Bridging the Financial Literacy Gap

BRIDGING THE FINANCIAL LITERACY GAP

ENTREPRENEURSHIP EMPOWERS EVERYONE

TM/MD

Startup Canada

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Written by Brian Yining Wu, Shannon Fox and Jana Makar.

Photographs by Cyprian Szalankiewicz.

Designed by Paul Dukes. © 2013, Startup Canada 50 O’Connor St. Suite 300, Ottawa ON K1P 6L2

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Table of ConTenTs Preface Minister Remarks Keynote Panel Discussion summary Pitch summary

Conclusion appendix a – supporting blogs

appendix b – Comprehensive list of Resources

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PRefaCe

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MinisTeR ReMaRKs

By Maxime Bernier, Minister of State for Small Business In his remarks, Minister Bernier outlined the government’s ongoing work to improve Canada’s business environment.

iMPRoving CusToMeR seRviCe

CuTTing The ReD TaPe

final WoRDs

The one-foR-one Rule

KeynoTe • starting out •

The ReseaRCh finDings tutorials •

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TaKing aCTion

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ConClusion

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Panel DisCussion suMMaRy PanelisTs:

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• • gary Rabbior

laking

• lance laking • • Julia Deans • MoDeRaToR: • Rick spence

on boosTing finanCial liTeRaCy aMong neW enTRePReneuRs

Rabbior

Deans

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on Why The finanCial liTeRaCy RaTe is loW aMong enTRePReneuRs

on behavioRal Change MeThoDologies anD aWaReness of finanCial liTeRaCy’s iMPoRTanCe

Rabbior

Rabbior

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Cates

on The aDoPTion of finanCial ManageMenT TeChnology

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Deans

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• Deans

on The neeD foR high exPeRTise in oRDeR To unDeRsTanD finanCial infoRMaTion •

Cates

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on The iMPliCaTion of finanCial liTeRaCy in Raising PRivaTe equiTy

Rabbior

laking

laking •

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on The effeCT of finanCial analysis on enTRePReneuRial oPTiMisM

laking

Cates

Cates

Deans

final WoRDs Rabbior

PiTCh suMMaRy Four Canadian startups were selected as Finalists from across the Canada to pitch for the the Financial Literacy Startup Award and contend for the People’s Choice Award, sponsored by Intuit Canada.

TRaCK ReCoRD •

CanDiDaTes: • • • •

fuTuRe Plans •

sCoTT annan, aCCel.io/sTaRTuPPlays Pain •

MaTheW geoRghiou, MeDiasPaRK/govenTuRe WoRlD Pain •

soluTion: aCCel.io •

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soluTion: govenTuRe WoRlD •

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TRaCK ReCoRD • soluTion: funDiCa • • •

fuTuRe Plans •

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TRaCK ReCoRD •

MiKe lee, funDiCa

fuTuRe Plans •

Pain •

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alex glassey, sTRaTPaD Pain •

TRaCK ReCoRD • • world •

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soluTion: sTRaTPaD •

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fuTuRe Plans •

PeoPle’s ChoiCe AwArd winner - strAtPAd

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ConClusion Call To aCTion •

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aPPenDix a – suPPoRTing blogs finanCial sMaRTs Can MaKe oR bReaK sTaRTuPs

By Jana Makar | Startup Canada Communications Manager Thursday, March 7, 2013

seCReT To suCCess? finanCial KnoW-hoW

By Julia Deans | CEO, Canadian Youth Business Foundation (CYBF) Tuesday, February 26, 2013

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sPoTlighT: sCoTT annan, aCCel.io & sTaRTuPPlays

By Shannon Fox | Startup Insights Manager Thursday, February 21, 2013 •

scott annan accel.io and startupPlays.com @accelio / @startupplays / @scottannan

WhaT MoTivaTeD you To sTaRT aCCel.io?

Do you feel TheRe is Too MuCh eMPhasis PlaCeD on goveRnMenT in solving The PRobleMs of enTRePReneuRs? Whose Role is iT: MeDia, eDuCaTion, goveRnMenT oR sTaRTuPs TheMselves? ability!

WhaT is The biggesT lesson ThaT you have leaRneD fRoM builDing youR businesses?

WhaT Do you feel is The gReaTesT Challenge ThaT enTRePReneuRs faCe in CanaDa?

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WhaT aDviCe Do you have foR enTRePReneuRs Who aRe sTaRTing uP ToDay?

