- The report finds innovation contributions from female entrepreneurs are under recognized as they often fall outside the
technology sector
- Research was co-funded by BMO, the Government of Canada, Carleton
University and The Beacon Agency
TORONTO, Feb. 14, 2018 /CNW/ - Carleton
University, BMO Financial Group and The Beacon Agency released a study today that finds women entrepreneurs are innovating
every day across Canada, but their significant non-tech innovations largely go unrecognized and
rules around grants and incubators that could help often exclude them.
The report, entitled Everywhere, Everyday Innovating – Women Entrepreneurs and Innovation, delivers new insights based
on interviews with 146 diverse female entrepreneurs across Canada, including 23 Indigenous women
and a survey of another 1,000 female business owners. It recommends inclusive innovation policy from cross-industry decision
makers to remedy the situation.
"We are proud to help foster conversation about what is needed to create better opportunities for Canadian female
entrepreneurs," said Andrew Irvine, Head, Customer Solutions, Canadian Personal & Business
Banking, BMO Bank of Montreal. "BMO is committed to learning from these discussions and using
them to drive change in our industry that will benefit women entrepreneurs and support their success."
"This study shows us what women already know to be true: that there is much more that we all can do to support women
entrepreneurs and business owners," said the Honourable Bardish Chagger, Leader of the Government in the House of Commons and
Minister of Small Business and Tourism. "It starts with a stronger support network, more coordinated investments and greater
access to capital, but that's only part of the solution. We also need a culture shift. As innovation changes our economy, women
entrepreneurs will be key to our future success. We need more women in business – for our economy, and more importantly, for our
society."
Key findings
The report found that most policies and financial assistance programs currently equate innovation solely with
technological advances, and therefore don't consider how women are innovating much more broadly.
Many of the entrepreneurs interviewed noted that they do not feel welcome or included in the focus of mainstream networks,
incubators and accelerators. Indigenous women entrepreneurs noted experiencing the same challenges, in addition to burdens
including prejudice and lack of access to business training on-reserve.
- Ninety per cent of female-led businesses are in service industries where innovation extends from developing new products
and services, to engaging employees and devising new ways of marketing and selling
- Women entrepreneurs do not generally view technology products as their end-goal, but are eager and comfortable with using
technology to adapt and meet their other business objectives
- Women entrepreneurs feel restricted by many of the available incubator and mentorship programs which focus on attracting
technology companies and have age limits for participants
- Women entrepreneurs feel there is an underrepresentation of fellow female mentors and potential investors, which hinders
their ability to raise capital or attract the attention of policymakers for funding opportunities
- Some women entrepreneurs interviewed for the study said they experienced a range of discrimination and sexism, from
comments about their appearance, level of experience, knowledge, and attire to a lack of understanding about how women's
business pitches are different from men's.
"We know that women entrepreneurs are developing innovative approaches to business and actively contributing to growing the
Canadian economy," said Clare Beckton, Co-author & executive in residence, Centre for Research
and Education on Women and Work at Carleton University. "In spite of their important contributions,
this report identifies why they are continuously and systematically underappreciated and what must be done to remedy this
issue.''
"It is vital to fully recognize the invaluable innovation contributions women entrepreneurs are making in Canada," said Janice McDonald, Co-author & President of The Beacon
Agency. "An inclusive innovation strategy will enable female entrepreneurs to thrive and the economy to benefit."
Among the Recommendations
Everywhere, Everyday Innovating – Women Entrepreneurs and Innovation highlights the importance of a more robust eco-system
for female entrepreneurs, supported by governments, financial institutions and actions of the entrepreneurs themselves,
including:
- The introduction of a government-created innovation framework that includes women entrepreneurs in policy design and
commits equitable grant funds;
- Work by financial institutions to address unconscious bias in small business loan acceptance, track payback rates of female
entrepreneurs as a proof point to their growth and continuously explore partnerships and invest in programs that support female
entrepreneurs;
- Educating female entrepreneurs to ensure they are informed about options available to them, and establish relationships
with banks and investors beyond when loans are needed;
- Work from policymakers to deliver enhanced child-care and maternity benefits for women entrepreneurs who are primary
caregivers;
- Addressing the ineligibility for financing among Indigenous women due to lack of property needed for collateral loans if
living on-reserve; and
- Establishing training, mentorship programs and networking opportunities on-reserve to further improve support for new
Indigenous women entrepreneurs.
To view the full report, go to https://bmoforwomen.bmo.com/ or www.carleton.ca/creww and join the conversation on social, using #BMOforWomen.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank,
by assets, in North America. With total assets of $710 billion as
of October 31, 2017, and more than 45,000 employees, BMO provides a broad range of personal and
commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts
business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.
Web: www.bmo.com
Twitter: @BMOmedia
About Carleton University
Located in the nation's capital, Carleton University is a dynamic research and teaching
institution with a tradition of leading change. Its internationally recognized faculty, staff and researchers provide more than
28,000 full- and part-time students from every province and more than 100 countries around the world with academic opportunities
in more than 65 programs of study. As an innovative institution Carleton is uniquely committed to developing solutions to
real-world problems by pushing the boundaries of knowledge and understanding daily.
About The Beacon Agency
The Beacon Agency is a strategic consulting firm that advises clients in the private, public and not-for-profit sectors. They
have a special focus on working with innovative brands to make the good they do count. Headquartered in Ottawa, it is led by award-winning entrepreneur Janice McDonald @janicemcd
http://www.beaconagency.ca.
SOURCE BMO Financial Group
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