Supporting Female Entrepreneurs the Canadian Way
Although modern banking is making great strides at opening up the market to more people we still have a way to go before everyone has equal representation. Everyone deserves technology and services that help them function at their peak. For this to happen though we need a wider range of people looking for solutions as more perspectives are how we see the greatest range.
This is one of the reasons we need more women exploring and working in the tech field as well as more female entrepreneurs.
One of the hard parts to ensuring this is a worldwide effort is the very real fact that every country has different systems and therefore no method will work across the board.
For now let’s look at Canada and what we are doing to increase representation in the Canadian business world.
The good news is the Government of Canada is already on board with the quest to grow the number of women entrepreneurs.
The recently launched Women Entrepreneurship Strategy (WES) will invest $2 billion in women-led Canadian businesses by 2025. One branch of this, the Women Entrepreneurship Fund, has funded and is funding over 200 up-and-coming businesses, many of which will help bring in the full force of the power of FinTech.
Take Boss Insights for example. This modern portfolio manager uses big data and artificial intelligence (AI) to give investors a clearer picture of the potential in their investments and provide accelerators with the info they need to connect startups with potential funders. This is an amazing and needed upgrade to the investment field.
Jane Software is another innovator receiving funding. This platform is improving how health practitioners book, schedule and invoice their clients. Considering how stressful and time-consuming these processes can be Jane will likely be widely embraced by the health field.
It’s very promising to see the backing the Canadian government is giving our women entrepreneurs and I can’t wait to see the innovations it brings forth.
Canada also has other initiatives set up to help support Canadian women aiming to conquer the FinTech business world.
BDC, the Business Development Bank of Canada, has set up a platform for women entrepreneurs, providing them with a one-stop place for coaching, funding, information, mentorship and networking.
Women’s Enterprise Organizations of Canada is another great access point for those seeking to master the FinTech market, offering much needed financing and networking opportunities. An association of organizations, the WEOC strives to be “the authority on women’s entrepreneurship in Canada.”
These initiatives are obviously very important, as venture capital funding is still heavily skewed towards the male population. With the right support women-led businesses can thrive and we need to ensure the system doesn’t ignore their existence.
Canada is currently home to around 1.4 million women entrepreneurs and we should be doing everything we can to increase that number.
Studies show that women-led businesses experience stronger growth and greater revenue. If we want a thriving economy we need startups and businesses to show this strength.
In a good example of equality vs. equity we need various types of funding in order to create an equal playing field for Canada’s entrepreneurs. The good news is we are doing just this. Let’s hope this backing helps us position Canada as the next FinTech and innovation powerhouse.