Government of Canada announces funding for women entrepreneurs to create a more equitable digital economy
Press Release
From: Women and Gender Equality Canada
February 22, 2024
The full and equal participation of women in the economy is essential to Canada’s competitiveness and prosperity. Dismantling the systemic barriers that hold women entrepreneurs back from reaching their full potential leads to more economic independence, while helping to build more resilient communities.
Today, the Honourable Marci Ien, Minister for Women and Gender Equality and Youth attended an event hosted by Information and Communications Technology Council (ICTC) in Toronto and announced $960,000 in funding for the organization to create a more inclusive and equitable digital economy.
The funding will support the project Changing the Narrative – Unleashing the Full Potential of Women-owned Enterprises, which aims to foster innovation, enhance workforce diversity, and tackle systemic barriers experienced by women entrepreneurs, with a focus on Black and official language minority communities.
Supporting equal opportunities for women in the workplace could add $150 billion to Canada’s Gross Domestic Product (GDP) by 2026. The Government of Canada will continue to collaborate with women’s organizations and experts to advance intersectional approaches and build an inclusive economy that works for everyone.
February is Black History Month in Canada. This month, and throughout the year, the Government of Canada prioritizes initiatives that combat systemic racism and advance economic opportunities for Black communities.
Quotes
“Everyday women entrepreneurs are taking risks, bringing new ideas to life, and making contributions to our country. Yet they continue to receive less financing and opportunities than their male counterparts. Today’s investment in the Information and Communications Technology Council is about creating a more inclusive social entrepreneurial landscape, particularly for women from Black and official language minority communities.”
The Honourable Marci Ien, Minister for Women and Gender Equality and Youth
“In the digital age, the success of our economy is intertwined with the success of women-led businesses. We are thrilled the Government of Canada is investing in this program to unlock the full potential of women entrepreneurs. By supporting social enterprises led by women, particularly from marginalized communities, we’re not just creating businesses – we’re building bridges to economic empowerment, job creation, and a better standard of living for all.”
Namir Anani, President & CEO, Information and Communications Technology Council
Quick facts
- Budget 2023 allocated $160 million over three years, starting in 2023-24, for the Women’s Program to provide funding to organizations in Canada that serve women.
- Racialized women hold only about 10% of senior leadership and pipeline positions in Canada, with Indigenous women, women with disabilities and 2SLGBTQIA+ women each holding less than 2% of senior leadership and pipeline positions.
- In 2020, 89% of 48 of Canada’s largest organizations reported that they had zero Black women in the pipeline to executive officer roles.
- In December 2022, about two-thirds (66.6%) of Black Canadians aged 15 and older were employed.
- Globally, women-led start-ups received just 2.3% of venture capital funding in 2020.
- Based on 2020 data, only 16.8 percent of Canadian SMEs (small and medium-sized enterprises) are majority owned by women and are more likely to operate in young, small, low-growth and underfinanced sectors such as retail trade, and other service sectors. These factors make it harder to access and secure financing.
- Women are under-represented among equity investors, representing only 15.2% of Canadian venture capital partners and 16.7% of Canadian angel investors.
Associated links
Contacts
Nanki Singh
Press Secretary
Office of the Minister for Women and Gender Equality and Youth
819-665-2632
Nanki.Singh@fegc-wage.gc.ca
Media Relations
Women and Gender Equality Canada
819-420-6530
FEGC.Media.WAGE@fegc-wage.gc.ca
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