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IncelebrationofSmallBusinessMonth,AmericanExpressCanadapartneredwithStartupCanada,the

rallyingnetworkandthoughtleaderunitingCanada’sentrepreneur,smallbusinessandinnovation

community,toundertakeastudyonthemotivations,mindsetsandexperiencesofmillennial

entrepreneurs.Inparticular,thisstudyoffersinsightsonmillennialentrepreneursincomparisonto

previousgenerations.

October18,2016

StartupCanada

1 MOTIVATIONS, MINDSETS AND EXPERIENCES OF MILLENNIAL ENTREPRENEURS

TableofContents

Introduction

Mindsets&Motivation

Finance

TechnologyandMarketing

FinalReflectionsonMillennialSmallBusinessOwners

RespondentProfile

Methodology

KeyFindings


Introduction Millennialsareindividualsbornbetween1981and2000.Theyhavegrownupinatimeofrapidchange

andunprecedentedconnectivitythroughandtotechnology,givingthemasetofprioritiesand

expectationsdifferentfrompreviousgenerations.

Thesedigitalnativesareencumberedwithdebtandhavelessmoneytospend;arereluctanttoenter

thehousingmarketandincreasinglychoosetoliveathomewiththeirparents;areputtingoffmarriage

andchildren;aremoreconcernedwithaccess,notownership-givingrisetothe‘sharingeconomy’;and,

aremakingwellnessadailypursuitbyexercisingmore,eatingbetter,smokinglessandusingappsto

tracktheirprogress(GoldmanSachs).Thesearejustsomeofthetrendsshapingthemillennialeconomy.

Thereare2.3millionentrepreneursinCanadaand1.1millionsmallbusinessesthataccountfor78per

centofprivatesectorjobcreation,30percentofexports,and27percentofGDP(ISED,2012).Ofthose,

4.6percentareconsideredhigh-growthbusinesses,whichdisproportionatelyaccountfornetjob

creationinCanada(ISED,2012).

WhilewealreadyknowthatsmallbusinessisbigbusinessinCanada,it’sabouttobecomemuchbigger.

MillennialsembraceentrepreneurshipattwicetherateoftheCanadianaverage,suggestingthatstart-

uprateswillcontinuetogrow(AngusReid,2013).Giventhattherearemorethan7millionCanadian

millennials,ifevenamodestpercentageofthosebusinessestakeflight,millennialentrepreneursare

goingtohaveanimmenseimpact.

Touncoverthemotivations,mindsetsandexperiencesofmillennialsmallbusinessowners(SBOs)

comparedwithpreviousgenerations,AmericanExpressCanadapartneredwithStartupCanada,the

rallyingnetworkandthoughtleaderunitingCanada’sentrepreneur,smallbusinessandinnovation

community,toundertakeastudyonmillennialentrepreneurshipinCanada.Inparticular,thisstudy

offersinsightsonmillennialentrepreneursincomparisontopreviousgenerations.

Mindsets&Motivation Eighty-eightpercentofSBOsagreepassiontrumpspersonalfinancialgain,andarewillingtotakerisks

togettheirpassionprojectsofftheground.Despitenearlyhalf(46percent)havingyettoturnaprofit,

thevastmajority(85percent)arewillingtotakefinancialriskstogrowtheirbusiness.


OnMotivation

“Myco-founderandIwerebothmotivatedtostartthisbusinessbecausewearepassionateabout

educationandtheoutdoors,”saidErinNicolardi.NicolardiistheCo-FounderofRidgetoRiver,which

offersnature-basedoutdoorprogramstofamiliesandyouthacrosstheYukon.“Therewasalackof

exploratoryprogrammingavailableandwewantedtotakeourpassionandfillthatgap.”Erinandher

co-founderbothhavesupplementaryjobstofinancethebusiness.“Wearelookingtomovepast

(supplementaryemployment)todoourbusinessfull-time.”

LikeNicolardi,24percentofrespondentsstartedtheirbusinesstoturntheirpassionintoacareer.

Twentypercentwantedtocreatesomethingoftheirown;20percentweremotivatedbytheirsolution

toamarketneed;16percentwantedgreaterfreedomandflexibility;and,lessthan7percentof

respondentsweremotivatedbyfinancialindependenceinstartingtheircompany.Whilenearlyonein

three(30percent)millennialSBOssurveyedsaidtheystartedtheirbusinesstoturntheirpassionintoa

career,relativelyfew(17percent)startedtheirbusinesstogainfinancialindependence.

