AFRO INVESTORS SPRING ISSUE 2020
Celebrating Women in Business & Leadership
Friends,
AFRO INVESTORS
It was a great honour and privilege to host WomenInspire, a celebration of Women in Business, Trade, and Leadership, to commemorate the International Women’s Day (#IWD).
Editorial Team:
It was not only a joy to celebrate Inspiring Women, including The Hon. Mary Ng- Canadian Minister of Small Businesses and Export
Publisher
Promotion, who was the Keynote at Wonen Inspire, but also to see
Olutoyin Oyelade
many groups collaborate with us at the Women Inspire initiative.
The month of March has become almost synonymous with Women and women related issues. International Womens Day is celebrated in March and most groups
Graphic Designer & Editor Karim Farhat Contributors: The Hon Mary Ng
use the opportunity to celebrate critical milestones in Women devel-
Paulette Seniwor
opment, empowerment, advancement, and emancipation.
Olutoyin Oyelade Wendy Cukier
Why have Women become a critical success factor in the economy?
CasaFoundation Research Team AfroInvestors Research Team
According to a report by the McKinsey Institute, Canada can grow her economy by $150 billion by 2026 by simply including women.
Communications
And yet, women today still face unique barriers to business success,
Ife Oyelade
and they remain underrepresented in her economy – with only 16% of Canadian small businesses owned or led by women, and only 11% of women-owned businesses currently exporting.
Women continue to stimulate and drive the economy of Nations and must be empowered financially, mentally, and through sponsorships and mentorships to produce the best.
We therefore celebrate the Women who impact our economies through their ideas, business contributions, and services
Today, lets celebrate Women, the many solution providers in our ecosystem.
Yours Truly Olutoyin Oyelade
Office 202-203, 117 Peter Street Toronto - M5V 0M3 Cananda E: afroinvestors@casafoundation.ca T: 1.866.431.4838
CONTENTS PAGE
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WOMEN IN ECONOMIC DEVELOPMENT
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12 WOMEN & PURPOSEFUL LEADERSHIP
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RETHINKING ENTREPRENEURIAL STEREOTYPES
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23 CASAFOUNDATION IN PICTURES
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Friends of Africa (FOA) An Economic Development Summit The Friends of Africa (FOA) offers a platform to facilitate collaboration and investment partnerships between infrastructure providers and investors in North America and Africa. The FOA Economic Development Summit hosts participants from the public and private sectors. Through Roundtable discussions, breakfast and informal meetings, the relevant authorities in these sectors are brought together to discuss and proffer solutions to challenges in the real sector of these economies, while providing a robust platform for business ideas and opportunities. The Breakfast and Roundtable Sessions focus on: -Economic and Infrastructure Development discussions -Promoting strong networks and creating partnership opportunities for Entrepreneurs -Facilitating Business mentoring. The Infrastructure and Business Leadership Sessions: Improve knowledge sharing, networking, learning exchanges between business leaders across various verticals. These sessions also provide an opportunity to explore available funding options for business expansion and the growth of the private sector. It offers presentation of development ideas at the One on One sessions with Investors and global decision makers. Business Development Initiatives include: -Steps to Starting new businesses for young entrepreneurs -Discussions with business leaders in the private/public sectors across various professions -Networking event for Emerging leaders: discussing small business development systems -Connects to available funding options to support SME business development initiatives. For additional Information on Speaking, Sponsoring, and Partnership opportunities at Friends of Africa Conferences visit casafoundation.ca/Friends-of-Africa or send an email to FOA@casafoundation.ca
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WOMEN IN ECONOMIC DEVELOPMENT By The Honourable Mary Ng Minister of Small Business, Export Promotion & International Trade
Keynote Speech by The Hon Mary Ng- Minister of Small Businesses & Export Promotio and Trade, Canada at WOMEN INSPIRE 2020 I would like to begin by acknowledging that we are gathered today on the traditional territory of the Wendat, the Anishnaabeg, Haudenosaunee, Métis, and the Mississaugas of the New Credit First Nation. Thank you to the Casa Foundation for International Development and the Organization of Women in International Trade for bringing us together today in the lead-up to International Women’s Day! The theme of today’s event, “Women Who Inspire” couldn’t be more fitting. From women taking a chance on their innovative ideas, to business leaders supporting the success of other female entrepreneurs – this room is filled with women who empower each other and who are inspiring the next generation of girls. We need more women – with different cultures, religions, and sexual orientations – in leadership positions across every sector and in businesses of every size. Because representation matters. I always say you have to “see it to be it,” and that is what today is all about. Just like Casa Foundation for International Development and the Organization of Women in International Trade who brought all of us here today to build networks of support and share successes, best practices, and lessons learned – our government works hard every day to empower women in our economy and society. Canada is stronger when everyone has the opportunities to succeed and prosper in our economy. Diversity of thought and talent drives innovation, strengthens our economy, and creates good jobs for Canadians. That is
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why we are working to advance gender equality and the
everyone – including women entrepreneurs, Indigenous
economic empowerment of women.
business leaders, small business owners, and young peo-
In fact, according to a report by the McKinsey Institute,
ple – can access the benefits of trade.
