A centrepiece of Budget 2018, the Women Entrepreneurship Strategy is a comprehensive, whole-of-government plan to help women grow their businesses through access to financing, talent, networks and expertise. It highlights the Government of Canada's commitment to create a diverse, inclusive economy that supports prosperity and a better quality of life for all.
When women succeed, everyone succeeds
The Government of Canada recognizes that fostering diversity and inclusion is integral to creating an economy that works for everyone. The full and equal participation of women in the economy is essential to Canada's future competitiveness and prosperity.
Through the strategy, the Government of Canada will support women entrepreneurs in starting and growing world-class businesses that can compete and win on the world stage, boost economic growth and create good middle-class jobs.
Why a Women Entrepreneurship Strategy?
The numbers demonstrate the challenges women entrepreneurs and women-led businesses face.
Approximately 16% of small and medium-sized enterprises are majority women-owned
Only 10% of high-growth firms are owned by women
About 8% of women-owned businesses export
Women-led businesses also face barriers in accessing capital. According to recent data, women entrepreneurs are less likely to seek debt and equity financing and are more likely to be rejected or receive less money.
Mary Ng, Minister of Small Business and Export Promotion, invites you to find out more about the Women Entrepreneurship Strategy.
Key action areas
The Women Entrepreneurship Strategy is based on four key action areas to address the challenges women entrepreneurs face as they move through the phases of business development:
Helping women-led businesses grow
Through investment in areas such as mentoring, skills development and networking, the Government of Canada will help businesses grow, participate in federal procurement and export.
Improving access to federal business innovation programming
Reforms in federal business innovation programming will focus on improving the participation of
under-represented groups, including women entrepreneurs.
Enhancing data and knowledge
The Government of Canada will fund the creation of an independent Women Entrepreneurship Knowledge Hub, to gather and disseminate information, data and best practices for women entrepreneurs.
"The Government of Canada's new fund is great news for women-owned businesses seeking to make connections, grow and do business with large corporations. WEConnect International is committed to diversifying global supply chains and expanding market opportunities for women-owned businesses in over 100 countries. We thank the Government of Canada for its support and assistance in promoting women's entrepreneurship."
– Chelsea Prescod, Country Director, Canada, WEConnect International
"Helping women entrepreneurs tap into corporate supply chains enhances diversity and builds a more resilient economy. WBE Canada is delighted to see strong commitment on the part of government to advance this objective. This is an exciting time for Canadian women-owned businesses, and I hope that it will be an important step toward seeing the gender gap shrink in supply chains across the country. On behalf of WBE Canada, I congratulate the Government of Canada on this announcement and on its support for Canadian women business owners and the organizations that assist them."
– Silvia Pencak, President, WBE Canada
"We are excited about the benefits for women-owned businesses that will result from this announcement and from other initiatives under the Women Entrepreneurship Strategy. Women entrepreneurs contribute in a significant way to the Canadian economy and support for this business sector will have far-reaching benefits. Strengthening women's entrepreneurship is at the heart of what we do, and we commend the Government of Canada for this important initiative."
– Sandra Altner, Chair of the Board, Women's Enterprise Organizations of Canada
"Not only is developing a comprehensive strategy to support female entrepreneurs critical to the Canadian economy, as it will help close the gap on $150 billion in lost GDP due to gender equality, but it will also set the tone globally. I applaud the Government of Canada for taking action to make more capital available to women-owned firms."
– Vicki Saunders, Founder, SheEO
"While the gap is narrowing, there is still a lot to be done to encourage women entrepreneurs and to bring their innovative ideas to the market. We know that female entrepreneurs create diversity and have a social and economic impact, and we need to give women the education and experience required to tackle the entrepreneurial world. The University of Calgary's Hunter Centre for Entrepreneurship and Innovation shares the vision and spirit of the Women Entrepreneurship Strategy and congratulates the Government of Canada for its initiative in breaking down the barriers facing women business owners."
– Joelle Foster, Executive Director, Hunter Hub for Entrepreneurial Thinking, University of Calgary's Haskayne School of Business
"Women-led businesses have high-growth ambitions, but systemic gender barriers encourage them to stay small. Compared to male-led businesses, women entrepreneurs have smaller teams and lower revenue, and they are less likely to raise capital or pursue export markets. As Canada's entrepreneurship organization, Startup Canada applauds the bold vision and actions laid out in the Women Entrepreneurship Strategy to close the growth gap in Canada—in partnership with industry and support organizations like Startup Canada—improve support, create new investment opportunities and increase access to mentors. This strategy will support women-led businesses and push the boundaries of what is possible to scale women-led companies in Canada."
– Victoria Lennox, Co-Founder and CEO, Startup Canada
"The productivity and competitiveness of the Toronto region and Canada depends on entrepreneurial talent having access to the resources and funding they need to grow their business, boost trade and create jobs. The federal government's Women's Entrepreneurship Strategy provides a comprehensive and needed plan to help women entrepreneurs access talent, capital and networks."
- Jan De Silva, President & CEO, Toronto Region Board of Trade
