How Canadian Small-business Owners Can Find “Unicorn” Talent

Recruiting smart, savvy, and skilled staff may be simpler than you think

For Canadian entrepreneurs and innovators, the recipe for cooking up a successful small- or medium-sized enterprise (SME) requires a number of critical ingredients, not the least of which is sourcing the super-skilled team your business needs to take a game-changing idea from concept to completion. Often called “unicorn talent,” these sought-after, ideal-candidate individuals can bring a wealth of expertise, specialized skills, impressive qualifications and invaluable experience to an organization. 

But, just like unicorns, finding them can feel impossible. 

To compound the problem, the recruitment-and-hiring paradigm has shifted, and it’s no longer just prospective employees who need to jump through hoops to prove themselves worthy: today, businesses of all sizes are just as likely to battle it out to attract, recruit — and then retain — top-tier talent in an increasingly competitive market.

For Canadian SMEs, which represent nearly 85 percent of Canada’s total labor force but often lack the resources necessary to grow their businesses, this can be especially challenging — and potentially crippling. Seeking out and attracting unicorn talent, not to mention paying salaries once they’re hired, demands time, energy and capital, all of which are precious commodities often in very short supply for cash-strapped, already-overworked small-business owners. 

And, according to an April 2023 report released by the Canadian Federation of Independent Business (CFIB), inadequate staffing is taking a significant toll on growth potential, innovation and success for many SMEs across the country. The CFIB’s survey of more than 3,600 members revealed that 59 percent of Canadian SMEs have been negatively affected by lack of staff which has, in turn, resulted in both owners (73 percent) and employees (54 percent) needing to work extra hours to make up for the shortfall. 

In the survey, 61 percent of respondents also cited lack of staff as hindering their ability to achieve production and/or sales growth; 48 percent reported actually having to turn down sales or contracts due to understaffing; and 20 percent said they had to cancel existing projects for that same reason.

Finding and recruiting talent — unicorn or otherwise — is clearly critical for burgeoning Canadian SMEs in order to seize innovation opportunities, expand their reach and accomplish their innovation goals. And one of the best-kept secrets in Canada is that, amid this daunting, hyper-competitive hiring landscape, an exceptionally efficient, cost-effective solution exists.

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Enter Mitacs. 

Founded in 1999, Mitacs is a Canadian not-for-profit helping SMEs across the country access highly skilled talent from post-secondary institutions in Canada and around the world. A sort of “matchmaker” between industry and academia, Mitacs and its innovation experts pair organizations with the talent they need by developing flexible co-funded R&D projects. Over the past 24 years, Mitacs has supported more than 10,000 SMEs, invested more than $1.3 billion in collaborative projects, and, in 2022 alone, saved Canadian SMEs more than $5 million in recruitment costs.

“Small- and medium-sized-business owners and entrepreneurs in the innovation space have big, meaningful ideas, but often they are working with limited resources and financial constraints,” says Mitacs CEO John Hepburn. “We can play an important role in their success by bringing the connections, expertise, funding, talent, and insights needed to take innovation to the next level, and drive commercial results and sustainable growth in Canada.”

So, whether you’re a small-business owner looking to develop a new product or service, commercialize your research, scale your company, or simply overcome industry barriers, Mitacs can help you access the “unicorn” talent you need to get the job done, allowing you to focus your time, energy, and resources on achieving your business objectives and bringing your innovative ideas to market.

To learn more about how Mitacs can help you tap into top-notch talent, visit Mitacs.