Canada is currently undergoing the biggest wave of business succession in the country’s history. At the same time, Canada is facing a sharp decline in business formation and entrepreneurship. Without intervention, these twin trends are poised to weaken the vibrancy of Canada’s economy and damage local economies for the indefinite future.
Social Capital Partners and Venture for Canada made a joint submission to Innovation, Science, and Economic Development Canada (ISED) as part of its work to finalize its mandated 5-year review of the Canadian Small Business Financing Program (CSBFP).
We recommend that the CSBFP should be amended to allow for increased Entrepreneurship through Acquisition (ETA). ETA is a model whereby existing or aspiring entrepreneurs purchase and grow existing small businesses, rather than build them from scratch. This approach plays an important role in facilitating a transition to a new generation of entrepreneurs, keeping wealth in Canadian communities and unleashing local, private sector innovation.
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