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Collaborating Resources For Entrepreneurs

12/22/2017

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When I first arrived to Canada, one of the things that I was most amazed by was the willingness of Canadians to help you get started once you knock on a few doors. However, as a new immigrant, knowing WHERE to knock can be intimidating and confusing.

Depending on what your business idea is, finding the group of people that share the same passion of entrepreneurship is key to get you through the parts of the journey where you are ready to give up.  Some of these places offer drop-in clinics, free educational seminars, shared office space and even shared commercial kitchen space.

Entrepreneurship in a developing country can be very competitive and cut throat (ok, even in developed countries) however, I have to give it to Canada that the willingness to help is very much alive. 

Personally, I have visited places in Ottawa such as Collab Space and Invest Ottawa and have benefitted from the environment of sharing knowledge, resources and ideas. If you are in the food industry, think of shared kitchen space such as Cauldron Kitchen or the Ottawa Incubator Kitchen. And believe it or not, local libraries are also a good resource as they often have seminars and panel discussions on entrepreneurship - these ones usually happen in the larger, central libraries. 

If you are stuck, a simple Google search with the words "sharing entrepreneurs <insert your city>" will provide a good starting point. 

Have you used other collaborating services that have helped you grow your business? Is there a specific industry you are looking to start a business in?

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business financing available for newcomers

12/18/2017

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Securing business financing as a new immigrant in Canada is one of the toughest problems in the journey of becoming an entrepreneur. The lack of credit history and the limited net worth most of us arrive with is a big hurdle to jump. Thankfully, institutions are slowly realizing that more efforts are needed to provide out-of-the-box thinking on financing programs aimed at newcomer entrepreneurs. The picture is changing with a handful of viable options.  

Futurpreneur Canada Newcomer Program
If you are a newcomer to Canada between the ages of 18 and 39, have limited credit history and a viable business/business plan, you can apply for a $7,500 repayable loan to start a business. This repayable loan amount can potentially be matched by BDC for a total of $15,000. All applications are evaluated on a case-by-case basis and require the following: 
  • Be a citizen or permanent resident of Canada, for no longer than 5 years
  • Have been in business for less than a year
  • Agree to work with a mentor
Personally, I am a  graduate of Futurpreneur (formerly known as the Canadian Youth Business Foundation) and they were paramount in helping me launch my career as an immpreneur. 

Micro lending for Women in Ontario Program
This funding program is available to women entrepreneurs facing low income challenges in certain areas of Ontario. Women in those areas are able to apply to a local program provider where they offer business training and micro-loans. The loans can range from $5,000-$15,000. This program is not exclusive to newcomer women, however, newcomer applications are welcomed and encouraged.

BDC's Small Business Loan for New Canadians
This repayable loan of up to $50,000 is available to newcomers with an entrepreneurial drive and a solid business plan. The repayment is spread over a four years without capital payment for up to 12 months. No personal assets are taken as collateral for the loan and borrowers can pay off the loan in part or in full at any time without penalty. Are you eligible?
  • You immigrated to Canada less than two years ago, are a Canadian citizen or have permanent residence status
  • You have a viable business plan
  • You have no established or little credit history to easily access financing
As part of the program, clients are required to complete training to improve their business skills and learn about the Canadian business landscape.

This is just a small example of on-traditional immpreneur-specific loans available in Canada. If your have been in Canada for longer than five years,  have worked on your credit history and have a strong business plan, the Canada Small Business Financing Program is always an option.

For many other options available Canada wide divided by industry, feel free to click here.


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Barriers persist for new canadian entrepreneurs

12/15/2017

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A new research report, Immigrant Entrepreneurship: Barriers and Facilitators to Growth, from Ryerson University’s Diversity Institute shows that a substantial proportion of new Canadians are attracted to entrepreneurship as a desirable career choice (73 per cent), although over half acknowledged that they had difficulty finding regular employment (54 per cent) or having their credentials recognized (31 per cent).

This is in contrast with Canadian-born entrepreneurs who were less likely to report that they had trouble finding employment (34 per cent) but more likely to indicate that they were dissatisfied with their job (49 per cent) compared to immigrant entrepreneurs (32 per cent).

The immigrant entrepreneurs who participated in the study funded by the Ontario Ministry of Citizenship and Immigration had high levels of education, more than one third were women and the most common countries of origin were South Asia, China and the Middle East.

The research reveals that the primary barriers faced by newcomer entrepreneurs are similar to those reported by Canadian born entrepreneurs but they were more likely to see understanding legislation, navigating the landscape of regulations and taxes to establish a business and finding financing and talent as barriers.
Canadian‐born entrepreneurs who received funding assistance were more than twice as likely to have received government funding (54 per cent versus 23 per cent) as immigrant entrepreneurs suggesting more needs to be done to ensure equitable access.

“Services provided to entrepreneurs must find better ways to address the needs of diverse groups including immigrants as well as women and others,” said Dr. Wendy Cukier, Founder of the Diversity Institute and the report’s author. “The research confirmed that there are opportunities to provide more assistance in navigating services and one stop shopping or “concierge” services. It also confirmed that systemic and unconscious bias can present barriers. We know, for example, that many of the norms embraced by incubators around “dragon’s den” style pitching makes great theatre but perhaps not great entrepreneurs. There is previous evidence that shows that embedded practices and stereotypes exclude women and people from different cultural backgrounds who may actually have outstanding ideas. We also know that there are immense opportunities for entrepreneurs outside of technology particularly in smaller communities and this report confirms that “Immigrants will follow the opportunities.”  In addition, we need to ensure that settlement agencies and service providers better understand the opportunities that entrepreneurship can provide."

Recommendations from the report included:
  • Examine policies to ensure easy transition for students to entrepreneurial opportunities
  • Ensure service providers consider entrepreneurship as a viable opportunity and have information about relevant supports and services
  • Develop diversity accountability in government-funded entrepreneurship services and programs, including attentiveness to issues facing women, immigrants and other under-represented groups
  • Provide more robust support to raise awareness of entrepreneurship as a viable path and feature success stories
  • Support networking, mentoring and sponsorship of immigrant entrepreneurs by connecting them to other entrepreneurs
  • Provide more multilingual supports
  • Recognize that entrepreneurial opportunities and businesses are diverse and extend beyond technology
  • Provide better integration of services, including “concierge” approaches to providing information about full range of programs supporting.

As an established or aspiring immigrant entrepreneur, what other recommendations would accelerate your success?
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    Author

    Karla Briones is an Ottawa-area serial Immpreneur with a passion to encourage and support others to achieve business success.

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