HeatherAbbey,aSaskatoon-basedmillennialSBOandtheFounderandPresidentofShopIndig.ca,was

motivatedtostarthercompanybyhersolutiontoamarketneed.“Isawdozensofmyfriendsand

familymembershavingtroubleshowcasingtheirbeautifulmakesandwears,soItookmysavings,

enteredafewstartupcompetitionsandcreatedawebsitetoempowerIndigenousartisanswitha

platformtoselltheirworkandinturn,earnalivingdoingwhattheylove.”

EntrepreneurslikeFredericVoyer,theCo-FounderandCEOofSWAAAP.com,aremotivatedtorun

theircompaniesbythegreaterfreedomandflexibilitythatcomeswithentrepreneurship.“EversinceI

wasyoung,Ihadaneedforfreedomandlovedinventorsandthosewhocreatedvalueintheworld,”

saidVoyer.“IamanentrepreneurbecauseIamfreetopursuebusinessasacreativeoutlet.”

OnValues

Intermsofvalues,thirty-fivepercentofmillennialSBOswanttoenjoywhattheydoeveryday.Twenty

sevenpercentofmillennialSBOsmostvaluepurposeastheywanttoimpactsocialgood;14percent

mostvaluegrowth;10percentmostvalueprofitabilityand9percentplacegreatestvalueon

autonomy.Thisstudyfoundnosignificantvariancebetweenmillennialentrepreneursandprevious

generations.


JonathanGrootvent,theownerandCEOofVertagrow.ca,aBarrie-basedstartupempowering

individualsandcommunitiestogrowfoodyear-round,ispassionateaboutcreatingsocialimpact.“I

valuebeingabletohelpotherstolivehealthierlivesthroughurbanfarming,andindoingso,lessening

thestrainonourhealthcaresystem.”Similarly,SaraRehman,theCo-FounderandChiefResearch

OfficerofAgoreMedicalTechnologiesinc.,aToronto-basedcompanywhichsupportselderlypatient

engagementinhomesthroughanappandhardwaredevice,mostvaluestheopportunitytoimprovethe

safetyandwell-beingofherclients.

ShanaPasapa,theFounderandHeadInstructoratPowerOurWomen,whogrewupon

Saskatchewan’sWhiteBearFirstNation,mostvaluestheopportunitytoempowerandhelpbuildthe

confidenceandsafetyofwomenandgirlsthroughherself-defenseprogram.

OnMindset

AsizablemajorityofSBOsarewillingtotakefinancialriskstogrowtheirbusiness.However,

respondentsaredividedonwhethertheyneedmoneyinthebankbeforestartingtheirbusiness.Sixty-

threepercentofmillennialSBOsfeeltheyneedmoneyinthebankbeforeinvestinginbusinessgrowth,

whileonly54percentofgenerationXand46percentofbabyboomersfeelthisway.Thisvariancemay

beattributedtomillennialsowningfewerassetsthanpreviousgenerations.

Nevertheless,millennialsaremorelikelyto‘feelmarriedtotheirbusinesses’likelybecauseofthehigh

levelofconnectionbetweentheirpurpose,passionandtheirmotivationtostartacompany.Nearly

threequarters(74percent)ofmillennialSBOsfeelthisway,comparedto65percentofprevious

generationsthatclaimthesame.

OnSuccessandAmbition

WhileSBOsmaybemotivatedbypassionandpurpose,theyaremorelikelytomeasuretheirsuccessvis

àvisprofit.Twenty-ninepercentofrespondentsdefinetheirsuccessbysalesandprofit,while28per

centmeasuretheirsuccessbybeingrecognizedasaleaderintheircommunityorindustry.Twenty

sevenpercentofrespondentsdefinesuccessasgrowth,and12percentdefinetheirsuccessbythe

socialgoodtheyproducethroughtheircompany.


AlyssiaRichard,theCo-FounderandCEOofRatehub.ca,aToronto-basedmortgagecomparison

websiteismotivatedbyherdesiretoeducateconsumersandbringtransparencytotheindustry.

Richardmeasureshersuccessthroughprofit,saying:“Iwanttobuildaprofitableandsustainable

businessthathelpsCanadians.”

