There’s a symbiotic relationship between immigration and entrepreneurship. When entrepreneurs move to a new country, they get the opportunity to build their business and forge connections in a new market. Likewise, when countries welcome entrepreneurs, they’re able to create new jobs, carve out competitive advantages, and grow their economies. But navigating the world of entrepreneurship in a new country is no easy feat — particularly when you’ve yet to build a support network that can help. Here are some of the most common challenges faced by entrepreneurs who immigrated to Canada, and a quick rundown of how an accelerator like BHive can help ease the transition.
Adjust to New Surroundings
Any entrepreneur will tell you that getting a new business off the ground is difficult enough without having to navigate the stresses of settling into a new environment. Whether this means finding office space in an unfamiliar city, building familiarity in a second or third language, or adapting to local business norms, all of these tasks consume time and energy which ambitious entrepreneurs would much rather allocate elsewhere. Partners like BHive work with recent immigrants to smoothen this transition process. Between providing entrepreneurs with state-of-the-art office space in Brampton and specially designed resources to help them grow and adapt, BHive flattens the learning curve associated with building a new business in a new setting.
Managing Financial Strain
Between the cost of the immigration process and the cost of living in a new country, it’s not uncommon for immigrants to move to a new country with limited resources on hand. Newcomers who opt to create their own jobs rather than work for established businesses tend to feel this strain even more acutely than others. The typical entrepreneur doesn’t just need money to live, they need capital to invest in their business to fuel its growth. Oftentimes, the time it takes to meet funding partners, build relationships, and secure investment is a luxury recent immigrants can’t afford. This is where a partner like BHive comes in. BHive begins connecting entrepreneurs to interested investors even before they arrive in Canada, ensuring they can feel financially secure once they’re here.
Navigating Regulations
When running a business, few things are more important than adhering to the regulatory landscape of the territory you operate in. Yet, because regulations differ vastly from country to country, it can be incredibly difficult for entrepreneurs to adjust after moving. Recent immigrants who want to ensure financial compliance, obey industry guidelines and protect their intellectual property need to be intimately familiar with Canadian regulations and stay on top of the associated paperwork. BHive provides entrepreneurs with resources and mentors to help them do precisely this. We believe entrepreneurs should be able to focus on running their businesses instead of getting bogged down in red tape.
Building a Network
One of the most critical parts of building a business is making sure you have the right team around you to run your day-to-day operations and consult on big picture decisions. This is a difficult process for all businesses, but it’s especially difficult for recent immigrants who have yet to build a network of trusted locals from which to source this team. BHive understands how necessary this process is, which is why it leverages its connections to local talent pools to help entrepreneurs hire, and its network of industry experts to connect entrepreneurs with mentors who can guide them as they grow.
About BHive
BHive is the city of Brampton’s premier startup incubator for international entrepreneurs looking to enter the North American market and scale their businesses. We identify international businesses with the right set of ingredients to thrive in Canada, assist them through the Visa application process, and then set them up with the right set of tools, resources, and connections to maximize their potential once they’re here.
If you are an international startup looking to break into the North American market, BHive’s robust ecosystem of tailor-made programs, mentors, and support services will ensure your business is primed for success. Apply directly today.
Here at BHive, we firmly believe that innovation doesn’t just happen — it’s built. We exist to help international entrepreneurs do just this.