Justin Trudeau reaffirms commitment to women leaders in VC firms
A new report that highlights the need to improve access to investment capital for female entrepreneurs has been welcomed by Canada’s prime minister.
The research report from the Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders makes key recommendations for capital providers.
"Matching capital with women entrepreneurs is not an intractable problem. The capital is there, it is the access that is missing," says Investissement Québec Board Chair Monique F. Leroux. "Our report sets forth common sense recommendations to improve access, which, coupled with commitment from stakeholders that already exists, will have a real impact on the ability of women to fund and grow their businesses."
The report calls on capital providers to Create and implement training protocols highlighting the potential of women-owned businesses and how best to interact with them; increase the number of women in key roles, including senior leaders, client-facing, and those that influence the investment decision; and adopt clear, strong and relevant diversity policies.
It also says that the Canadian government should offer tax incentives to stimulate women entrepreneurship; encourage private leaders investing alongside governments; give preferred access to government tender processes.
Prime Minister’s reaction
Justin Trudeau welcomed the report and thanked the Council for its work to explore how access to capital for female entrepreneurs can be improved.
"We know that governments can promote economic growth that works for everyone by providing targeted support for women-owned and women-led businesses,” the prime minster said. “The report highlights the $1.4 billion in new financing available for women entrepreneurs through the Business Development Bank of Canada and the capital available to increase women's participation in traditionally male-dominated industries. We are also providing financing and insurance solutions for those looking to export to global markets, as well as new lending for women entrepreneurs in agriculture.”
He added that the government is also committed to improving the representation of women in leadership roles in the venture capital industry.
"When women entrepreneurs succeed, all of us benefit – and it is vital that we work together to remove the barriers that limit the potential of women-led companies. We welcome these recommendations and will continue our efforts to support women entrepreneurs and business leaders. We look forward to the final report from the Council, which will look at the advancement of women leaders in the private sector,” concluded Mr Trudeau.
