Shopify President Harley Finkelstein is calling on Canada to foster a more supportive environment for entrepreneurs, advocating for a shift in national narrative and infrastructure to cultivate a thriving "founder nation." He believes Canada possesses the inherent strengths to become a global leader in entrepreneurship but must overcome existing hurdles.
Key Takeaways
- Canada needs to modernize its business infrastructure and reduce bureaucratic friction.
- The country must change its narrative from celebrating business failures to highlighting entrepreneurial success stories.
- Geographic advantages and talent pools give Canadian entrepreneurs unique competitive benefits.
- Entrepreneurship education should be embedded in the school system from elementary grades forward.
Modernizing Business Infrastructure
Finkelstein argues that Canada's current business regulations are outdated, creating unnecessary obstacles for entrepreneurs aiming for global competitiveness. He proposes reforms such as enabling company incorporation within 48 hours, harmonizing provincial registrations, and streamlining tax systems. He highlighted the Scientific Research and Experimental Development (SRED) tax credit as an example where complexity leads to high consultant fees, indicating a need for fundamental system reform rather than incremental changes. "Government support must move as fast as founders do," he stated, emphasizing the need for agile and outcome-focused programs.
Shifting the Narrative Around Success
A significant point of Finkelstein's critique is Canada's tendency to focus on business failures, such as the downfalls of companies like BlackBerry and Nortel, rather than celebrating their innovations and global impact. This creates a cautionary tale mentality that discourages risk-taking. He advocates for replacing the "tall poppy syndrome" with a culture that actively promotes and celebrates entrepreneurial achievements, making Canadian companies globally recognized through coordinated storytelling and brand building.
Leveraging Geographic Advantages
Contrary to the belief that tech companies must be located in Silicon Valley, Finkelstein points out the advantages of building companies in Canadian cities. These locations offer access to top talent without the intense competition found in major tech hubs. He notes that the top professionals in Canadian cities are as skilled as their counterparts in the U.S. Furthermore, Canadian cities still provide a more affordable cost of living and lifestyle benefits, including strong public education and healthcare systems.
Integrating Entrepreneurship Education
Finkelstein champions the integration of entrepreneurship education throughout the school system, starting from elementary levels. He authored a children's book, "We Can Be Entrepreneurs," after noticing that entrepreneurship was not listed as a potential career path in his daughters' schools. He believes early exposure normalizes entrepreneurship as a viable career. Practical, hands-on learning experiences, like students growing basil, making pesto, branding it, and selling it, can teach fundamental business concepts and generate revenue, serving as models for effective entrepreneurship education.
Sources
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Shopify President Harley Finkelstein says Canada must ditch its ‘tall poppy syndrome’ to become a ‘founder
nation’, The Hub | More Signal. Less Noise..