Despite46percentofSBOshavingyettogenerateaprofit,CanadianSBOsareconfidentandoptimistic

aboutthefuturesuccessoftheirbusinesses.Seventy-threepercentofrespondentsconsidertheir

businesstobeasuccess.SBOshavetheirsightssetongrowth,withnearlyall(93percent)planningto

growtheirbusinesswithinthenextyear.Inaddition,9in10(90percent)respondentsbelievetheir

offeringissuperiortotheircompetitionand76percentaimtodisrupttheirindustries.Nevertheless,

whilepreviousgenerationsareplacinggreatervalueonsalesandprofit(31percent),millennialSBOs

aremorelikelytoplacegreatervalueonbeingrecognizedasanindustryleader(34percent)and

achievingbusinessgrowth(28percent).

Finance Passionandpurposealonecan’tfundabusiness,soitisoflittlesurprisethatnearlyhalf(47percent)of

allsurveyedentrepreneursconcedethatcashflowconcernskeepthemupatnight.While75percentof

smallbusinessownersmanagetheirownfinances,morethanhalf(55percent)reportdifficultieswith

managingcashflow.Inaddition,morethanoneinfiveSBOs(21percent)indicatedcash-flow

managementasthemostchallengingaspectofmanagingtheirbusinessfinances.Othertopchallenges

includeaccountingandbookkeeping(21percent),taxes(16percent),andbudgetingandforecasting

(13percent).

Ofthemillennialswhoarenotemployedoutsideoftheirbusiness,45percentofthemdonotpay

themselvesawage.Respondentswhodopaythemselvesawagewere10percentmorelikelythan

thosewhodonotpaythemselvestostronglyagreethatcashflowconcernskeptthemupatnight.

“Cashflowisarealconcernforalmostanybusiness,”saysPaulRoman,VicePresident&General

Manager,GlobalCommercialPayments,AmericanExpressCanada.“Weworkwithbusinessesofany

sizetomaximizecashflowandprovidepurchasingpowerwhenbusinessesneeditmost.”


Despiteconcerns,millennialSBOsareputtingintheextraworkandgettingcreativetofundtheirdream

projectsbyholdingasecondjob(42percent)andpayingthemselvesbelowmarketwage(48percentof

thosewhopaythemselvesawage).Tofinancetheirstartup,millennialSBOsareleveragingpersonal

savings(52percent),borrowingfromfamilyandfriends(8percent),accessingangelinvestment(7per

cent),usingcrowdfundingplatforms(4percent),accessingtraditionalbankloanfinancing(4percent),

orventurecapitalfinancing(3percent).Ascomparedwithpreviousgenerations,millennialsaremore

likelytoleverageventurecapital(7percentcomparedto5percent)andaretwiceaslikelytoleverage

crowdfunding(4percentcomparedto2percent),whereasothersaretwiceaslikelytoleverage

traditionalbankloans(4percentcomparedto8percent).Intermsofsourcesofcashflow,45percent

ofSBOshaveusedcreditcardsand33percenthaveleveragedlinesofcredit.

“Mymainsourceoffundingformycompanyhasbeenmydayjob,”saidOttawa-basedJoelleTremblay,

FounderofFailureIsAnOption.“Asthecompanycontinuestogrow,Iamaimingtobringonfinancial

partnersandgrowourrevenuechannels,withclient-acquisitionbeingourprimaryfoundationfor

growth.”AnotherOttawa-basedSBO,Jean-PhilippeMichel,theFounderofSparkPath,concurs.“Ihave

usedtheleanbusinessmodeltobuildmycompany.Financingcomesthroughclientacquisitionandat

thisstageImakeupforanyshortfallsthroughmypersonalsavingsandsidecontracts.”

EgiTroka,CEOofToronto-basedEmpressCo.,ahigh-endfashioncompanythatmakesdesignersuits

forwomen,financedherbusinessthroughtheOntarioSummerCompanyProgram,whichprovides

startupseedfundingtostudentsthroughthesummer.ShehasalsoappliedtotheJoeFreshFashion

IncubatorincollaborationwiththeRyersonUniversitySchoolofFashion,whichprovidesmentorship,

facilitiesandfunding.Trokahopestogaintractionwithhercompanybeforeapproachinginvestors.

