The 3rd floor of the Toronto Region Board of Trade hummed with anticipation on September 23 as cocktails and canapés gave way to the Canadian Business x American Express Canada Thought Leadership Summit.

The evening’s event, dubbed Entrepreneurship Evolution, was devoted to a pressing question: what’s driving the next wave of Canadian business founders—and how is AI changing the journey?

The answer, it turns out, is both simple and complex. According to new research commissioned by American Express Canada and conducted by The Harris Poll (July 2025), financial independence still tops the list of motivators for both Gen Z and Millennial entrepreneurs polled. Flexibility and passion follow close behind. But how those ambitions are pursued looks markedly different in 2025, thanks in large part to the rapid adoption of AI.

Phanikar Yenamandra, Vice-President of Customer Marketing & Engagement at Amex Canada, opened the evening by underscoring the shift.

“Seven in ten young entrepreneurs have already experimented with AI tools,” he said, “and most view it as a positive force.”

For many in the room, it was validation: the hustle hasn’t changed, but the toolkit has.

The panel discussion that followed, moderated by Canadian Business publisher Jason Maghanoy, brought together founders at different stages of their journeys alongside Kerri-Ann Santaguida, Vice-President & General Manager of Merchant Services at Amex Canada.

The throughline was clear: while technology lowers barriers, entrepreneurship still demands resilience, creativity and, above all, story.

For Francesca Albo, co-founder and CEO of Puppy Sphere, story has been everything. What began as a personal response to mental health challenges became a North American business offering puppy yoga as a form of accessible therapy. “Make sure what you’re building is something you’re incredibly passionate about,” she told the audience. “Storytelling and brand are everything today.”

Bobbie Racette, founder and president of Virtual Gurus, agreed—but stressed grit as the foundation.

She recalled facing rejection in traditional job markets before building her company into a multi-million-dollar operation that connects marginalized workers to remote employment. “We built AI into everything we did,” she said. “We can’t run and hide from AI—it’s here.”

Still, technology is no substitute for fundamentals. Satish Kanwar, co-founder of Good Future and a former Shopify executive, reminded the room that lasting businesses must solve enduring problems.

“The leverage is higher,” he said, reflecting on the productivity boost AI offers. “But you still have to solve an enduring need. The part you can’t fake is the idea, the brand, the story.”

From her vantage point at Amex, Santaguida connected those perspectives to the everyday realities of entrepreneurs across the country. “Cash-flow management is a top concern we hear,” she said. “But competition for customers and operational efficiency are close behind. Entrepreneurs wear every hat—and that takes them in a hundred directions.”

To help, Amex has developed programs that go beyond payments and capital. Shop Small rewards cardmembers for supporting independent merchants, while the new Local Gems program designates standout small businesses in specific neighbourhoods and promotes them directly to Amex customers. “Gen Z will ignore generic marketing,” Santaguida noted. “Personalization matters—and that’s where our data and insights can help.”

As the panel wrapped, it was evident the night had woven a generational portrait. Independence, flexibility and passion remain timeless drivers, but today’s entrepreneurs are faster to experiment, quicker to scale and more willing to integrate AI into their playbooks. The challenge is balancing speed with authenticity—the human story that turns a transaction into a relationship.

For Amex Canada, the message was equally clear: whether it’s working capital, marketing visibility or insights to help scale, the company is committed to being a trusted partner for the next generation of Canadian business owners.

Learn more at the Amex Small Business Hub here.