Report on Small Business Newsletter: As the economy skidded, so did startups

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Report on Small Business Newsletter: As the economy skidded, so did startups GlobeSmallBiz

Survival of the unicorns: As the economy skidded, so did startups. Now they need new ideas, and fast

Before COVID-19 disrupted the daily habits of people around the world, Ritual Technologies Inc. was one of Canada’s fastest-growing technology startups. It built a business on making the regular morning caffeine run and on-the-go lunch more efficient, offering a mobile app that allows restaurant and café customers to order and pay ahead for quicker take-out.

Small businesses across Canada are being hit by eviction warnings and default notices as both they and their landlords say Ottawa’s small-business rent relief program is so flawed and unclear that many property owners have no plans to apply.The school-application company ApplyBoard Inc. is now valued at $2-billion, closing its second round of venture financing in less than a year as it hires by the hundreds even in the midst of the pandemic.Shopify Inc.

One of Canada’s most heavily financed artificial intelligence startups, Element AI Inc., has hired its first chief financial officer and chief revenue officer as part of a restructuring effort that has also seen it lay off 15 per cent of staff.

 

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