Modern Entrepreneurs in Canada Redefine Business Ownership, Challenge Traditional Support Systems
Event summary
- 52% of Canadian entrepreneurs surveyed do not identify with the traditional definition of 'entrepreneur' despite actively building businesses.
- Non-employer businesses in Canada grew by 24% since 2020, compared to just 4% growth among employer businesses.
- Only 50% of entrepreneurs surveyed said their bank sees them as a business client rather than an individual customer.
- Tangerine Bank plans to launch Tangerine Business to support modern entrepreneurs with flexible and inclusive solutions.
The big picture
The report highlights a growing disconnect between the evolving nature of entrepreneurship in Canada and the traditional models of support. As non-employer businesses continue to grow, financial institutions and policymakers must adapt to recognize and support these modern entrepreneurs. Tangerine Bank's upcoming launch of Tangerine Business is a strategic response to this shift, aiming to provide more flexible and inclusive solutions for a changing market.
What we're watching
- Evolving Business Models
- How the shift away from traditional entrepreneurship will impact economic policies and support systems.
- Financial Institution Adaptation
- Whether banks like Tangerine can sustain momentum by reimagining banking for modern entrepreneurs.
- Community Support
- The pace at which financial institutions integrate community and peer support into their offerings.
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