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Going global is key for successful Canadian entrepreneurs
Going global is key for successful Canadian entrepreneurs
Article

Going global is key for successful

Canadian entrepreneurs

Takeaways

  • Connecting with international markets can help Canadian entrepreneurs succeed and outperform their peers.
  • Mitacs Entrepreneur International initiative helps entrepreneurs make important connections.
  • But Canadian entrepreneurs who fail to protect their rights risk having foreign buyers purchase, and reap the profits from their products and ideas.

In an article for Canadian SME Magazine, Eric Bosco, Mitacs’s Chief Business Development and Partnerships Officer, explained why it’s important for Canadian entrepreneurs to connect with international markets — and to protect their Intellectual Property (IP) — in order to succeed. 

While Canada is a good market for new businesses, it’s limited, and SMEs that export their goods and services to foreign markets can outperform their peers — data has shown that their revenues are higher, they grow faster and they reinvest more than SMEs who focus solely on the domestic market. Currently, however, many Canadian SMEs are missing that key opportunity, partly due to a lack of guidance and support from the Canadian small-business ecosystem.

Mitacs is helping to bridge the information gap with its Entrepreneur International program, which helps new companies connect with incubators in partner countries. That, in turn, helps expose these businesses to potential new customers, and provides them with opportunities to boost their sales in worldwide markets. 

Canadian entrepreneurs should develop proper IP strategies early in their ventures, and protect their ideas and innovation.

The other critical component to success for Canadian entrepreneurs is protecting their rights. Proper strategies should be developed early in any startup ventures, and ideas and innovation should be protected through patents, trademarks and copyright. Without that protection, Canadian startups risk having their ideas bought, scaled up and, ultimately, profited from by foreign entities.

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Eric Bosco Mitacs

Eric Bosco

Chief Business Development and Partnerships Officer at Mitacs

Eric Bosco is Chief Business Development and Partnerships Officer at Mitacs, a national not-for-profit organization housed at UBC that fosters growth and innovation by solving business challenges with research solutions from the best academic institutions at home and around the world. An entrepreneur and business leader who helps companies grow through research and development, he was founder and CEO of XYZ Imaging prior to joining Mitacs in 2007.

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