Ottawa urged to increase support for female entrepreneurs

More funding needed to help companies scale up, business leaders say

OTTAWA— The Trudeau government marked International Women’s Day on Friday by touting its collection of measures designed to support — and boost the number of — female entrepreneurs.

But a year after the Liberals unveiled about $2 billion worth of commitments under its women’s entrepreneurship strategy, some business leaders say the effort needs work if it’s going to benefit female-led companies on the rise.

On Friday, the government announced a first group of recipients under the strategy’s female entrepreneurship fund. The list includes 13 businesses that will each receive up to $100,000.

“We’re helping them grow their businesses,” Mary Ng, the minister responsible for small business and export promotion, said in a recent interview. “My mandate is to double the number of women entrepreneurs by 2025.”

Ng said only about 16 per cent of Canada’s small- and medium-sized businesses are owned or led by women.

But business leaders such as Audrey Mascarenhas, CEO of Questor Technology Inc., argue the federal strategy needs improvements to truly help women entrepreneurs and, by extension, the broader economy.

“I’m zero for 12,” Mascarenhas said of her own application success rate for the female-focused programs. “So, I don’t apply anymore because it’s just a waste of my time.”

Questor is an Alberta-based company that makes incinerators for waste gases in settings such as landfills and refineries.

Mascarenhas knows the federal effort well — she served as chair of the Liberals’ economic strategy table on clean technology. It was one of six industry- government groups assembled by Ottawa to find ways to ensure Canada takes full advantage of its strengths and reaps the economic benefits.

In her case, Mascarenhas said she’s been told her clean-tech company, which has gone public, is too successful to get any of the support. She said her challenges are the same as those of high-growth tech firms in general. The sector has voiced concerns that Canada offers little support for emerging companies already beyond the fragile startup phase.

“How are we going to create the role models for future women if we only focus on the ones that are struggling?” asked Mascarenhas. “We’ve got to start to be strategic — not sprinkle fairy dust on everything, not focus on the people that are struggling and give them all the money and never expect a return on that investment.”

She said 98 per cent of her company’s business is now outside Canada and it’s increasingly difficult for her to stay in the country.

Asked about support for middle-stage companies, Ng said she’s heard concerns that much of the funding has been directed to startups. She insists the government is acting on it. She said the Business Development Bank, for example, will fund firms that are already scaling up.