At PayPal, our mission is to democratize financial services. A big part of that mission is empowering entrepreneurs and businesses of all backgrounds -regardless of size, sector or location- to thrive in today’s digital economy. As a global e-commerce ecosystem leader and a champion for Canadian entrepreneurs, we see firsthand how digital solutions can help Canadian businesses harness the power of the digital economy to innovate and grow their businesses.
In recognition of the power small businesses have, the Business Development Bank of Canada (BDC) has organized a celebration of entrepreneurship, titled Small Business Week, for almost 40 years. This annual, week-long initiative is widely recognized by both private and public-sector organizations, including the Government of Canada. This year (during Oct 15-19) PayPal Canada partnered with the BDC to co-host a series of events under the theme "Digitize Now: Transform your Business," with nationwide events that will invite Canadian entrepreneurs to learn about the benefits of new technologies and to take rapid action to measure digital performance for commercial success.
To kick off the week Paul Parisi, President of PayPal Canada, moderated a panel discussion of small business leaders at an event hosted by The Globe and Mail and Business Development Canada (BDC). With close to 300 attendees, the discussion represented an excellent opportunity to highlight the power of PayPal in enabling small businesses to compete in the global marketplace through e-commerce.
Later in the week, Nicole Watts, PayPal Head of Government Relations Canada, participated in a salon style event hosted by the Global Innovation Forum and Start Up Canada. PayPal Canada and BDC were sponsors of this event which brought together small business leaders, senior government officials and Members of Parliament to talk about the opportunities and challenges facing small businesses in the ever-evolving e-commerce ecosystem.
PayPal Canada is also working with the BDC across the country to bring a new level of engagement to small businesses and their communities by planning engagements in Calgary, Edmonton, AB, St. John’s, Newfoundland and Labrador. The goal is to share learnings from the 250,000 Canadian PayPal merchants and empower more businesses to succeed in the digital marketplace.
In the lead up to Small Business Week, PayPal Canada also released its latest white paper on Digital Commerce and how Canadian Small Businesses are growing and trading internationally. This was the first time PayPal Canada released proprietary insights from our merchant customers in Canada to demonstrate that a thriving digital commerce ecosystem leads to greater trade, employment and income opportunities.
Key highlights from the research included:
- In 2017, SMBs that used PayPal grew 22% YoY compared to non-financial SMBs that grew less than 1% YoY.
- Between 2016 and 2017, the number of digital small business that use PayPal grew by 18.6%.
- While the US and Mexico are two of the top 10 export corridors, digital small businesses across Canada export to over 80 different countries including Australia, China, Japan, and the UK.
- Over 35% of digital small businesses export to more than one market; almost one in three businesses export to three markets or more.
PayPal Canada was proud to partner with the BDC on these events during Canada Small Business Week, strengthening our position as enablers of small business growth and globalization.