Canadian entrepreneurs are more proactive and strategic with regards to their investments, growth and innovation, says a new survey by BDC.
The study, carried out by Angus Reid, indicates that business owners are more concerned than ever on product and service development, research and development and exporting and understand the need to invest strategically.
Sixty seven per cent of business owners in the past two years purchased new equipment and machinery, 40 per cent developped new products and services and 40 per cent integrated new information and communication technologies (ICT).
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Nearly half of respondents say they invest to improve productivity and a third of invest to stay competitive. Slightly less than a third invest to take advantage of an opportunity or gap in the market.
The survey aims not only to understand entrepreneurs' experience, but also their intentions with regard to investments. In the next 24 months, 59 per cent of entrepreneurs say they plan to invest in new machinery or equipment while 49 per cent are concerned with funding new products and services. Thrity seven per cent plan to invest in ICT.
"The competitiveness of Canadian companies depends in large part on productivity improvements and innovativeness," said Jean-René Halde, BDC's president and CEO. "At a time when the economic outlook is gradually improving, it is encouraging to see that our entrepreneurs intend to invest strategically in activities that will help them become more competitive."
The survey was conducted during June 2010 and a total of 830 business owners from across Canada responded. The margin of error is ± 3.4 percentage points at a 95% confidence level.