“Presenting the entrepreneurial index virtually for a third time says it all,” announced Rina Marchand, co-author and Senior Director of Content and Innovation at Réseau Mentorat. “But despite the pandemic that left its mark on entrepreneurship, Quebec has had exceptional growth of 6.3%,” proudly qualified the Minister Delegate for the Economy, Lucie Lecours. The unveiling of the index was done on encouraging notes.

Decline in entrepreneurial intentions cushioned

The general decline in intentions and steps to undertake was predictable with the health crisis. The shortage of labor and the aging of the population (meaning the gradual but massive withdrawal of baby boomers) also explain it. That said, the fall was cushioned by women and immigrants , who seem to have been less hesitant to put the pedal to the brakes:

• Entrepreneurial intentions: – 8.6% among men, and – 2.4% among women

• Entrepreneurial steps: – 3.8% for men, and – 1.3% for women

• Entrepreneurial intentions: 8.6% among immigrants, and 4.6% among natives

• Entrepreneurial steps: 64% among immigrants, 35% among natives

The best time in Quebec for diversity entrepreneurs

Immigrants are helping Quebec with its entrepreneurial future. Their great resilience compensates for the general timidity in these gloomy times. Immigrants have shown twice as much entrepreneurial intentions as natives , and they are also the ones who have pivoted and innovated the most, according to Isabelle Savard, Vice-President, Strategy and Sales Effectiveness at National Bank.

On the way to achieving parity

One of the most encouraging figures revealed by the 2021 Quebec Entrepreneurial Index is the marked change in female ownership of businesses: 65% of new businesses are owned by women . That's just over two-thirds, which led the Minister Delegate for the Economy to proudly say that "Quebec is on the path to parity."

The efforts of the government and institutions seem to be bearing fruit. “We have come a long way. We have implemented programs, tools and collaborations to support underrepresented groups and to be a reflection of the ecosystem and our clientele. We have also invested in training, incubators and accelerators that promote diversity, as well as foundations and organizations that offer microcredits for the empowerment of women,” assured Isabelle Savard.

Talking about neurodiversity

For the first time, the index included the aspect of the neurodiversity of entrepreneurs, which pleases Luis Cisneros, academic director of the HEC Montréal entrepreneurial base. “There are so many entrepreneurs who are different! Think of Bill Gates, Steve Jobs or even Dominique Gagnon closer to home. People who have ADHD, Asperger's syndrome, cyclothymia, whatever, are creative, passionate, who perceive their environment differently, more positively. Outside the box ? They don't even see the box!”

According to the first results (which do not include all those who do not know themselves that they are), neuro-atypical owners would be twice as numerous as people who are not in the entrepreneurial process .

Ensure that intentions are realized

Still according to Luis Cisneros, Quebec is on the right track to have a diverse and inclusive ecosystem. "That said, we must help young people and immigrants, who are our entrepreneurial reserve, to achieve business ownership, because there are still several obstacles before getting there, which could tarnish the positive figures related to intentions and steps to entrepreneurship."

Pierre Duhamel, CEO of Réseau Mentorat, supported this statement and urged caution: " It is in Quebec where the transition from intentions to actions is the slowest and most difficult in the country ." He spoke of the importance of mentoring and supporting entrepreneurs at various levels, supported in his figures by Christian Bourque, Executive Vice-President at Léger Marketing: "We have been surveying the state of mental health since March 2020. Exactly two years later, we can say that the nation is collectively shaken and that we must particularly support our young people; it is estimated that 57% of Generation Y and Z suffer from financial anxiety. And the future of our country is them."