Ernst and Young's G20 Digital Entrepreneurship Barometer also ranks Canada 1st for "access to finance"

Canada placed in the top five of each category of Ernst and Young (EY)'s index, which evaluates the ability of countries to create an environment where young entrepreneurs can thrive in the digital economy. In achieving first place, Canada ranked fifth for entrepreneurial culture, second for digital business environment, fifth for entrepreneurial education and fourth for digital knowledge base.

Only Canada and the U.S.A., which placed second overall, ranked within the top five of each category of EY's index.

The EY G20 Digital Entrepreneurship Barometer: overall results
Rank Access to finance Entrepreneurial culture Entrepreneurial culture Digital business environment (regulation and tax) Digital skills and entrepreneurial education (education) Digital knowledge base and ICT market (coordinated support)
1 Canada U.S.A. United Kingdom U.S.A. U.S.A.
2 U.S.A. Germany Canada Japan United Kingdom
3 Japan Japan U.S.A. Australia Germany
4 Australia United Kingdom South Korea France Canada
5 France Canada Germany Canada Japan

Government, businesses and entrepreneurs need to join forces to empower smart entrepreneurship

According to the OECD, the digital economy is estimated to contribute up to 8% of GDP in G20 countries and is growing at a rapid pace. EY believes government, businesses and entrepreneurs need to work together to create new opportunities for young entrepreneurs, and that includes clear governance on data access and privacy, support for clusters, and promotion of university-entrepreneur collaboration on R&D.

Here are five reasons Canada is rated as having the best entrepreneurial ecosystem for young entrepreneurs.

  1. Canada's incubators and accelerators help start-ups access financing

    Many incubators and accelerators in Ontario have partnered with the Government of Ontario to offer grants, loans and other incentives and supports. Canada's renowned incubators and accelerators like top-ranked university incubator, Ryerson DMZ, MaRS Discovery District, and the University of Waterloo's Velocity are helping fast-growing, high-potential start-ups access financing while opening them up to the world.
  2. Canada's entrepreneurial culture attracts multinational corporations looking to innovate

    While Canada is recognized as an innovation-driven country from coast to coast, large multinational companies turn to places like Communitech in Kitchener-Waterloo, when they want to learn how to think like start-ups.
  3. Canada is home to a thriving digital business environment

    In order to grow, digital businesses need a friendly regulatory environment, low taxes and a high level of cybersecurity development. Canada has the lowest corporate tax costs of any G7 country, is one of the best places for business, according to Forbes, and ranks second on the Global Cybersecurity Index.
  4. Canada provides young people with educational and business opportunities

    Innovation centres across Canada, such as the new innovation centre set to open in 2017 in Ottawa, Ontario, exemplify the concerted effort of schools, research institutions and governments of all levels to promote youth entrepreneurship. With a global top five educational system, Canada is a place where young people can develop and grow, and turn ideas into exciting new businesses.
  5. North America's second largest IT cluster has multi-stakeholder support

    From universities and research centres, to industry associations and all levels of government, North America's second-largest IT cluster, located in Ontario, is receiving the support it needs to continue to flourish.

Learn why Ontario is both a producer of high growth start-ups and a magnet for leading IT corporations

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September 29, 2016

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