Canada's Entrepreneurial Revolution Exposes Gaps in Traditional Support

New research from Tangerine Bank and PwC Canada suggests that traditional models of entrepreneurship are not keeping pace with the evolving nature of business ownership in Canada. According to a survey of 552 Canadian entrepreneurs, more than half (52%) no longer identify with the traditional definition of an 'entrepreneur.'

The study, known as The Modern Entrepreneur Report, found that these individuals are building businesses through independent work, multiple income streams, digital platforms, and lean operations. Despite their significant contributions to the economy, only 50% of respondents said their bank sees them as a business client rather than an individual customer.

Terri-Lee Weeks, President and CEO of Tangerine Bank, emphasized that 'the modern entrepreneur is building differently, growing differently, and defining success differently.' She noted that traditional models of recognition and support have not kept pace with these changes, and that banks need to respond with effective solutions to support them.

The report's findings suggest that entrepreneurs are driving economic activity, innovation, and growth in Canada, but their needs and expectations are being overlooked by the systems designed to support them. The study recommends that financial institutions adopt more holistic approaches to supporting modern entrepreneurs, including providing advice from experienced business owners and offering flexible and inclusive solutions.