Each hour, eleven new firms are formed in Canada, but how many survive the test of time?
According to estimates, around 100 million new enterprises launch worldwide yearly, including 95,000 in Canada.
Approximately 85 percent of Canada’s labour force is employed by small and medium-sized enterprises (SMEs), which account for 98.9 percent of all new businesses in the country.
The intense competition in the Canadian market demonstrates the need for appropriate idea pitching, consistent financing, and marketing techniques to succeed.
As the most profitable industry in the country, 98 percent of Canadian startups are in the tech-service sector, focusing on eCommerce, health care technology, and mobile apps.
It is vital to start a business in any field by recognizing the trend and catering to market demand. However, patience is also required for startups, as it takes at least five years for most startups to begin exhibiting an improved performance graph.
Here are the ten startups whose persistent tenacity contributed to economic expansion.
Applyboard
Applyboard is an educational technology firm that simplifies the study abroad search, application, and acceptance process to link international students, recruitment partners, and academic institutions on a single platform.
Forbes reports that the Basiri brothers’ 2015 startup has expanded by 100 percent in less than a year. They interact with over a thousand educational institutions and many recruiters globally to pool diversity in Canada, the United States, the United Kingdom, and Australia.
2. Shakepay
Shakepay is a Montreal-based technology company that delivers financial applications for developing wealth to individuals of all ages via the Internet-based digital economy.
The Montreal-based fintech startup, founded in 2015 by Jean Amiouny and Roy Breidi, provides a user-friendly, speedy interface that facilitates Bitcoin buying and selling. Shakepay’s objective is to generate an economic renaissance by promoting the usage of bitcoins in everyday transactions, thereby ushering in a Bitcoin Golden Age.
3. Opencare
Opencare is a carefully managed network of highly regarded dentists.
The database was created by investing thousands of hours in screening dentists across North America so patients can locate and schedule an accessible and affordable dentist in their area.
OpenCare, a firm dedicated to creating a healthy future, verifies whether patient input is regularly tracked to assure satisfaction.
4. Nomic
Nomic is a startup formed in 2018 by bioengineers at McGill University to assist in solving some of nanotechnology’s most challenging problems and remove data accessibility barriers.
Using DNA-specific nanotechnology, the company has developed a platform to study, diagnose, and treat numerous diseases. Lux Capital, YCombinator, and other prominent investors have contributed $21 million to Nomic.
5. Bimini
Bimini is a community network that links homeowners with contractors.
In Bimini, homeowners can immediately discover dependable contractors to complete their projects, and contractors can swiftly connect with competent homeowners, allowing them to focus on completing the work by giving a choice, efficiency, and Security from the outset.
6. Onlia
Onlia is a startup that aims to simplify the insurance process by delivering clarity, simplicity, and utility to auto and home insurance policies by maintaining a clear policy. Easy-to-understand coverage and direct online access to handle insurance, delivered punctually and in a personable, dependable manner, focused on diversity.
7. Gadget
Gadget is the serverless stack for ecommerce app developers. Skip the boilerplate with their built-in connections to ecommerce platforms, a fully managed database, instant APIs, and everything in between. Gadget is your app’s entire backend and with the click of a button, Gadget instantly deploys and scales your application at every tier. There’s no containerization, asset building, tunneling, domains or build scripts required. Gadget recently secured one of the largest seed round funds in Canadian tech history from Sequoia Capital and Bessemer Venture Partners.
8. Xandar Kardian
Xandar Kardian is a 2017 company commercializing radar technology after a decade of research and a $13.7 million startup financing.
This technology will tremendously impact the automation and exploitation of buildings for optimal energy efficiency and space utilization while also disrupting healthcare with autonomous, contactless, continuous monitoring.
9. Clutch Canada
Clutch Canada, a Toronto-based firm founded in 2016 by Steve Seibel and Dan Park, intends to facilitate the purchase of automobiles via an online platform.
With Clutch, customers can acquire a high-quality automobile online without worrying about price, dealers, or delivery. In addition, it contributes to sustainability by committing to a sustainable future through waste reduction and environmental protection.
10. Carbide
Carbide, formerly known as Security, is a cybersecurity management company that assists small businesses in meeting data protection regulations securely and efficiently.
In a world of unethical hacking and privacy breaches, Carbide stresses the importance of transparent security and privacy policies as the core of any business.
Conclusion
Startups compete to become the next $1 billion unicorn firm. In contrast, Fundsquire research indicates that nine out of ten companies fail. The most apparent reason for such a failure is that 42 percent of new firms fail because there is no market demand for their services or products.
Therefore, it is essential for anyone with a startup idea to come up with a unique concept not only to launch their venture but also to grow it into a successful business. Therefore, to become one of the 1% of startups that become Unicorns demands rigorous and deliberate preparation.
