Every March, we double down and commit to furthering female empowerment. We make pledges, share stories and post commitments in the name of advancing women’s interests in a rapidly changing world. However, I don’t know if we reflect clearly on the impact of those statements.
This year, International Women’s Day had a clear call to action: “Invest in Women: Accelerate Progress.” It beckons us to recognize the transformative power of investing in women, particularly in entrepreneurship, and how it can shape the future of our communities and economies.
In a world where gender equality remains an elusive goal, empowering women as entrepreneurs is not just a matter of fairness, it’s a strategic imperative. The statistics speak volumes. Despite women’s proven acumen as entrepreneurs, a mere 16.8 per cent of small- and medium-sized businesses are owned by women in our country. This represents a significant missed opportunity for economic growth and innovation.
Moreover, recent reports from the Business Development Bank of Canada (BDC) indicate a troubling trend: a decline in entrepreneurship over the past two decades, even as our population has grown. This trend not only stifles economic dynamism but also exacerbates the gender gap in business ownership.
However, amidst these challenges, there shines a beacon of hope. Organizations like Junior Achievement (JA) are actively nurturing the entrepreneurial spirit among young women. Through hands-on programs focused on financial literacy, entrepreneurship and work readiness, JA empowers students to chart their own paths to success.
The impact of JA’s programs is profound. Alumni of the JA Company Program not only exhibit better financial habits but also demonstrate a greater propensity for entrepreneurship. Perhaps most inspiring is the statistic that 70 per cent of female JA alumni believe they can own their own businesses—a testament to the transformative power of mentorship and support.
This is why I was more than excited to launch the SHE Leads movement through Junior Achievement last month; a movement of women mentors and funders dedicated to empowering the next generation of female entrepreneurs. Together, we have the power to change the face of business in our city and beyond.
Our goal is ambitious – to create eight new girl company program groups in 2025, supported entirely by women mentors. This means 120 more girls graduating from JA’s transformative programs, equipped with the skills and confidence to thrive in the world of entrepreneurship.
Investing in women isn’t just the right thing to do—it’s the smart thing to do. By harnessing the full potential of women entrepreneurs, we can drive economic growth, foster innovation and build a future that is truly inclusive and equitable.
So, if you made a post, a pledge, or a commitment to International Women’s Day last month, here is my challenge to you: recommit to the cause of gender equality in entrepreneurship. Invest in women, accelerate their progress and together, build a future where every woman has the opportunity to succeed.