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Toronto, March 18, 2024 /CNW/ – Today, Women’s Entrepreneurship Knowledge Hub (WEKH)published preliminary findings from its results, which are produced annually. Current Status of Women’s Entrepreneurship (SOWE) Canada We made the announcement at an event hosted by Small Business Minister Recy Valdez and attended by more than 100 diverse women entrepreneurs and women entrepreneurship ecosystem partners from across Canada.
WEKH researchers average Canada’s quarterly Business Report and estimate that by 2023, 18.4% of businesses, including small businesses and large corporations, will be majority-owned by women. There is. (Small and medium-sized enterprises [SMEs] Based on averages, it was estimated that in 2022, 18% of companies will be majority-owned by women. Previous research shows that in 2020, 16.8% of small businesses were majority-owned by women, up from 15.6% in 2017.
Canada’s 7 billion dollars The Women’s Entrepreneurship Strategy (WES) aims to increase access to financing, networks and expertise for women-owned businesses to launch, scale and access new markets. Results from a survey of 510 women participating in the WES program found that more than three-quarters of respondents (76.6%) joined a new industry after joining WES. I reported. They also reported increased participation in innovation (65.9%), including new business processes and models, products and services, and sustainability practices. More than half (52.2%) of WES participants formed new support networks. 43.2% gained new advisors and 41.3% networked with other entrepreneurs in their industry.
”Canada The country consistently ranks among the top countries in the world in indicators that measure women’s entrepreneurial activities and support for them. Our research and other global indicators show: Canada’s The Women’s Entrepreneurship Strategy leverages a diversity perspective to understand systemic barriers and develop effective strategies across all government sectors, including agriculture, infrastructure, the environment, etc., to support women entrepreneurs, especially those at intersections. This is an important and effective initiative that opens up opportunities to advance women entrepreneurs with a unique identity. ” Said Wendy CukierFounder and Academic Director of the Diversity Institute and WEKH.
Other preliminary findings from this year’s SOWE report demonstrate progress and continuing barriers for women entrepreneurs.
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Canadian women were more involved in overall early-stage entrepreneurial activity compared to the global average (14.8% vs. 10.1%).
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More than 80% of women entrepreneurs are self-employed, and women make up 37.2% of the self-employed population.
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The income of female entrepreneurs lags behind that of male entrepreneurs, with 37.1% of female entrepreneurs earning less than male entrepreneurs. $50,000 annually compared to 31.7% of male entrepreneurs.10.9% of female entrepreneurs earn more than $150,000 compared to 14.8% of male entrepreneurs.
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Female entrepreneurs are more likely than male entrepreneurs to adopt sustainability initiatives. More than a third (33%) of women-owned businesses are working to reduce waste.
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The majority of Indigenous businesses are owned by women, a higher proportion than the Canadian population (24.7%).
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Approximately 19.2% of small and medium enterprises Canada It is largely owned by racialized individuals.
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47.5% of women-owned businesses had all employees trained in the skills needed for business, compared to 41.9% of all businesses.
Mr. Cuquier also emphasized that: Canada “Canadian policy continues to prioritize the ‘too big to fail’ over the ‘too small to fail.'” Investment is based on the view that large corporations and high-tech companies are the best path to creating high-wage jobs, maximizing return on investment, and increasing tax revenue for the government, but unlike in the United States, Canadians Investing in diverse entrepreneurs and small businesses is not only important for small businesses in general; Canada Not only to remain competitive, create jobs and grow the economy, but also to advance the Sustainable Development Goals. ”
WEKH, supported by WES, annually produces the tSOWE report, which summarizes new research on women’s entrepreneurship. Canada To inform policy and practice. It addresses barriers, enablers, and progress and cuts across sectors and geographies.
Source Diversity Research Institute Toronto Capital University
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