An emerging form of entrepreneurship is making waves in the Canadian economy, according to new research from PayPal Canada and Barraza & Associates. It is estimated that 2.5 million Canadians, or about nine per cent of the adult population, have embraced a “5-to-9’er” lifestyle turning their passions into profitable side-businesses in addition to working a fulltime job.
This community of makers, creators, freelancers and service providers has gained notable traction in Canada. In fact, half of Canadian 5-to-9’ers started their business in the last three years. In the past 12 months, this small but mighty community reported combined median revenues of $2.5 billion dollars.
Canada’s 5-to-9’ers are online savvy and keen to grow
Young and driven to evolve, Canada’s 5-to-9’ers are eager to turn their part-time endeavors into a primary source of income. The research shows that these emerging entrepreneurs employ e-commerce tools to reach their vision of success. Their e-commerce arsenal includes extensive use of online marketplaces and social media networks, demonstrating 5-to-9’ers deep appreciation of the digital economy. From age to attitude towards selling online, Canada’s enterprising 5-to-9’ers differ greatly from traditional Canadian small business owners.
- More than half (54%) of 5-to-9’ers surveyed have seriously considered making their part-time business into a full time career. More than a third (38%) are actively testing out the idea of becoming a full time entrepreneur, using this time in their small business journey as a launch pad.
- 5-to-9’ers are selling where Canadians are shopping – online. Over a third (32%) of 5-to-9’ers accept online payments for their goods and services leveraging a variety of e-commerce tools, like online marketplaces (59%) and social networking sites (52%). Turning the lens on traditional small businesses, less than a quarter accept payments online.
- The 5-to-9’er community skews younger compared to traditional small business owners. In some cases, there is a 30-year differential. More than half of 5-to-9’ers (54%) are between the ages of 25 and 44 years-old, which could explain why they are more comfortable using digital technology.
Despite their drive and determination, there are some barriers holding this community back from transitioning to full time small business owners. Limited access to start-up capital is the main (58%) hurdle identified by this group.
Women are paving the way, yet disparity persists
Women are dominating the 5-to-9’er landscape, representing 66 per cent of the community in Canada. Not only are women propelling this trend, the study revealed that they are more seriously considering fulltime small business ownership, compared to their male counterparts. While it is encouraging to see women taking a leading role in shaping the 5-to-9’er landscape, female 5-to-9’ers reported significantly less revenue than their male peers.
- Female 5-to-9’ers want to take their passion projects to the next level. Compared to men in this segment, the research shows that women are more actively testing the viability of full time small business ownership (38%), and are more likely to transition to full time small business ownership within the next three years (47%).
- There is a striking difference in reported revenue between men and women. Female 5-to-9’ers reported earning 71 per cent less average revenue compared to male 5-to-9’ers. A perpetuating pay gap could potentially hold women back from reaching their small business growth goals.
Notably, 12 per cent of women started their side business while on maternity leave. Women may be leveraging maternity leave as an opportunity to explore becoming entrepreneurs while simultaneously bringing in additional household income.
Overall, the research points to a growing, thriving community that has organically formed by leveraging tools like e-commerce platforms, online marketplaces, freelance software and smartphone apps to find success. While small businesses tend to earn significant focus in Canada, the 5-to-9 community is a rising segment of Canada’s economy that has tremendous potential to succeed if nurtured.
Complete study findings and additional information can be found here.
For more information on how PayPal is helping Canadian 5-9’ers thrive, visit www.paypal.ca/yourbusiness
SURE Universal And Open Connectivity Foundation Deliver Interoperability For The Connected Home
Posted in Commentary with tags SURE Universal on October 18, 2017 by itnerdSURE Universal will spearhead a series of product demonstrations at the 2018 International Consumer Electronics Show (CES) that will represent a milestone in IoT market development.
The company has been selected by the Open Connectivity Foundation (OCF) to showcase the groundbreaking interoperability between home electronics that are NOW possible through the emergence of the OCF standard. SURE Universal will conduct demonstrations that will effortlessly operate multiple smart home and IoT devices of different types and brands, such as set-top boxes, gateways, smart TVs and appliances, using its OCF compliant software. The OCF standard is now supported by over 300 global technology leaders, including Samsung, LG, Intel, Microsoft, Qualcomm, Cisco and Electrolux.
As the first client software certified by OCF, SURE Universal will participate in the OCF Pavilion at CES, demonstrating products from multiple OCF member companies working seamlessly with other through SURE Universal Remote. In addition, SURE Universal will be showing both Linux and Android gateways and set-top boxes featuring its award-winning smart home solutions. The company will also announce certification of its iOS mobile client, which will join the company’s top-rated and massively popular Android SURE Universal client (30 million downloads) as the universal remote control solution.
Interoperability and Security Through OCF
Until now, one of the greatest obstacles to IoT and smart home adoption has been the lack of a universal IoT standard for manufacturers to use when designing smart home products, and one that consumers can trust to work as expected inside their homes. The market has so far been confused and constricted by proprietary systems from large and small tech companies that don’t communicate with products that exist outside their own branded ecosystems.
By contrast, the OCF standard provides a universal language for device interoperability. The OCF technology incorporates and builds on the proven technologies of both the Digital Living Network Alliance (DLNA) and Universal Plug-and-Play (UPnP) standards, which have been successfully deployed in billions of electronics products worldwide. OCF takes these core technologies deeper into the smart home environment, particularly through the inclusion of a security architecture that manufacturers can count on.
Security against hacking and other intrusions is a primary concern for consumers as they fill their homes with smart, connected IoT products. However, many simple smart devices, such as light switches and outlets, cannot provide genuine security because of the lack of built-in computing power in such cost-driven products. As a result, many manufacturers don’t enter the market, because no one manufacturer or business can take responsibility for attack vulnerabilities that might hit millions of smart home networks. By adding its own layer of security, particularly through the cloud and the gateway — the prime entry points for unwanted intrusion — OCF is able to assume responsibility for network security. This brings tremendous value to the IoT market, especially for manufacturers.
The International Consumer Electronics Show is held January 9-12 in Las Vegas NV. SURE Universal will participate in the Open Connectivity Foundation pavilion, which is located in the Sands Expo Center, Booth 42914.
Leave a comment »