We spoke with such a diverse set of people that ranged in background and the way they fell into entrepreneurship – but they shared so many common struggles when it came to getting their business off the ground. As a way to bring the aggregation of our insights to life, we gave them a platform to speak on.
Unable to access the capital needed to grow the business, drawing on personal credit cards to cover cash flow gaps, dealing with process designed for businesses of a completely different scale – these are the everyday struggles of entrepreneurs that go unheard by banks. But don’t just take our word for it.
We immersed ourselves in the world of entrepreneurship by speaking to over 50 small business owners to learn their stories, successes, and challenges.
We have spoken to entrepreneurs across Canada covering eight provinces. Coast to coast, from big cities like Toronto to entrepreneurial hubs like Moncton.
Our approach has been purposely industry agnostic, our interviewees encompassed over 12 different industries from Real Estate to Consumer Packaged Goods.
We heard over and over that it can be complicated starting a business in Canada, from tax registration to learning about grant funding. Small businesses thrive on momentum, but for new entrepreneurs it can be tough knowing where to begin. This is where Launchpad comes in.
Entrepreneurs want to make their business idea a reality as soon as possible. Typically, that means money. Unfortunately, banks are reluctant to provide loans to new companies with a lack of traditional credit history. Values looks to leverage unused banking data to provide more holistic ratings.
Entrepreneurs who are just starting out are trying to legitimize their business, but often don’t know if what they’re doing is correct… or even legal. They need a network to build their reputation, seek out advice, and market their business. Orchard is the ultimate co-working space.
Entrepreneurs want to focus on the bigger picture for their business, but end up spending significant amounts of time on admin work that keeps them from doing so. Dexterous looks to remove the headache of tedious tasks at work though consolidation and automation.
Many of the entrepreneurs we spoke to described their banking relationship as transactional, skeptical the bank could understand their needs beyond money. Business Coach equips Relationship Managers with marketplace knowledge to deliver a more personalized experience.