Intermsofpersonalassets(e.g.mortgage,home,etc.),50percentofrespondentshave10-15percent

oftheirpersonalassetstiedtotheirbusiness;11percenthave15-35percenttiedtotheirbusinessand

8percenthavemorethan50percentoftheirpersonalassetstiedtotheirbusiness.Thisstudyfound

nosignificantvariancebetweenmillennialsandpreviousgenerations.

Whenlookingatcreditcardrewardsfortheirbusinesses,57percentofSBOsearnrewardsontheir

businessspendingusingacreditcard.MillennialSBOsmostoftenredeemrewardsforpersonal

merchandiseandtravel(37percent),tooffsetbusinesscosts(14percent)ortoincentivizeemployees


(4percent).Fifty-fivepercentofmillennialsbelievethatcreditcardrewardsmakethemmore

motivatedtousetheircardsforbusinesspurchases.

AlthoughcashflowconcernskeepmillennialSBOsupatnight,theirresolvetodowhatittakestobring

theirbusinesstolife-fromsupplementaryjobsandleveragingalternativefinancingmechanismsto

harnessingopportunitiesandprogrammingavailableintheentrepreneurshipecosystemandfocusing

onclient-acquisitiontoscale-isnothingshortofinspiring.

TechnologyandMarketing Increasingaccesstoresourceslikethecloud,onlinesocialnetworks,digitaldataandthemovetomobile

technologieshaveincreasedtheaccessibilityofentrepreneurshipandeliminatedbordersbetween

internationalmarkets.Today’stechnologyenablesentrepreneurstostartglobalbusinessesfromday

one.BuyingandsellingonAmazon,EtsyorShopify,sourcingthroughAlibaba,operatingabusinesswith

QuickBooks,Google,SalesforceandSquare,andraisingfundingthroughIndiegogoandKickStarterare

justsomeexamplesofhowaccesstotechnologyhastransformedhowentrepreneursdobusiness.

OnTechnology

EightypercentofSBOssaytheirbusinesscannotfunctionwithouttechnology.Respondentsacross

industriesandgenerationscitedcustomerrelationships(27percent),accounting(10percent),

scheduling(9percent)andacquisitionmarketing(9percent)asthemostpredominantusesof

technologieswithintheircompanies.Infact,themajorityofrespondentscitedthattheirentirebusiness

isbasedupontechnologyandtheyuseitforeverythingfromhosting,performancemonitoringand

improvement,remoteworking,prototypingandtesting,managinglargeprojects,storing,filingand

knowledgesharing,shipping,sales,dataanalysis,andautomation.

“Technologyisabigpartofourbusiness,”saidSwiftPad’sAmirMotahari.“Ourworkflowprovidesthe

flexibilityofworkingfromhomeandworkingremotelywitheffectivetaskmanagementthroughtools

likeSlack,AsanaandHubspotCRM.”Similarly,ForrestVetter-WilsonfromCleverClothing.casaysitall

startswithtechnology.“Weusemanytechnologiesfrompipelinetoproduction,”saidVetter-Wilson.“It

startswithagoodCRMsystemtomanageclientsandcomputerapplicationsforestimates.Nextupitis

AdobefordesignandartworkandQuickBookstosendinvoicesandinputsalesdata.Withoutthese

technologicaladvancements,we’dneedtohiremanyemployeesforeachroletobefulfilled.”


Beyondleveragingtechtoolstostreamlineoperations,entrepreneurslikeIdasLevatofrom

Gugoiza.com,areleveragingglobalplatformstogainaccesstopreviouslyunaffordabletechnologies.

“We’recurrentlyontheMicrosoftBizSparkprogram,whichhasessentiallycoveredourhostingcosts,all

ofourtools,anddevelopmenthasbeencovered.Sponsorshiphastakentheburdenoffus,”saidLevato.

OnMarketing

Technologyalsohasanincreasinglyimportantroletoplayinhowentrepreneursmarkettheir

businesses,productsandservices.Themainformofmarketingfor43percentofrespondentsissocial

media(51percentofMillennialSBOsand38percentfrompreviousgenerations),33percentfocuson

in-personandword-of-mouthmarketing,andlessthan5percentareengagedintraditionalmarketing

onprint,radio,televisionortradeshows.

