- Two thirds (61%) of Canadian entrepreneurs are using Generative
AI tools to help run their businesses
- Over three in ten (34%) AI users are generating over
$120,000 in revenue each year,
compared to 26% of those who have not yet adopted the tech.
- Nearly seven in 10 (65%) of those using the new technology
believe AI will help them level the playing field against larger
businesses
- The new data comes from Venture Forward, GoDaddy's multi-year
international research initiative
TORONTO, Nov. 13,
2024 /CNW/ -- New research reveals that
Canadian microbusiness owners are embracing Generative (Gen)
AI tools to help run their businesses, with two thirds (61%) of
entrepreneurs using the technology in the past few months
alone.
This data, published in Venture Forward's 2024 annual
report, illustrates how this entrepreneurial spirit manifests with
microbusiness owners betting on themselves.
AI is shown to help boost earnings with four in ten (40%)
entrepreneurs who use AI for business purposes seeing their monthly
revenue increase over the last six months, compared to only 26% of
entrepreneurs who don't use AI.
Against this backdrop, nearly seven in ten microbusiness owners
who use the technology (65%) believe that the use of AI will help
them be more competitive against larger businesses, empowering them
to punch above their weight.
From A(I) to (Gen) Z
Gen Z are shaping the future of the Canadian entrepreneur
economy, with nearly three quarters (74%) having used AI tools for
their small business. They are also the most confident of
generational users, with almost three in ten (29%) of Gen Z
labelling themselves as 'very confident' with AI - in contrast, to
just 12% of Gen X who say the same. Gen Z are also most likely to
have experienced a positive impact on their business, at 81%.
However, it isn't all about the youth, with older "boomer"
business owners having also started to embrace AI's potential, with
half (50%) having tried these tools and six in 10 (59%) Gen X
entrepreneurs having experienced positive impact from AI on their
business.
Giving time to grow
GoDaddy's findings demonstrate that the adoption of AI in small
business operations holds practical benefits such as saving time
and money which, in turn allows entrepreneurs to reinvest more back
into their businesses.
Time, resource and labour-intensive tasks are some of the most
popular use cases, including: writing content (73%), summarizing
information (52%), and creating multimedia content (35%). The
liberation from these tasks using AI enhances business efficiency
and reduces overheads, therefore turns attention to revenue
growth.
Young Lee, Head of GoDaddy
Canada, said: "In an economy where success has traditionally
been shaped and driven by larger businesses, AI is proving to be
the great equaliser. By using AI tools, small businesses now hold
the power to outmanoeuvre larger competitors, and Canadian
microbusinesses are closing the gap in terms of earnings, output
and commercial confidence.
"Whether generating market insights, writing content or
simply digesting information, AI is supporting small businesses
with resources they may not typically have the resources to do
- and boosting their income and confidence in the
process.
"It is for these reasons that GoDaddy has launched Airo, its
latest online experience specifically designed to support
microbusiness owners establish themselves online more quickly,
easily and cost-effectively through AI."
About GoDaddy
GoDaddy helps millions of
entrepreneurs globally start, grow, and scale their businesses.
People come to GoDaddy to name their idea, build a
professional website, sell their products and services, and accept
payments online and in-person. GoDaddy's easy-to-use
tools help microbusiness owners manage everything in
one place. To learn more about the company, visit
www.GoDaddy.com.
About Venture Forward
Venture Forward is a
multi-year research initiative, which analyses data from over
770,000 Canadian microbusinesses - conducted by
GoDaddy to quantify the impact of these
microbusinesses on the Canadian economy and their local
communities.
SOURCE GoDaddy