As Canada works to finish the fight against COVID-19, the government is committed to ensuring a strong, inclusive economic recovery that addresses systemic gaps and empowers women in the economy.
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced a call for applications to deliver the Inclusive Women Venture Capital Initiative (IWVCI), a new $15 million investment under the $6 billion Women Entrepreneurship Strategy.
Women-owned businesses currently receive just 2.8% of venture capital (VC) funding available worldwide, and an estimated 4% of VC funding in Canada. Women are also under-represented among equity investors, representing only 15.2% of Canadian VC partners and 16.7% of Canadian angel investors.
The IWVCI is a three-year program to build a more inclusive VC environment for Canadian women entrepreneurs. It will support projects that help strengthen the capacity of women entrepreneurs to access VC funding, contribute to increasing the representation of women in the VC industry, or help ensure that the VC industry is sensitive to gender and potential unconscious bias.
Eligible focus areas for projects include:
- providing education and training to support equitable access to funding and/or promote related practices in the VC industry
- engaging investors to better understand, adapt to and work with women entrepreneurs or their businesses
- helping women entrepreneurs better understand and access available financing options
- supporting efforts to advance and increase the representation of women in roles such as investors and fund managers
- fostering networking or mentoring models to improve access to capital for women entrepreneurs and their businesses
- demonstrating support and making contributions in other areas to strengthen the network of women and diverse entrepreneurship organizations in Canada
