Canadian startup StratPad was the big winner at the recent Bridging the Gap Financial Literacy event hosted by Intuit and StartUp Canada.
StratPad, an iPad app that provides a complete, all-in-one management tool for small and medium sized businesses, won both the Financial Literacy Startup Award and the People’s Choice Award.
The awards recognize startup technologies that help entrepreneurs improve their financial literacy. The event also featured presentations from industry and government leaders, such as Minister of State for Small Business Maxime Bernier, President of the Canadian Foundation for Economic Education Gary Rabbior, and CEO of Canadian Youth Business Foundation Julia Deans.
Recent research from Intuit Canada has shed light on the challenges entrepreneurs face with financial literacy. Highlights include:
- The majority (58%) of Canadian entrepreneurs start with less than $5,000.
- 83 per cent of Canadian small business owners have a basic (or lower) grasp of financial fundamentals.
- Only about 1 in 10 entrepreneurs indicated that they went out and sought professional help and resources with financial management when starting out.
QuickBooks Online is the world’s leading cloud accounting solution for small businesses, with 1.3 Million paying users worldwide. QuickBooks Online makes it easy to tackle financial management, giving for entrepreneurs the ability to instantly see what they’re making, what they’re spending, and who owes them money.
StratPad complements solutions like QuickBooks Online by providing entrepreneurs with a combined strategy and business planning solution. Key features include:
- Walking users through a step-by-step business planning process.
- Preparing all the necessary reports, including a summary business plan and financial projections.
- Enabling users to graph and annotate their progress towards their business goals in full-color charts.
A recent survey found that the majority (75.4%) of entrepreneurs who used StratPad to write their business plan were successful in securing financing for their business. The average amount raised was US$389,000.
“Intuit is committed to delivering solutions that make it easier for entrepreneurs to manage financial challenges and take advantage of new business opportunities,” said Intuit Canada’s managing director Jeff Cates. “We’re pleased to recognize the tremendous contributions that Canadian startups like StratPad are making. Working together, we can make a lasting difference in improving financial outcomes for Canadian entrepreneurs.”
“We’re honoured to receive this recognition from Intuit,” said StratPad creator Alex Glassey. “StratPad and QuickBooks share a simple, practical approach to business planning and financial literacy. This combination delivers a powerful one-two punch that helps entrepreneurs and small business owners successfully plan and manage their business.”
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Try StratPad free here.