A PwC Canada report found that 50% of Canadian startups took advantage of at least one government source. Among these companies, 35% said that they took advantage of Scientific Research and Experimental Development (SR&ED) tax credits, while 20% received funding from the Industrial Research Assistance Program (IRAP).
The survey also showed that the percentage of start-ups looking for a M&A exit has decreased to 44%, compared to 76% one year ago. This means that more Canadian startups are opting to remain within Canada, while Canada’s economy continues to grow at a slight, but steady pace.
“Emerging companies in Canada are in a good place, and the prospects for profit are high,” says Eugene Bomba, National Emerging Company Services Leader at PwC. “Larger businesses are more willing to work with, and give a chance to, startup ventures, and this friendly climate is helping CEOs to truly develop their businesses while growing their revenue on home soil.”
