Goal 4

New Business Startups

The Nova Scotia economy will be home to 50% more high-growth start-up firms.

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Goal Status

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Current: 230
Baseline: 310
Target: 465
Updated:

Current Situation

For the period 2017-2020, Nova Scotia was home to 230 high-growth enterprises; 235 less than the target of 465. These enterprises accounted for 4.7% of all enterprises with 10 employees or more in 2017-2020, below the Canadian average of 5.5%. The number of high-growth firms declined in all provinces except Prince Edward Island for the 2017-2020 period compared to the previous three-year period.

Period Number of high-growth enterprises Target Baseline
2011-2014 310 465 310
2012-2015 300 465 310
2013-2016 240 465 310
2014-2017 240 465 310
2015-2018 230 465 310
2016-2019 240 465 310
2017-2020 230 465 310

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What This Means

The proportion of high growth firms in Nova Scotia remained somewhat lower than the Canadian average. For the 2017-2020 period, the proportion of high-growth firms was highest in Prince Edward Island, British Columbia, and Quebec, and lowest in Saskatchewan and Manitoba. Comparing the 2017-2020 period with the earliest period 2011-2014, the number of high-growth firms had declined in all provinces except Prince Edward Island (where high growth firms remained the same).

 

Indicator: A high-growth enterprise is defined as an enterprise which has average annualized growth in revenues of greater than 20% per year over a three-year period (72.8% growth over three years), and at least 10 employees at the start of the three-year period.

Deep Dive

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