BrentRiberdy,theownerofHiddenTrailExperience,aWindsor-basedbusinessprovidingescaperoom

experiences,reliesonSnapChat,Facebook,Instagram,Twitter,LinkedIn,YelpandTripAdvisorfor

marketingto,reachingandengagingnewandexistingclients.Similarly,Edmonton-basedBrenda

Herchmer,FounderofCampusforCommunities,whichcoachesexistingandfuturecommunityleaders,

manageshersocialmediathroughHootsuite.HerchmerhasactivechannelsonFacebook,LinkedIn,

Pinterest,Google+andInstagram,citingtheimportanceofleveragingsocialmediatoengageyouthas

theprimaryreason.

Beyondsocialmedia,entrepreneurslikeSWAAAP.com’sFredericVoyeralsoleveragethe

entrepreneurshipcommunityforin-personmarketingopportunities.“Wespreadthewordaboutour

businessbybeinginvolvedwiththecommunity.WeactivelyengagewitheSAX,StartupOttawa,

Lead2Win,NRC,andentrepreneur-basedorganizationsandtradeshowstogetthewordaboutour

business.WehavealsoestablishedapartnershipwithStaplesandsetupboothsattheirlocationsso

thatwecanconnectwiththeircustomersinperson,”saidVoyer.HeatherAbbey,Founderof

ShopIndig.caleveragesstartupcompetitions,pitchcontestsandsharesherstorythroughmainstream

mediapartnerstogarnerword-of-mouthsupport.“Wehavealotoflocalsupport,”saidAbbey.“Weare

gratefulforthepromotionalsupportwereceivefromSquareOne,StartupCanada,Futurpreneurandthe

localeconomicdevelopmentcentre.”

IncreasinglymoreSBOsaretakingadvantageofthelocalentrepreneurshipcommunitytonotonlyfind

mentorsandsupport,butalsotopromotetheircompany.Halifax-basedColinWhite,Co-Founderand

CTOofZoraComputing,whichmakeswebappsforpropertymanagementcompanies,hasleveraged


theVoltaincubatortonetworkwithlocalstartupsandhasparticipatedinacceleratorsincluding

FounderFueloutofMontrealandTheMillinLasVegastogaininvestorandcustomerattention.

Similarly,DaveParsell,Co-FounderandCEOofLocalIntelgainsexposurethroughpapers,blogs,

networkingeventsandspeakingengagements.

Developmentsintechnologycontinuetodrasticallychangethewayentrepreneursofallagesdo

business.Fromstreamliningday-to-dayoperationstoincreasingtheconnectivitybetweenacompany

andpotentialcustomers,technologycontinuestomakesmallbusinessownersmoreproductive,

efficientandsmartinhowtheyspendtheirtime,whotheytalktoandhowtheytalktothem.

FinalReflectionsonMillennialSmallBusinessOwners “Itcertainlyhasneverbeenmoresociallyacceptableoraccessibletobeanentrepreneurasitistoday,”

saidAlyssiaRichard,Co-FounderofRatehub.ca.“Wedonotneedthelargeinfrastructurethat

entrepreneursneededinthepast.Throughonlinecodingworkshops,newtechnologyandan

increasinglysupportivestartupcommunity,welcomingandencouragingofnewentrepreneurs,the

conditionsareopportuneformillennialentrepreneurs.”

“Havinggrownupwithtechnologyisahugeadvantagethatwehaveasmillennialentrepreneurs,”said

SWAAAP.caCo-FounderandCEOFredericVoyer.“Withtherapidpaceofchange,ourgenerationis

usedtoadaptingandreadapting.”AshleighMattern,ownerofVideoProductions,awebdesignand

contentcreationcompanybasedinSaskatoonagrees:“Millennialsaremorelikelytopivot,morewilling

tochangedirectionandarereallychangingtheoverallworkingenvironment.”

Thereisadoubleedgetothemillennialfreespirit,however.“Becausewearesodigitallyconnected,

millennialsneedtolearnhowtobuildface-to-facerelationships,notjustdigitalones,whichontheir

owncanbeisolatingandhollow,”saidFredericVoyer.

RespondentProfile

Forty-twopercentofrespondentsaregenerationX(bornbetween1965and1980);37percentare

millennials(bornbetween1981and2000);and,18percentarebabyboomers(bornbetween1946and

1964).Fifty-threepercentofrespondentsliveinOntarioand15percentliveinBritishColumbiaandthe


Territories.FourteenpercentofrespondentsliveinthePrairies,8percentliveinAtlanticCanadaand7

percentliveinQuebec.

