam, Charles. 2026. &#8216;<a href=\"https:\/\/thehub.ca\/2026\/10\/05\/canadas-innovation-ecosystem-doesnt-need-a-167th-government-program\/.\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"Canada\u2019s innovation ecosystem doesn\u2019t need a 167th government program\" class=\"rbc-link-format\">Canada\u2019s innovation ecosystem doesn\u2019t need a 167th government program<\/a>\u2019, <em>The Hub,<\/em> October 5.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-14\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>14<\/sup><\/div><div class=\"table-cell\">\n<p class=\"wp-block-paragraph\">OECD European Commission.&nbsp; 2023. <em><a href=\"https:\/\/www.oecd.org\/en\/publications\/the-missing-entrepreneurs-2023_230efc78-en.html\" data-dig-id=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary-9149-473c66bf\" data-dig-category=\"LP-Geopolitics,TradeandtheEconomy-SkillsandPostSecondary\" data-dig-action=\"link click\" data-dig-label=\"The Missing Entrepreneurs 2023: Policies for Inclusive Entrepreneurship and Self-Employment\" class=\"rbc-link-format\">The Missing Entrepreneurs 2023: Policies for Inclusive Entrepreneurship and Self-Employment<\/a>.<\/em> Paris: OECD Publishing.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/section>\n<style class=\"advgb-styles-renderer\">@media (min-width:782px){#tl-fpb-1 .tl-featured-post-banner__gradient{background:linear-gradient(135deg, #070707, #00356300 100%);opacity:1;}}@media (max-width:781px){#tl-fpb-1{background-image:url(https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/10\/YE-Report_Banner-wide.jpg?quality=80&w=4096)!important;background-position:50% 50%!important;background-size:cover!important;min-height:400px!important;}#tl-fpb-1 .tl-featured-post-banner__gradient{background:linear-gradient(45deg, #070707, #00356300 100%);opacity:1;}}<\/style>","protected":false},"excerpt":{"rendered":"<p>Youth entrepreneurship, especially the building-companies-that-scale variety, is core to a dynamic economy and broad-based 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