ELEVATE AND THE FIREHOOD ANNOUNCE UP TO $2.3 MILLION IN FUNDING FROM GOVERNMENT OF CANADA WOMEN ENTREPRENEURSHIP STRATEGY
TORONTO, March 14, 2023 /CNW/ - Elevate, in partnership with The Firehood, announces up to $2.3 million in funding under the Government of Canada's WES Inclusive Women Venture Capital Initiative. The WES Inclusive Women Venture Capital Initiative is a 2-year program that seeks to strengthen and build a more inclusive venture capital environment for Canadian women.
This scale of funding for women entrepreneurs and investors is extremely timely, especially as the United Nations recently reported that, without investment, it would take the world nearly 300 years to achieve gender equality.
"The full and equal participation of women in the economy is not just the right thing to do; it's the smart thing to do. By supporting initiatives that unlock opportunities for women entrepreneurs, we want to drive more funding to women-led startups and see more women participating in the investment ecosystem. Elevate has a strong history offering diverse programming and opportunities for women in tech and innovation, and I'm excited to see them expand on those programs," says Mary Ng, Minister of Small Business, Export Promotion and International Trade of Canada, Government of Canada.
The focus on women entrepreneurs and women investors is intentional, since both groups face disproportionate access to critical resources necessary for the growth of their careers, businesses, and overall wealth and prosperity. Women entrepreneurs and founders represent 40% of business owners yet they receive under 3% of VC dollars.
To address these gaps the initiative will fund two program streams: The Building Community Initiative and the Women in Tech project. The first stream, the Building Community Initiative, will take an intersectional approach to address key gaps in the Canadian venture capital and entrepreneurship environment.The second stream is The Women In Tech project, which involves an engagement strategy to bring women from across Canada to the Women In Tech experience at Elevate Festival 2023. Taking place in Toronto, Ontario from September 26-28, 2023, this year's Elevate Festival will feature a Women in Tech Lounge, Investor Zone, Main Stage programming, and curated events where women in tech, women founders, and gender-diverse professionals can network, learn, and build community.
"By addressing these gaps through the delivery of two distinct program streams that offer resources, training and mentorship to women entrepreneurs and women investors, Elevate and The Firehood will foster the connections, networks, and access that currently represent barriers for women," notes Claudette McGowan, Co-Founder, The Firehood.
To ensure access to programming across Canada, a minimum of 30% of program components will be delivered as virtual events or resources. Additionally, early multi-region engagement and membership-building will be planned through a national tour of Canada connecting directly with women entrepreneurs from across the Prairies, BC, Northern Ontario, Southwest Ontario, across the Atlantic and Northern Regions of Canada.
"This initiative is well-aligned with our mission of building a technology and innovation ecosystem in Canada that is sustainable and includes everyone," commented Lisa Zarzeczny, CEO & CoFounder of Elevate. "This funding will allow us to cultivate a truly national network and connect directly with women entrepreneurs from coast to coast to coast."
To learn more about the Women Entrepreneurship Strategy and the opportunities for women founders, join us Monday, March 20 at 9:00am for Elevate Presents: A Celebration of Women in Tech. Register here for this free event.
About Elevate
Elevate is a Canadian non-profit that builds and unites world-class innovators through tech training courses, entrepreneurship programs, and industry-leading events at the intersection of technology, arts, and social innovation. Elevate has hosted global icons such as Michelle Obama, Martha Stewart, Eric Schmidt, and Al Gore on the Elevate Main Stage, each of whom has inspired millions of people. Through strategic partnerships, an affiliation with the UN, and a roster of powerhouse speakers, Elevate inspires and invites its community to co-create a more equitable and sustainable future. Learn more at Elevate.ca.
On a mission to increase the participation, leadership, and prosperity of Canadian women in technology, The Firehood was co-founded by Danielle Graham and Claudette McGowan in 2021. It is a national community of executive and entrepreneurial women in technology. The Firehood offers women professional development, networking, mentorship, jobs, and funding opportunities. Learn more at firehood.net.
- Up to $2.3 million dollars in funding was awarded to Elevate, in partnership with The Firehood
- Elevate has supported the growth of over 50 entrepreneurs through innovation programs
- 90% of these program participants are from underrepresented groups, including 50% women and 75% BIPOC founders
- The Firehood will leverage the invaluable and hyper-relevant membership and leadership network that includes a community of 500 women in the roles of entrepreneur (200 women founders), and investors (45 accredited women angel investors)
SOURCE Elevate Toronto
Robyn James, (416) 721-5134, [email protected]
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