In Canada, women entrepreneurs face a myriad of challenges in navigating the entrepreneurial terrain. The State of Women’s Entrepreneurship in Canada 2023 report by The Women Entrepreneurship Knowledge Hub (WEKH) revealed that only 18 per cent of businesses in Canada are majority-owned by women. This statistic not only underscores the gender disparity in entrepreneurship but also highlights the broader implications for Canadian women, considering that small and medium-sized enterprises (SMEs) contribute nearly 90 per cent of private sector employment in the country.
Despite the obstacles, the report also sheds light on the resilience and potential of women entrepreneurs in Canada. It acknowledges that women-owned businesses are on the rise, albeit facing lower survival rates compared to those owned by men. Additionally, it recognizes the inclusive nature of many women-owned SMEs, which actively provide opportunities for equity-deserving groups, including women, Indigenous Peoples, Black and racialized individuals, and 2SLGBTQIA+ communities.
However, the report also reveals that women entrepreneurs tend to be concentrated in certain sectors while being underrepresented in others. For instance, the majority of women-owned SMEs operate in the service sector, highlighting the need for greater diversity across industries.
Amidst these challenges, Futurpreneur stands as a beacon of support and empowerment for women entrepreneurs across Canada. We recognize the untapped potential and invaluable contributions of women startup founders to Canada’s inclusive prosperity. Through our initiatives, we aim to provide the necessary support, mentorship, and resources to unlock the full potential of women entrepreneurs and foster a more equitable entrepreneurial landscape.
Futurpreneur’s commitment to empowering women entrepreneurs is evident in several key areas:
1. Empowering Women Entrepreneurs Nationwide
At Futurpreneur, 44 per cent of the businesses we support are women-owned, surpassing the Canadian average by 2.4 times. This statistic underscores the impact of our financing, mentorship, and business resources in enabling women entrepreneurs to thrive despite challenging conditions.
2. Commitment to Inclusive Leadership
Two-thirds of Futurpreneur’s senior leadership team comprises women, reflecting our commitment to inclusive leadership. Throughout the organization, including program teams and business development staff, women represent two-thirds of Futurpreneur as a whole. We believe that this diversity in leadership fosters an environment where women support other women entrepreneurs, leading to transformative outcomes across the Canadian entrepreneurial ecosystem.
3. Inspiring Success Stories
Futurpreneur-supported women entrepreneurs exemplify the transformative impact of early-stage support. Visionary founders like Joanna Griffiths (Knix), Noura Sakkijha (Mejuri), Shelby Taylor (Chickapea), and Tara Bosch (SmartSweets) have made significant contributions to their industries after receiving funding from Futurpreneur in the early stages of their businesses. Their success stories inspire others and demonstrate the vast potential for women entrepreneurs to thrive in Canada.
4. Inclusive Programs for Equity-Deserving Communities
Futurpreneur is committed to supporting women entrepreneurs from equity-deserving communities through programs such as the Black Entrepreneur and Indigenous Entrepreneur Startup Programs. Notably, over half of Futurpreneur-supported businesses with Black or Indigenous founders are women-led, exceeding the average representation in those communities.
In conclusion, Futurpreneur remains steadfast in its commitment to empowering Canadian women entrepreneurs. By providing financial support, mentorship, and opportunities for growth, we strive to create a more inclusive and equitable entrepreneurial landscape where women entrepreneurs can thrive, even in challenging economic conditions. Together, with our partners, we can drive positive change and build a brighter future for women entrepreneurs in Canada. Contact us today to discover how our team can support you on your entrepreneurial journey.
