Today, to mark International Women's Day 2023, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced the recipients of funding under the Women Entrepreneurship Strategy (WES).
This nearly $7 billion initiative is helping remove systemic barriers women face in accessing the financing, resources and networks they need to start up, scale up and reach international markets:
- eight new projects approved for $25 million in funding through round 1 of the WES Ecosystem Fund
- fifteen organizations selected for $40 million in funding to deliver round 2 of the WES Ecosystem Fund
- five organizations approved for $15 million in funding to deliver the Inclusive Women Venture Capital Initiative
The eight approved projects under round 1 of the Ecosystem Fund will provide entrepreneurship training, business acceleration support, networking and mentorship opportunities to help diverse and underserved women across the country reach their business goals.
The recipients of funding under round 2 of the WES Ecosystem Fund will focus on supporting women entrepreneurs in their areas of strength-such as the care economy and the retail and service sectors-as well as providing coverage in rural and remote regions and the north.
Since its launch, the WES Ecosystem Fund has helped more than 10,000 women start new businesses and more than 12,000 women grow their existing ones.
Challenges also exist in accessing capital. Globally, women-led startups received just 2.3% of venture capital funding in 2020. Women are also under-represented among equity investors, representing only 15.2% of Canadian venture capital partners and 16.7% of Canadian angel investors.
The funding recipients will develop projects that help women access venture capital funding, increase the representation of women in the venture capital industry and ensure that the venture capital industry is sensitive to gender and potential unconscious bias.
