“The pandemic has not killed entrepreneurship!” Pierre Duhamel begins. “It has certainly been cruel to certain sectors – culture, catering, tourism, among others – but it has been able to accelerate other sectors, such as technology, innovation, or digital.” Companies have, all in all, proven to be resilient and adaptive. The report shows that 76% of entrepreneurs want to innovate and that 68% have adapted their business model and pivoted, diversifying their product and service offering. “Even if half of entrepreneurs say they are weakened by this unprecedented shock, the figures show that they are not lacking in ambition,” Mr. Duhamel explains. “Many of them want to acquire a business or create a new one.”

"For a number of years, we have seen a strong trend towards youth, female and immigrant entrepreneurship," says Mr. Duhamel. "Even if we observe a normal decline in intentions and approaches, they remain the three drivers of the Quebec economy." The report shows that entrepreneurial parity is progressing and that immigrants are twice as likely as natives to raise their hands. However, these three segments of the population are among the most affected. The workplace has not spared them. The report highlights that job losses have propelled more people towards entrepreneurship.

Pierre Duhamel specifies that this is not the primary reason behind this phenomenon that has existed in the background for several years already. "Those under 35 have less to lose and more to give. They are less dejected by the uncertainty of the pandemic than older people, who have less of a taste for risk! The latter will wait for the scenarios to stabilize to see more clearly. The crisis has frozen their desire to undertake, even if they have reached an interesting level of professional maturity, a larger network and financial stability. There will be opportunities among the vacancies within the next ten years."

“Quebec loves entrepreneurship and entrepreneurs!” says Pierre Duhamel. “Entrepreneurship has been recognized as useful, and now necessary,” rejoices the director. “We’ve talked a lot about food and production autonomy over the past year. It’s precisely entrepreneurs who will enable this autonomy.”

The report reveals remarkable growth in the agriculture, forestry, fishing and hunting sectors. The crisis, through its causes and consequences, has also allowed the population to recognize the importance of entrepreneurship in regional development. 80% of respondents see it as an opportunity to enrich themselves in a fair and equitable manner. And despite the uncertainties generated by this COVID-19, a third of Quebecers consider the profession of entrepreneur to be an optimal profession. We see great years ahead for entrepreneurship in Quebec.

To learn more about the 2020 Quebec Entrepreneurial Index and view it in its entirety , click here.