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There’s also a financial reason for these immigrant entrepreneurs to locate here as opposed to the GTA, he added.
To qualify in the GTA, they need a minimum net worth of $800,000 and a minimum of $600,000 to invest. Outside the GTA, the requirements drop to a $400,000 net worth and $200,000 minimum investment. However, Kadri, who has 17 years experience helping entrepreneurs move to Canada, recommends they come forward with more than the minimums in order to be selected.
“Getting entrepreneurs to come here, invest their money in our community, is going to have direct and indirect benefits,” he said, in the form of direct jobs generated at the entrepreneur’s new business, and spinoff benefits for the companies that do business with them.
Startup Central would offer unique and functional workspaces, on-site management and mentorship, workshops and programs — everything an entrepreneur needs to learn how to do business here. These immigrant entrepreneurs are generally well-educated and smart, Kadri said.
“What they aren’t accustomed to is the economic environment here to succeed as an entrepreneur. It could be very different from say the Middle East or other places in the world.”
The enterprise will be funded from fees charged to the clients.
Stephen MacKenzie, president and CEO of the WindsorEssex Economic Development Corp., said that based on what he’s heard about Kadri’s Startup Central, it certainly would fill a niche here and would complement the programs already in place to attract investment. This region is very multicultural, with people from 125 different countries speaking more than 100 languages, he said.