WhaT Do you feel is The gReaTesT Challenge ThaT enTRePReneuRs faCe in CanaDa?

sPoTlighT: MiKe lee, PaRTneR aT funDiCa

By Shannon Fox | Startup Insights Manager Thursday, February 21, 2013

Do you feel TheRe is Too MuCh eMPhasis PlaCeD on goveRnMenT in solving The PRobleMs of enTRePReneuRs? Whose Role is iT: MeDia, eDuCaTion, goveRnMenT oR sTaRTuPs TheMselves?

Mike lee Partner, fundica @fundica

WhaT is The biggesT lesson ThaT you have leaRneD fRoM builDing funDiCa? Why Was funDiCa CReaTeD?

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WhaT aDviCe Do you have foR enTRePReneuRs Who aRe sTaRTing uP ToDay?

WhaT MoTivaTeD you To sTaRT youR fiRsT business, MeDia sPaRK?

sPoTlighT: MaTheW geoRghiou, MeDiasPaRK

WhaT Do you feel is The gReaTesT Challenge ThaT enTRePReneuRs faCe in CanaDa?

By Shannon Fox | Startup Insights Manager Thursday, February 21, 2013

Mathew georghiou founder, Mediaspark, goventure, and goventure World @Mathewgeorghiou Do you feel TheRe is Too MuCh eMPhasis PlaCeD on goveRnMenT in solving The PRobleMs of enTRePReneuRs? Whose Role is iT: MeDia, eDuCaTion, goveRnMenT oR sTaRTuPs TheMselves?

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WhaT is The biggesT lesson ThaT you have leaRneD fRoM builDing MeDia sPaRK, govenTuRe anD govenTuRe WoRlD?

WhaT MoTivaTeD you To sTaRT sTRaTPaD?

WhaT aDviCe Do you have foR enTRePReneuRs Who aRe sTaRTing uP ToDay?

WhaT Do you feel is The gReaTesT Challenge ThaT enTRePReneuRs faCe in CanaDa?

sPoTlighT: alex glassey, CReaToR of sTRaTPaD

By Shannon Fox | Startup Insights Manager Thursday, February 21, 2013 alex glassey Creator of stratPad @alexglassey / @stratpad

Do you feel TheRe is Too MuCh eMPhasis PlaCeD on goveRnMenT in solving The PRobleMs of enTRePReneuRs? Whose Role is iT: MeDia, eDuCaTion, goveRnMenT oR sTaRTuPs TheMselves?

WhaT is The biggesT lesson ThaT you have leaRneD fRoM builDing sTRaTPaD?

WhaT aDviCe Do you have foR enTRePReneuRs Who aRe sTaRTing uP ToDay?

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aPPenDix b – CoMPRehensive lisT of ResouRCes goveRnMenT & non-PRofiT ResouRCes

TasK foRCe on finanCial liTeRaCy

inDusTRy CanaDa – JusT foR businesses

http://www.ic.gc.ca/

CanaDian CenTRe foR finanCial liTeRaCy finanCial ConsuMeR agenCy of CanaDa

http://www.fcac-acfc.gc.ca/

banKing & finanCe inDusTRy ResouRCes CanaDa business neTWoRK

http://www.canadabusiness.ca/

geT gRoWing foR business PRogRaM

http://getgrowingforbusiness.scotiabank.com/

sCoTiabanK sMall business Tools anD ResouRCes

http://www.scotiabank.com/ca/en/0,,593,00.html Cybf business ResouRCe CenTRe

http://www.cybf.ca/resources/

RbC Royal banK – DefiniTive guiDes foR sMall business

TD CanaDa TRusT – sMall business ResouRCe CenTRe

http://www.tdcanadatrust.com/products-services/small-business/ resources.jsp bMo sMall business ResouRCes

http://www.bmo.com/home/small-business/banking/resources/ business-resources CibC sMall business ResouRCe CenTRe

https://www.cibc.com/ca/small-business/resource-needs.html

booKs CanaDian sMall business KiT foR DuMMies

MaKe suRe iT’s DeDuCTible: 4Th eDiTion

http://www.amazon.ca/Make-Sure-Deductible-Fourth-Edition/ dp/0071714839/ref=pd_rhf_dp_s_cp_1_G577

http://www.amazon.ca/Canadian-Small-Business-Kit-Dummies/ dp/0470936525/ref=sr_1_3?ie=UTF8&qid=1360711917&sr=8-3

• • CoMPleTe CanaDian sMall business guiDe: 4Th eDiTion

http://www.amazon.ca/Complete-Canadian-Small-Business-Guide/ dp/0071784713/ref=sr_1_4?ie=UTF8&qid=1360711917&sr=8-4

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ENTREPENEURSHIP EMPOWERS EVERYONE

TM/MD