Canada’s Start-ups Fueled by Boomers

As of June of this year, more than half a million Canadians were in the process of starting their own business, says a new report from CIBC World Markets Inc.

Guess who’s driving this surge?

The fastest growing segment — by far – is the 50-and-over group, which accounts for close to 30% of the total start-ups. That’s more than double the rate seen in the 1990s. “This trend represents not only an aging Canadian society, but also increased propensity to start a business among baby boomers,” writes Benjamin Tal, the report’s author.

“The affordability and availability of technology enables older Canadians to provide services from home,” adds Tal. “They are also able to use their well-developed skills and take advantage of their wide business networks and connections more effectively.”

The CIBC report mentioned several other trends. Among them:

•   Only 20% of those who started their own business in the past two years can be considered “forced” self employed. “With more business owners starting operations by choice, their likelihood of success may increase,” Tal writes.

•   Men now account for almost 70% of total start-ups. The share of start-ups run by women fell from 45% in the 1990s and early 2000s to nearly 40% currently.  But among established businesses, the percentage of female entrepreneurs rose from 27% in the early 1990s to 33% today. This suggests that women-owned businesses, on average, have higher survival rates.

•   Educational services is the fastest growing segment of the newly self-employed. Start-up activity in health care and the scientific/technical sectors also rose notably.

All in all, a very interesting overview of current entrepreneurship activity in Canada. If you’d like to read the complete report, you can find it here.

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About Lynne Strang

I'm a communications consultant and writer who blogs about 40-and-older business owners. I am also the author of "Late-Blooming Entrepreneurs: Eight Principles for Starting a Business After Age 40." Outside of work, I enjoy reading, cooking, vegetable gardening and exercise (especially cycling).
This entry was posted in Business, Career Changes, Careers, entrepreneurs, Entrepreneurship, Leadership, Retirement, Success and tagged , . Bookmark the permalink.

10 Responses to Canada’s Start-ups Fueled by Boomers

  1. I think it’s really good that after years of toil and hard work, the boomers are getting their feet wet in a whole different realm. Age is just a number. Adventures in business and life, in general can be seized at any point of our lives. This encourages me!

  2. I’ve been an entrepreneur all my life and recognized the most successful entrepreneurs as those who are constantly upgrading their offerings, reinventing their business platform and embracing change. Maintaining that startup energy is very important, I always treat my business like a start up even though it’s beginning to mature. I’m also seeing an interesting trend among entrepreneurs and 9-5ers alike embracing micro business platforms that compliment lifestyle, something that I personally have found to be very positive.

  3. quipstress says:

    Thank you for this article . . . very interesting. I guess you can teach an old dog new tricks. That is, you’re never too old to become an entrepreneur. And with the ease of technology at one’s fingertips. It’s easier than ever.

    • lbstrang says:

      No doubt about it — technology is fueling all kinds of new entrepreneurial opportunities, particularly for home-based businesses and people who need work-family balance. Thanks for reading.

  4. LeneMay says:

    How very interesting! I have just recently retired in May of this year, at age 65, and started affiliate marketing to supplement my meager pension. I have always been passionate about learning and this opportunity has opened a whole new world for me. Yours is my first Blog to follow.

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