A group of five female business leaders from diverse backgrounds are pictured smiling and facing forward.

How Empowering Women-Led Businesses Boosts Canada’s Economy

Celebrating International Women’s Day, we spotlight the incredible role of women-led businesses in boosting Canada’s economy. These businesses are more than just part of the economy; they’re reshaping it with innovation and strength. Today, let’s dive into how these entrepreneurs are making waves, the challenges they face, and how we can support their growth.

Women Entrepreneurs Are Driving Economic Growth

Women entrepreneurs in Canada are not just participating in the economy; they are shaping it! With over 272,000 enterprises majority-owned by women and an equal ownership in another 208,000 as of 2018, their contribution is undeniable. 

The increasing number of women working and creating businesses marks a shift towards a more equal and diverse economy. But there’s more we can do to keep this momentum going.

Here are some strategies that can boost the contributions of women to the Canadian economy:

  • Enhanced Access to Capital: Women often face barriers in accessing the financial resources needed to start and scale their businesses. Creating more women-focused funding programs can bridge this gap.
  • Mentorship and Networking Opportunities: Women entrepreneurs thrive with the support of robust networks and mentors who can offer guidance, insights, and connections.
  • Education and Skill Development: Continuous learning opportunities in leadership, technology, and business management are crucial for keeping women at the forefront of innovation.

Bridging the Gap: Women’s Contribution Beyond Numbers

Women’s influence on Canada’s economy is huge. They not only participate in paid work but also contribute a significant amount through unpaid efforts. In 2018, women’s paid work added 28.5% to Canada’s GDP, and when unpaid work is included, their contribution jumps to 35.8%. Their efforts don’t just add to the economy; they create jobs, drive growth, and bring innovation and diversity to the business world.

Overall, empowering women in the workforce means: 

  • Job Creation: Women-owned businesses are a growing force in the Canadian job market, contributing significantly to employment opportunities across various sectors.
  • Economic Growth: Women entrepreneurs contribute billions to the Canadian GDP annually, underscoring their role in driving economic resilience and growth.
  • Innovation and Diversity: Businesses led by women are often at the forefront of adopting innovative practices and championing diversity and inclusion, leading to more robust and creative business ecosystems.

Overcoming Barriers: The Path to Empowerment

Despite their substantial contributions, women entrepreneurs often navigate a labyrinth of unique challenges. From getting funding to overcoming stereotypes, the road to success is full of obstacles. Yet, women’s resilience shines through as they break barriers, innovate, and pave the way for future generations. But they shouldn’t have to do it alone.

Initiatives aimed at supporting women in business are crucial steps towards levelling the playing field. For progress to take place, we must demand the following challenges be addressed:

  • Access to Networks: Women entrepreneurs often report feeling isolated or excluded from traditional business networks. Building more inclusive communities and platforms for connection can help bridge this gap.
  • Balancing Responsibilities: Many women juggle business leadership roles with family and caregiving duties. Policies and practices that support work-life balance are essential for enabling women to thrive in both spheres.
  • Tackling Gender Bias: Persistent stereotypes and biases can slow women’s progress in the business world. Awareness campaigns and education initiatives are vital for changing perceptions and fostering a culture of equality.

Global Insights and Moving Forward

Drawing from global perspectives provided by UN Women, we understand that empowering women economically is pivotal to achieving gender equality and sustainable development worldwide. Closing the gender gap could inject up to 7 trillion USD into the global economy

In Canada, fostering women’s economic empowerment and entrepreneurship means not only recognizing their contributions but also addressing the barriers they face, including access to funding, markets, and equal opportunities in leadership roles.

Our Promise for the Future

As a WBE Canada-certified woman-owned and led company, we know firsthand the transformative power of women in leadership. Part of our mission is to champion the voices and ambitions of female entrepreneurs and executives, providing them with the resources and support to thrive. 

In celebrating International Women’s Day, we reaffirm our commitment to equity, diversity, inclusion and belonging while fostering an environment where women’s contributions are acknowledged, valued, and elevated in the Canadian business landscape and beyond.

Our commitment is reflected in our actions:

  • Promoting Women Leaders: We actively seek to place talented women in executive roles, ensuring they have the opportunities to lead and influence.
  • Supporting Women Entrepreneurs: Through partnerships and collaborations, we offer resources and support to women-owned businesses, helping them navigate challenges and seize opportunities.
  • Advocating for Policy Change: We lend our voice to advocate for policies that support women entrepreneurs, including better access to funding, childcare support, and equal pay initiatives.

So, join us in recognizing the fierce spirit of female entrepreneurs this International Women’s Day. Their journey is our journey – toward a more equitable, thriving, and inclusive Canada. Together, we can build a legacy of empowerment, innovation, and success. Happy International Women’s Day!

_______________________________________________________________________________________________

About ProFound Talent: ProFound Talent is a dynamic executive and professional-level recruitment firm dedicated to unlocking the potential within each individual and organization, championing values of authenticity, respect, and quality. We are committed to transforming the executive search landscape by fostering meaningful partnerships and delivering exceptional results.

Learn More