Research suggests that 88% of Canadian entrepreneurs who have mentors survive in business—compared to a mere 50% of those who do not. And according to the Fondation de l’Entrepreneurship, a business mentoring program created in Quebec in 2000, firms that receive mentoring services boast double the survival rate for unmentored entrepreneurs in Quebec.
These stark contrasts highlight the tremendous value of mentorship in any startup ecosystem, and Canada’s tech space is certainly no exception.
The Canadian Youth Business Foundation recognizes that mentoring mentoring increases confidence, risk-taking and vital skills development. The organization says its experience confirms the importance of mentoring: more than 3,000 volunteer mentors have successfully guided more than 5,600 young CYBF entrepreneurs through their first two years.
In a competitive global economy, experts know that it is imperative that we foster a healthy entrepreneurial culture in Canada. Statistics from Industry Canada show that small businesses contribute more than 30% to Canada’s GDP. If we give small businesses and startups access to the tools and knowledge they need to become sustainable and prosperous, that will translate into a healthier Canadian economy at both local and national levels, according to the Canadian Mentorship Challenge, an initiative spearheaded by Startup Canada and CYBF.
This is why CYBF is actively recruiting mentors—high-quality ones, of course, because it’s a fact that not all mentors are created equal. If you think you’d make a good mentor or know someone who would, check out CYBF’s mentor recruitment page and support Canada’s startup ecosystem.