A more inclusive economy is a stronger economy. That's why the Government of Canada is dedicated to taking concrete action to advance gender equality, which will help build an economy that works for all Canadians.
Today, the Honourable Rechie Valdez, Minister of Small Business, announced key findings of the annual report on the State of Women's Entrepreneurship in Canada, with Dr. Wendy Cukier, Founder and Academic Director of the Diversity Institute and the Women Entrepreneurship Knowledge Hub. The report is produced by the Women Entrepreneurship Knowledge Hub with support from the Government of Canada.
The State of Women's Entrepreneurship (SOWE) annual report provides the most complete picture of research on women's entrepreneurship in Canada. Some of the findings from the 2024 SOWE report include the following:
- Women business ownership is growing: In 2023, approximately 18.4% of all businesses were majority owned by women in Canada, compared to 15.6% in 2017.
- Women entrepreneurs drive economic growth and sustainability: Women-owned businesses focus more on innovation and environmental sustainability than men-owned businesses.
- Women entrepreneurs still earn less: 37.1% of women entrepreneurs earn less than $50,000 annually, compared to 31.7% of men entrepreneurs.
This report shows that while women entrepreneurs are making progress, they continue to face challenges, and more work needs to be done. This is why the Government of Canada continues to support under-represented entrepreneurs through programs like Canada's first-ever Women Entrepreneurship Strategy (WES), a nearly $7 billion initiative that is helping tens of thousands of women entrepreneurs from all walks of life across Canada get the support they need to succeed.
