Minister Ng and Minister Monsef shared what the Government of Canada is doing to help women entrepreneurs
PETERBOROUGH, ON, Dec. 19, 2018 /CNW/ - The full and equal participation of women in the economy is essential to Canada's competitiveness because when women succeed, everyone succeeds.
That is why the government is making unprecedented investments in women's entrepreneurship in Canada. With the $2-billion Women Entrepreneurship Strategy, the Government of Canada is seeking to double the amount of women-owned businesses by 2025.
Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, and the Honourable Maryam Monsef, Minister for Women and Gender Equality and Member of Parliament for Peterborough–Kawartha, met with women entrepreneurs and small business owners at a town hall hosted by the Women's Business Network of Peterborough to discuss government supports available to women entrepreneurs across Canada.
"Our government believes that women's economic empowerment is not just the right thing to do; it's good for the bottom line. That's why we launched the Women Entrepreneurship Strategy, a strategy that seeks to double the number of women-owned businesses by increasing their access to financing, networks and advice. It's a smart investment with an economic and social return. I'm thrilled that the Women Entrepreneurship Strategy will help foster women entrepreneurship from coast to coast to coast."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"Every Canadian, regardless of gender, should have an equal and fair chance at success. As a government, we have both the moral and economic responsibility to get this right on behalf of all Canadians. Women entrepreneurs are critical contributors to Canada's economy. We can add $150 billion to our economy in less than a decade if we successfully bring in policies of fairness and equality. When we invest in women, we strengthen the economy for everyone."
– The Honourable Maryam Monsef, Minister for Women and Gender Equality and Member of Parliament for Peterborough–Kawartha
- The Women Entrepreneurship Strategy (WES) will help women start and grow their businesses by improving access to financing, talent, networks and expertise through an investment of nearly $2 billion.
- The strategy will help our government achieve its goal of doubling the number of majority women-owned businesses by 2025.
- WES programs complement our government's broader initiatives to help women, including measures on pay equity, more flexible parental leave and more affordable childcare.
- Advancing gender equality has the potential to add $150 billion in incremental GDP to the Canadian economy by 2026.
- Fewer than 16% of SMEs in Canada are majority women-owned.
- Only 8.4% of majority women-owned SMEs export, compared to 12.8% of majority male-owned SMEs.
- The Global Entrepreneurship Monitor Canada 2015/16 Report on Women's Entrepreneurship indicated that in 2016 Canada had the highest percentage of women participating in early-stage activity (13.3%) and the fifth highest in terms of female ownership of established businesses among comparable innovation-based economies.
- WES Expert Panel
- Women Entrepreneurship Fund
- WES Ecosystem Fund
- Women Entrepreneurship Strategy
- Innovation and Skills Plan
- Innovation Canada
- Venture Capital Catalyst Initiative
SOURCE Innovation, Science and Economic Development Canada
For further information: Mallory Clyne, Director of Communications, Office of the Minister of Small Business and Export Promotion, 343-291-3553; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]