INVESTMENT ACTIVITY IN 2021 Spotlight on Atlantic Canada
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Companies’ staffing grew by a weighted average of 31 percent – far more than the customary band of 22 to 25 percent. Atlantic Canadian startups now employ about 8,800 people. Newfoundland and Labrador was the only province where the startup community is clearly growing. Half of its startups are one or two years old. It added 41 companies in 2021, more than 40 percent of them in life sciences. For the first time ever, our Startup Data report includes an analysis of diversity and inclusion (D&I) in the startup community. We are
encouraged by the stat that 20 percent of the startups are led by women but disappointed they only raised 8 percent of total investment. The greatest D&I success is that immigrants head about 20 percent of the companies, and collectively raised more than $250 million. There continues to be a distinct under-representation of Black and Indigenous founders.
BY PETER MOREIRA
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