New report highlights importance of student entrepreneurship for economy
TORONTO, Oct. 7, 2013 /CNW/ - Entrepreneurship, which economists say is
vital to our economic recovery, is thriving at Ontario universities
with thousands of students learning how to create their own jobs and
jobs for others, according to a report launched today by the Council of
Ontario Universities (COU).
"The art of entrepreneurship is being taught in dozens of programs and
hundreds of courses at Ontario universities," says Max Blouw, COU Chair
and President of Wilfrid Laurier University. "This builds tremendous
capacity in our students for the benefit of our economy."
Incubators exist on and off campus to help students learn what it takes
to invent the next big thing, attract investors and take their products
and services to market. Business acuity is also being introduced into
courses over a wide range of disciplines, including the arts.
"Our report is putting a spotlight on the exciting trend toward
entrepreneurship at Ontario universities," says COU President and CEO
Bonnie M. Patterson. "It's also a celebration of all those creative
young minds who really are improving lives, transforming the economy
and helping people all over the world through social innovation."
Economists have said economic growth depends on startups and innovation.
The U.S.-based Kauffman Foundation, which is devoted to
entrepreneurship, recently concluded that any new job growth comes
entirely from startup firms. And the recent National Household Survey
by Statistics Canada concluded that almost one in 10 Canadians reported
earnings from some form of self-employment in 2010.
Ontario universities are providing students with the skills and networks
that will help them create their own businesses, and are encouraging
business models in areas that will bring positive social change to
The report was launched today at Ryerson's Digital Media Zone. Read the
report Entrepreneurship at Ontario Universities: Fuelling Success.
"The Ontario Chamber of Commerce wholeheartedly endorses the
entrepreneurial skills being fostered in university incubators, courses
and contests because Ontario's competitiveness and prosperity depends
on more of this type of innovation. Entrepreneurial minds make their
own employment, create opportunities for others and even change the
culture of existing companies with new ideas and approaches." - Allan
O'Dette, President, Ontario Chamber of Commerce
Young people are creating their own jobs by starting businesses straight
out of university. Some 2.6 million Canadians, nearly 10 per cent,
reported earnings from some form of self-employment in 2010: latest
National Household Survey.
Ontario universities are helping students develop entrepreneurship
skills, and also a capacity for innovation that will enable them to
become "intra-preneurs" - employees who behave like entrepreneurs
within the context of a large organization.
The entrepreneurial spirit is alive and well among young Canadians: report by BMO.
46 per cent of Canada's postsecondary students recently surveyed by
Pollara say they see themselves starting a business a year after
More than half a million entrepreneurs created their own jobs in the
last year, and it is anticipated that Canadians will increasingly
become their own bosses as the global economy continues to recover: CIBC report.
The self-employed are more educated than ever - a third have a
university degree, which is double the rate seen in 1990: CIBC report.
COU is a membership organization of 21 publicly assisted universities in
Ontario. It works closely with the provincial and federal governments
to shape public policies that help universities deliver high-quality
programs for students and advance the research and innovation that
improves the social, cultural and economic well-being of Ontarians.
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SOURCE: Council of Ontario Universities
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Director, Strategic Communications and Media Relations
Telephone: 416-979-2165 x233
Email: Wendy McCann