AI helps Canadian entrepreneurs compete with big business finds GoDaddy
- Two thirds (61%) of Canadian entrepreneurs are using Generative AI tools to help run their businesses
- Over three in ten (34%) AI users are generating over $120,000 in revenue each year, compared to 26% of those who have not yet adopted the tech.
- Nearly seven in 10 (65%) of those using the new technology believe AI will help them level the playing field against larger businesses
- The new data comes from Venture Forward, GoDaddy's multi-year international research initiative
TORONTO, Nov. 13, 2024 /CNW/ -- New research reveals that Canadian microbusiness owners are embracing Generative (Gen) AI tools to help run their businesses, with two thirds (61%) of entrepreneurs using the technology in the past few months alone.
This data, published in Venture Forward's 2024 annual report, illustrates how this entrepreneurial spirit manifests with microbusiness owners betting on themselves.
AI is shown to help boost earnings with four in ten (40%) entrepreneurs who use AI for business purposes seeing their monthly revenue increase over the last six months, compared to only 26% of entrepreneurs who don't use AI.
Against this backdrop, nearly seven in ten microbusiness owners who use the technology (65%) believe that the use of AI will help them be more competitive against larger businesses, empowering them to punch above their weight.
From A(I) to (Gen) Z
Gen Z are shaping the future of the Canadian entrepreneur economy, with nearly three quarters (74%) having used AI tools for their small business. They are also the most confident of generational users, with almost three in ten (29%) of Gen Z labelling themselves as 'very confident' with AI - in contrast, to just 12% of Gen X who say the same. Gen Z are also most likely to have experienced a positive impact on their business, at 81%.
However, it isn't all about the youth, with older "boomer" business owners having also started to embrace AI's potential, with half (50%) having tried these tools and six in 10 (59%) Gen X entrepreneurs having experienced positive impact from AI on their business.
Giving time to grow
GoDaddy's findings demonstrate that the adoption of AI in small business operations holds practical benefits such as saving time and money which, in turn allows entrepreneurs to reinvest more back into their businesses.
Time, resource and labour-intensive tasks are some of the most popular use cases, including: writing content (73%), summarizing information (52%), and creating multimedia content (35%). The liberation from these tasks using AI enhances business efficiency and reduces overheads, therefore turns attention to revenue growth.
Young Lee, Head of GoDaddy Canada, said: "In an economy where success has traditionally been shaped and driven by larger businesses, AI is proving to be the great equaliser. By using AI tools, small businesses now hold the power to outmanoeuvre larger competitors, and Canadian microbusinesses are closing the gap in terms of earnings, output and commercial confidence.
"Whether generating market insights, writing content or simply digesting information, AI is supporting small businesses with resources they may not typically have the resources to do - and boosting their income and confidence in the process.
"It is for these reasons that GoDaddy has launched Airo, its latest online experience specifically designed to support microbusiness owners establish themselves online more quickly, easily and cost-effectively through AI."
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place. To learn more about the company, visit www.GoDaddy.com.
About Venture Forward
Venture Forward is a multi-year research initiative, which analyses data from over 770,000 Canadian microbusinesses - conducted by GoDaddy to quantify the impact of these microbusinesses on the Canadian economy and their local communities.
SOURCE GoDaddy
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