Almost two-thirds of the entrepreneurs supported by Fredericton entrepreneurship hub Planet Hatch last year were new immigrants, a little under 40 percent were female and just over 10 percent were Indigenous, according to the organization’s annual Diversity Report.

The report surveyed 246 founders of 148 companies that had dealings with Planet Hatch between Oct. 2021 and Sept. 2022 on a range of metrics related to their businesses, as well as diversity, equity and inclusion indicators.

Planet Hatch conducted the survey as part of the Business Accelerator & Incubator Performance Management Framework — a 2017 national accord between startup incubators and the federal Department of Innovation, Science and Economic Development for member organizations to track and report a set of key performance metrics.

“As immigration remains a priority for the province of New Brunswick, there continues to be a growing attraction of newcomer entrepreneurs,” says the report.

“Of the entrepreneurs engaged with Planet Hatch this year, 63% identified as newcomers. While these newcomer-led businesses spanned almost every sector, the majority of the businesses were IT focused.”

Just under a third of entrepreneurs were under the age of 39, and two thirds were on their first startup. Founders under 39 were most likely to be working in the agriculture, IT, food and beverage and industrial manufacturing sectors.

Of the founders who identified as new immigrants, the largest portion, 27 percent, run information technology companies.

The report does not include data about LGBTQ representation, nor whether founders belong to visible minorities, other than the statistic about Indigenous founders.

Over the period covered in the report, Planet Hatch hosted 32 events and gave startups $13,000 of in-kind backing.

Female founders received about $380,000 of non-dilutive funding, although the report does not clarify how that figure compares to the amount received by male founders.

“According to the Government of Canada Women Entrepreneurship Strategy, studies show that by advancing gender equality and women's participation in the economy, upwards of $150 billion could be added in GDP,” says the report.

“Therefore, Planet Hatch remains committed to supporting and encouraging more women as they start their businesses.”

The largest portion of companies that Planet Hatch worked with were in the IT sector, at nearly 21 percent, with the professional services, retail and food and beverage sectors following close behind.

A majority of companies were in the growth stage at about 36 percent, followed by validation stage companies, ideation-stage projects and mature businesses, in that order.

Just under half of startups were pre-revenue, followed by just under 28 percent with monthly recurring revenue, with the remaining quarter being in between.