Why are Canadian startups more successful than their counterparts in the United States? The answer lies in Canada’s reputation for decorum and politeness. This country’s supportive University and Government programs encourage entrepreneurs to move their ventures from the conceptual stage to the commercial phase. Read on to discover some of Canada’s startup marketing tips. You may be surprised at what you learn! Here are three examples of the kind of marketing strategies that Canadian entrepreneurs use to get noticed.
Canadian startups are more successful than those in the U.S.
In terms of entrepreneurship, the ecosystem in Canada rivals that in Silicon Valley. Five Canadian companies were listed on the CNBC Upstart 100 list this year, including Deep Genomics (a Calgary start-up), Attabotics (a Toronto start-up), RenoRun (a Montreal start-up), and Zynga (a Seattle startup). Together, these five companies raised over $77 million in venture capital.
A key reason for this difference is that Canada has a large number of high-powered tech entrepreneurs who want to become angel investors. This lack of early-stage capital has serious knock-on effects for Canadian startups. Instead of splashing out on Day One, cash-strapped Canadian companies have to wade in slowly. On the other hand, American firms typically make a splash on Day One, using the money to prepare the marketing for their technology.
The survival rate is a telling factor about the quality of businesses in a country. A high survival rate indicates productive, innovative businesses with staying power in changing marketing conditions. In Canada, over half of new businesses with at least five employees survive for at least five years. And the rate of attrition is decreasing. The survival rate of Canadian startups is far higher than that of their U.S. counterparts, suggesting that Canadian entrepreneurs are attracting investors from around the world.
Canadian startups have a reputation for politeness and decorum
The stereotype of a “polite Canadian” is rooted in reality. Canadians value social etiquette and politeness. The stereotype describes Canadians as friendly and courteous people who do not engage in overt bragging or self-praise. The Canadians also value honesty, sensitivity, empathy, humility, and respect for other people. For these reasons, it is no surprise that Canadian startups have earned a reputation for being polite and decorous in marketing and sales.
Unlike the USA and other developed nations, Canadians value personal space and are generally not likely to touch or hug others. You should also use proper body language when speaking with Canadians. For example, it is considered rude to touch someone while talking, or to maintain long eye contact. Canadians value decorum in all aspects of life, and it is important to show respect to others in the business world.
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Government incentives
Canadian government has numerous programs that offer funding for startup companies. The benefits of starting a new business in Canada can include initial funding, tax credits, minimal business registration fees, and refundable research and development tax credits. While these programs may seem difficult to locate, there are some benefits that will definitely help your company grow and thrive. The Canadian government wants to boost exports, so they offer these programs as short-term ways to help you market your products and services.
One of the most significant government startup marketing programs in Canada is the SR&ED program. This program helps new businesses develop and commercialize scientific and technological innovations. By providing tax deductions and credits, SR&ED has helped thousands of companies in Canada. The benefits are numerous, and entrepreneurs can take advantage of these programs to expand their companies and make Canada their home. However, you should be aware of the requirements. Not all programs are available to all types of businesses.
University support
In Canada, the university system is a fantastic place to develop a startup, as they offer space and mentorship for new ideas. One notable example is Ryerson University’s Digital Media Zone, a business incubator that has grown 388 startups since its founding. It prides itself on matching entrepreneurs with experienced mentors through its global network, forming a global network of creators. Founded in 2010, Canada is home to seven of the world’s top business incubators, according to Venture Vancouver.
The government of Canada is also supporting its startups through special startup visas and government-backed funding. It is also developing a thriving cleantech industry, employing over 41,000 people and generating $11.3 billion annually. Toronto has also launched its own startup ecosystem strategy, which stresses the importance of entrepreneurial service. The city’s startup ecosystem strategy outlines actionable plans to foster a robust startup culture. The Canadian government is also actively promoting innovation and fostering a culture that encourages entrepreneurialism.