Report Indicates Mississauga Struggling to Keep Small Businesses in the City
Mississauga seems to have trouble developing and maintaining small businesses, a recent report suggests.
A city report published on June 11, 2019 details a study (referred to as The Mississauga Entrepreneurship and Innovation Study) that was conducted regarding small business and entrepreneurship in Mississauga.
“Small businesses in Mississauga are a strong source of employment,” the report says. “The health and vitality of these establishments significantly impacts the overall well-being of the local economy.”
However, the study determined that Mississauga trails most major urban centres in Canada when it comes to creating start-ups and scaling companies.
Mississauga underperforms with start-ups (firms with under $1 million in capital), being ranked second lowest after Edmonton. The city also has the third lowest rate of scaling companies (firms with over $10 million incapital), exceeding only Calgary and Edmonton.
The study suggests that the entrepreneurship and innovation ecosystem in Mississauga lacks a focal point and clear brand, such as a sector/industry reputation.
“As small business and entrepreneurship continues to grow in Mississauga, so too does the demands and pressures on its existing ecosystem,” the report says.
“Mississauga has key champions in the entrepreneurship and innovation ecosystem that can be leveraged to provide resources and connections for businesses to scaleup and commercialize, and that can support growth in terms of access to financing, talent, networks and expertise.”
As a result of the study's findings, several key recommendations have been presented:
- Strengthen the start-up ecosystem by making information more accessible to start-ups in all sectors, youth, new comers and traditional main street businesses
- Focus on scaling high growth companies by aligning the City's scale up strategies with other orders of government
- Develop plans to strengthen innovation space for scaleups in Mississauga by leveraging existing and new partnerships through a detailed analysis and business model that outlines a plan for the innovation space including public/private partnerships, governance, location and measurements for success
- Create an Identity for Mississauga within the Toronto Waterloo Tech Corridor by determining a priority focus as a way to differentiate Mississauga
“Where additional funding changes and significant service level changes are required, these items will be brought forward for Council's approval.”
As of 2017, 17,657 non-home-based small businesses (with 0-99 employees) employed 178,112 people locally, accounting for 44.5% of the City's employed labour force.
To view the full report, click here.
How do you think the city should help small businesses in Mississauga flourish?
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