TORONTO, Sept. 28, 2023 /CNW/ - Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, and Economic Development, delivered remarks at the 2023 Elevate Festival, Canada's largest technology and innovation festival.
Minister Ng highlighted the steps the Government of Canada is taking to even the economic and entrepreneurship playing fields for all Canadians, focusing on federal support for women entrepreneurs and Canada's inclusive approach to trade.
The Women Entrepreneurship Strategy represents nearly $7 billion in investments and commitments that are helping thousands of women entrepreneurs access the financing, networks, mentorship and training they need to succeed. In 2021-2022 alone, WES initiatives delivered nearly 9,000 affordable loans to women entrepreneurs, and more than 22,000 women participated in events delivered by the Women Entrepreneurship Knowledge Hub. Since it was launched, the WES Ecosystem Fund has helped more than 10,000 women start new businesses, and more than 12,000 grow existing ones.
Elevate is one of five 5 organizations to have received funding through the Inclusive Women Venture Capital Initiative, a WES program designed to create a more inclusive venture capital environment for Canadian women entrepreneurs. Elevate's project will focus on addressing gender gaps in the tech industry by improving access to resources, training and mentorship for women entrepreneurs and investors.
These efforts are complemented by the Venture Capital Catalyst Initiative inclusive growth stream, which aims to advance diversity, equity and inclusion in the Canadian VC ecosystem by enhancing access to capital for diverse fund managers and underrepresented Canadian entrepreneurs.
To support women in technology, he Business Development Bank of Canada announced the $500 million Thrive Platform in the fall of 2022. This is the largest investment platform in the world supporting women-led businesses and includes three components: the $300M Thrive Venture Fund, a $100M Indirect Investment Envelope, and the $100M Thrive Lab...
Minister Ng also spoke about Canada's supports for women exporters, including Export Development Canada's targets for women in trade and Inclusive Trade Investments Program, and women-focused initiatives led by Global Affairs Canada's Trade Commissioner Service.
"Our government is driving strong, sustainable, and inclusive economic growth by investing investing in the success of entrepreneurs from all walks of life. Helping diverse entrepreneurs start up, scale up, and export to new markets will create a more inlusive economy that hones Canada's competitive advantage."
– The Honourable Mary Ng, Minister of International Trade, Export Promotion, and Economic Development
- The Women Entrepreneurship Strategy (WES) is comprised of nearly $7 billion investments and commitments including:
- the Women Entrepreneurship Loan Fund, which is providing loans of up to $50,000 to women business owners and entrepreneurs;
- the Inclusive Women Venture Capital Initiative, which seeks to build a more inclusive venture capital environment for Canadian women;
- the WES Ecosystem Fund, which is helping strengthen support networks and deliver the resources that women entrepreneurs need to start up, scale up and access new markets; and
- the Women Entrepreneurship Knowledge Hub, which has brought together 10 regional hubs, over 300 organizations and thousands of women entrepreneurs to create a more inclusive and supportive environment to grow women's entrepreneurship in Canada.
- The government is also investing in removing systemic barriers faced by diverse entrepreneurs through programs like the Black Entrepreneurship Program and the 2SLGBTQI+ Entrepreneurship Program.
- To ensure women have equal access to the benefits and opportunities arising from international opportunities, Canada is taking an inclusive approach to trade by integrating gender-related provisions in all its free trade agreements. The government has also co-signed the Global Trade and Gender Arrangement.
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SOURCE Innovation, Science and Economic Development Canada
Shanti Cosentino, Press Secretary, Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development, 343-576-4365, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]
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