A HUB OF INNOVATION
Three inspirational entrepreneurs share insight on starting a business in Atlantic Canada.
Top entrepreneurs agree that Atlantic Canada is poised for growth.
What is one reason that you chose to establish your business in Atlantic Canada?
My business network is incre
dibly accessible in Atlantic Canada, from university researchers and graduates, government officials, industry partners and talented resources. Having moved here from Toronto, I can state that I would not have the same access there. The networking opportunities in this region have helped me connect with other potential partners and that has led to an incredible support system to build my company. Doors open for entrepreneurs here. In Atlantic Canada you could say there are four, not six, degrees of separation.
The Maritimes has a dynamic and diverse start-up scene
that’s very ”founder-friendly”. Our team is 80 percent female, which in the ICT sector is pretty rare. But there are lots of female-founders in Atlantic Canada. It’s a unique ecosystem in that way. Sure, there are pros and cons to building a company here, but for our team the benefits far outweigh the challenges.
Atlantic Canada is, in my opinion, the best place to start a business because there is an incredible business support network, some great funding initiatives to help you get started, and a real drive in both the public and private sectors to foster innovation, encourage entrepreneurship, create jobs and bring success to the region. Atlantic Canada provides the perfect launch pad for new businesses and new entrepreneurs.
Which unique support systems are only available to entrepreneurs in the Maritimes?
Atlantic Canada has a number of re
gional supports such as ACOA, provincial funding programs for small businesses and equity tax credit programs. In addition there are significant research programs such as the Atlantic Innovation Fund. When you combine the research resources with the wealth of post-secondary institutions you get a winning combination. There’s not a lot of venture capital in Atlantic Canada. Most companies need to go outside the region to fundraise. But this is offset by the access to subsidies, grants and loans. ACOA and IRAP have excellent programs that make founders in other regions green with envy.
Unlike larger city centers, there is a much closer-knit business
community where entrepreneurs who are just starting out are able to connect with the Executives, the CEO’s and Presidents of companies, and these people are actually willing to spend their valuable time with you. You can learn from these leaders, receive advice and mentorship, and even possibly access their professional network, all of which helps to put you in the best possible position for success.
What advice do you have for other entrepreneurs looking to build a start-up of their own?
Building a company is ultimately
about building relationships. Work hard at building your network, every person you meet is a potential partner down the road. A venture capitalist recently recounted her early days in the business and how some people dismissed her and her advice. Now she is a partner and remembers those who treated her with respect and those who did not. Treat everyone with respect. Advice is a gift you may not always want, but you should always acknowledge it and be grateful that someone cared enough to give it.
Start-ups aren’t for wimps. I’d founded and sold two service businesses before starting Vendeve, so I thought I knew what was coming. I was wrong. Building a scalable, growth-ready company is the most all-consuming, rollercoaster ride you’ll ever take. There will be intoxicating ups and depilating downs. And if you’re not 100 percent passionate about the problem you’re solving, and you don’t have the right team along for the ride, you’ll fail. Never start a start-up just to make money. Start because you want to make a dent in the universe. Then find a team that shares that vision and buckle up.
Ask for advice from those in
leadership positions around you or who have been successful reaching goals that are similar to yours. If you want to build a billion dollar business, talk to those who have done it before, talk to those who have tried and failed. These people have a wealth of experience and lessons learned, so tap into this information as early as you can on your entrepreneurial journey.