Purpose, Flexibility and AI: What’s Powering Canada’s Next Wave of Entrepreneurs

American Express Canada unveiled new survey findings showing how generational perspectives and AI are shaping entrepreneurship in Canada. The research highlights how Gen Z and Millennials are approaching business ownership in distinct ways, and how AI is already changing the landscape for both generations.

The findings will take centre stage at American Express Canada’s upcoming thought leadership event, The Entrepreneurial Evolution, co-hosted with Canadian Business. The event will feature a cross-generational panel of entrepreneurs, including Satish Kanwar (Good Future), Bobbie Racette (Virtual Gurus) and Francesca Albo (Puppy Sphere).

What’s driving Canadian entrepreneurs today

While financial independence is a shared ambition — ranked highest by both Gen Z (60%) and Millennials (57%) — the survey, conducted by The Harris Poll Canada, reveals differences in what success looks like. Gen Z founders (23%) define the top measure of success as building businesses around authentic brands and communities, while Millennials (27%) place a stronger focus on consistent growth and stability.

The desire for professional and financial freedom is universal. Nearly half of both generations (44% of Gen Z and 50% of Millennials) say flexibility and autonomy are key reasons they launched their businesses. Passion also plays a big role, particularly for Millennials, with almost half (49%) citing it as a motivating factor.

“Every generation of entrepreneurs brings a fresh definition of success,” said Phanikar Yenamandra, Vice President of Customer Marketing & Engagement at Amex Canada. “Gen Z is carving out their space with authenticity and community at the heart of their businesses, while Millennials are prioritizing steady growth. “At American Express, we’re here to support entrepreneurs across all generations, whether that’s helping business owners connect with new customers or providing the products and support to fuel sustainable growth.”

Changing landscape of the entrepreneurial journey

AI isn’t just hype; it’s already embedded in Canadian entrepreneurship. Nearly three quarters of Gen Z (73%) and Millennial (70%) business owners report using AI tools in their operations, and the majority say the impact has been positive (82% of Gen Z and 88% of Millennials).

AI is also sketching a new playbook for the entrepreneurial journey. Entrepreneurs are turning to AI to speed up research (38%), shape business plans (30%), and generate content (37%). Looking ahead, three in four (75%) believe AI will play an important role in their future success.

But the enthusiasm is measured. Half of Gen Z entrepreneurs and one in three Millennials worry about potential challenges AI could bring for small businesses. This balance of optimism and caution suggests that Canada’s founders are embracing innovation thoughtfully, eager to harness new tools without losing sight of long-term resilience.

“AI is giving entrepreneurs powerful new ways to innovate,” said Yenamandra. “But what stands out is how mindful they are in adopting it. They’re excited, but they’re also thinking carefully about how to use it to build businesses that last.”

Despite differences in approach, the survey makes clear that Canadian entrepreneurs are united by common goals: flexibility, access to resources, and the support to grow in an evolving landscape.

ABOUT AMERICAN EXPRESS

Amex (NYSE: AXP) is a global, premium payments and lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services and experiences that enrich lives and build business success.

Founded in 1850 and headquartered in New York, Amex’s brand is built on trust, security, and service, and a rich history of delivering innovation and Membership value for our customers. With a hundred million merchant locations on our global network in over 200 countries and territories, we seek to provide the world’s best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations.

For more information about American Express in Canada, visit amex.ca and connect with us on Facebook, X, Instagram, and YouTube.

SURVEY METHODOLOGY

These are a selection of findings from a survey conducted by The Harris Poll from July 16 to 23, 2025 on behalf of American Express. The sample of 214 Canadian Gen Z and 312 Canadian Millennial entrepreneurs was done online. Each sample consisted of the following:

Gen Z:

• 51 who are self-employed/sole proprietors
• 56 who are small business owners with 1-99 employees
• 53 who have a side hustle/side business
• 54 who want to start their own business

Millennials:

• 106 who are self-employed/sole proprietors
• 104 who are small business owners with 1-99 employees
• 102 who are small business owners with 100-499 employees