Seventy-threepercentofrespondentscompletedapost-secondarybachelordegreeorhigher;7per

centcompleteduptohighschool;and,theremainingrespondentscompletedapprenticeshipsor

alternativeformsofeducation.Withregardtoeducation,thisstudyfoundnosignificantvariance

betweenmillennialsandpreviousgenerations.

Respondentsrepresentawidespectrumofindustriesfromhealthcareandservicestoskilledtradesand

cleantech.Twenty-sixpercentofrespondentshaveownedtheirbusinessforlessthan1year;48per

centofrespondentsfor1-5years;and,26percentformorethan6years.Millennial-ownedbusinesses

havebeeninoperationforashortertimethanthoseownedbypreviousgenerations.Thirty-sevenper

centofmillennialentrepreneurssurveyedhavebeeninbusinessforlessthanoneyear(comparedto19

percentfrompreviousgenerations);55percenthavebeeninbusinessfor1-5years(comparedto43

percentfrompreviousgenerations),and7percenthavebeeninbusinessformorethan6years

(comparedto25percentfrompreviousgenerations).Thevariancecanbeattributed,inpart,totheage

oftheentrepreneur,ratherthantendenciesofthegenerationalcohort.

Fifty-onepercentofrespondentshaveownedonebusiness,while48percentareserialentrepreneurs

andhavestartedmorethanoneormanybusinesses.Thestudyfoundnosignificantvariancebetween

millennialsandpreviousgenerationsintheirpropensitytobeserialentrepreneurs.

Forty-sevenpercentofrespondentsareturningaprofitintheirenterprisesand46percenthaveyetto

beprofitable.Seventy-fourpercentofthosewhoachievedprofitdidsowithintheirfirst3years,with

nosignificantvariancebetweenmillennialandpreviousgenerations.

Methodology ThestudywasconductedbetweenAugust16andSeptember8,2016throughanonlinesurveythat

engaged511entrepreneursofallagesfromacrossCanada.Basedonthefindingsofthesurveyanda

subsequentcorrelativeanalysisundertakeninpartnershipwithRyersonUniversity-basedstartup

SteadfastBeta,researchersinterviewedarandomsampleof30respondentstodivedeeperintothe

findings.Themarginoferrorforarepresentativesampleofthissize(n=511)is±4.2percentwithina95

percentconfidenceinterval.Thisreportsummarizestheresultsoftheresearch.


KeyFindings SBOschoosepassionoverprofit

● 88%ofSBOsagreepassiontrumpspersonalfinancialgain,andthey’rewillingtotakeriskstogettheirpassionprojectofftheground.Despitenearlyhalf(46%)havingyettoturnaprofit,thevastmajority(85%)arewillingtotakefinancialriskstogrowtheirbusiness.

MillennialSBOs‘feelmarried’totheirbusinesses

● 74%ofmillennialSBOsfeelmarriedtotheirbusinesses.● Nearly1in3(30%)citethereasontheystartedtheirbusinesswastoturntheirpassionintoa

career,comparedto17percentwhowerelookingtogainfinancialindependence. CashflowconcernskeepSBOsupatnight

● 47%ofmillennialSBOsareworryingaboutcashflowatnight.● Thetop3financialconcernsofmillennialSBOsarecashflow,bookkeepingandtaxes.● 75%ofSBOsmanagetheirownfinancesand55%reportdifficultieswithcashflow.

SBOsarewillingtotakerisks

● 85%ofmillennialentrepreneursarewillingtotakefinancialriskstogrowtheirbusiness. MillennialSBOsarecurbingfinancialriskwithsecondincome

● 42%ofmillennialentrepreneursstayafloatthankstoasecondjob.● 48%reportpayingthemselvesbelowmarketwage(ofthosewhoactuallypaythemselvesa

wage).● 52percentofmillennialsusedpersonalsavingstostarttheircompany.

MajorityofSBOsplantoscale

● 94%ofmillennialSBOswanttogrowtheirbusinessinthenextyear.● 93%ofSBOsintendtoscaleinthenextyear.● 9in10(90%)SBOsbelievetheirofferingissuperiortotheircompetition.● 76%ofSBOsaimtodisrupttheirindustries.

MajorityofSBOsrewardthemselves 55%ofmillennialSBOsaremotivatedbyrewardstousecreditcardsforbusinesspurchases