Technology continues to play an enormous role in the speed of business. Transforming industry and its players is a function of adoption. Adoption, in turn, is highly dependent on resource and capital. Small businesses have been and continue to be the casualties in a dynamic market that tends to favour the larger players with money and influence. Steve Lau and Rameez Ansari, co-CEOs of AutoLeap fully intend to change the game for small business.
In both Canada and the United States, small business (by definition, 500 employees or under) make up 99.9 % of the business population. In Canada, similar stats show a small business penetration of 99.7%. According to the US Chamber of Commerce, approximately 33% of business will fail after 2 years. The survival rate after 5 years: US: 50% and Canada: 42.9%.
In 2015 Ansari and Lau acquired FieldEdge,