How Canadian Entrepreneurs Finance Their Startups

What do entrepreneurs use to fund their startup in its earliest stages? Themselves.

Canada’s hottest startups fund their startup with their own capital. 62% continue to do this post-launch for growth capital (check out their infographic after the jump).

The only other significant source of startup financing in the earliest stagest is friends and family—22% of entrepreneurs squeeze their wallets for extra cash. Only 8% ask for money from them post-launch, however.

Credit cards become crucial once a startup launches. While just 4% use plastic to fund their infant company pre-launch, 26% use credit cards for growth capital.

12% of Canadian entrepreneurs head to the Business Development Bank of Canada for growth capital. Another 46% use a Canadian bank.