Canadacan grow our economy by $150 billion by 2026 by
We also created the Businesswomen in International
simply including women. And yet, women today still face
Trade
unique barriers to business success, and they remain un-
Program to help more women access the opportunities
derrepresented in our economy – with only 16% of Cana-
and the 1.5 billion customers available on the world
dian small businesses owned or led by women, and only
stage through our trade deals. And we’re working with
11% of women-owned business currently exporting.
the Business Development Bank of Canada and Export
It’s sad to say that – according to a 2018 report by the
Development Canada to help more women entrepre-
New York Times – there are more CEOs in the Fortune
neurs grow their business in the global marketplace.
500 companies named James than there are women.
We have accomplished a lot – but there is much more to
And yet we know that women-owned businesses are still
do. In my work as Minister, I’ve met with incredible wom-
helping to drive the Canadian economy – they represent
en business leaders who have faced social and econom-
over $117 billion of economic activity and employ over
ic obstacles throughout their career. These women also
1.5 million Canadians.
tell me they see similar barriers for the new generation of working women.
Investing in women entrepreneurs and fostering export
We need to move the dial in a real and tangible way – a
opportunities for women-owned businesses is an invest-
goal I know is shared by everyone in this room. We will
ment in the Canadian economy as a whole. We must do
continue to work hard to empower women every single
better. It’s no small thing that for the first time in Cana-
day. Because it’s the right thing to do – and it’s about
da’s history – the Prime Minister has mandated all of us
time.
to apply Gender-based Analysis Plus in all decisions that
Think Africa, think big again!
we make. What this means is that we must analyze the best way to implement our policies and programs based on evidence and an intersectional approach to benefit all Canadians – including recognizing the specific needs and realities of LGBTQ2 Canadians, racialized Canadians and other diverse identities. We need to continue working hard to build an economy that works for all Canadians – no matter your gender, what language you speak, where you were born, or whom you love. Our government created Canada’s first-ever Women’s Entrepreneurship Strategy – an initiative that I’m proud to lead and has the goal of doubling the number of women-owned businesses in Canada. Through this Strategy, we have created national networks of support and invested directly in over 200 women-led projects across the country – giving women entrepreneurs the tools and support they need to succeed. To ensure our programs and initiatives were designed for women, by women – we launched the Women Entrepreneurship Knowledge Hub to develop data on women’s entrepreneurship in Canada. Empowering women is also top of mind for me as Minister responsible for international trade – because trade works best when it works for everyone. Our government ensures our trade deals are fundamentally inclusive, so that
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Welcome Address delivered by Dr. Olutoyin Oyelade-President, Casa Foundation at the Women Inspire Forum (a Celebration of Women who Inspire in Business and Leadership) to Commemorate the 2020 International Women’s Day on 5th March 2020. What is Women Inspire? It is often said that “there are 3 defining moments in the life of a Person” - The manner of our birth - The relationships we choose - The path or Cause we choose Our birth: the circumstances surrounding our birth, how we were born, when we were born, where we were born, and to whom we were born, shapes our belief systems, expectations from life, and our perspectives.
Our relationships: and people we associate with ultimately shape our dreams, focus, perceptions, behaviours, and fulfillment (or otherwise) of our life journeys. Our Path/Cause: the path we choose defines our destiny; and it could make or mar our lives. In 2011 when Casa Foundation started her initiative focused on empowerment, development, and mentorship of Youths and Women, we were clear on our Mission and goals, but it was difficult to see how these initiatives could be executed. We reached out to different groups, and although it appeared, we kept hitting a brick wall, after a while, a few organizations began to listen to us. We started running our business, economic, and entrepreneurship development programs, and various groups across vertical sectors of
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WOMEN AND PURPOSEFUL LEADERSHIP By Olutoyin Oyelade
the economy, joined us along the way.
investors looking for opportunities in the Frontier markets;
I mentioned that to encourage a woman in the room, don’t
And now,
give up on your dreams yet...
• The Women Inspire Forum, which focuses on connecting Inspiring Women in Business, Leadership, Government,
Friends, I am glad to announce that this year, Casa Foundation
and Trade on a platform, where they not only learn from
will celebrate its 10th year of connecting, empowering, and
one another, but also help emerging Women leaders, un-
advancing youths, women, and emerging leaders through
derstand their stories and how to navigate different as-
its various ventures and programs. In our 10 years, our:
pects of life through their life-examples. Women Inspire Forum is so important when one recalls the gaps in men-
• Entrepreneur Exchange program has trained more than
torship that women experience and how mentorship and
500 people. This is a platform where start-ups are groomed
Sponsorship can fast-track the journey for other Women.
on what it takes to get support from Angel investors
Afterall, Isaac Newton said: If I have seen further it is
• EP Academy, now runs monthly as a business program
by standing on the shoulders of Giants.
for newcomers looking to continue their businesses, create a personal brand, or develop a plan to get funding
Let me share a Story from 2018, when Entrepreneurspoint
• Entrepreneurs Point (EP) Incubator for youths and Wom-
Incubator started.
en, started operations in Toronto
It is for this reason, that Casa Foundation and its partners
• Friends of Africa-an economic development platform for
choose to celebrate the Women who Inspire to commem issuu.com/afroinvestors |
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orate the International Women’s Day and in line with its thematic focus “Each for Equal: An equal world is an enabled world”. As we celebrate Women who Inspire, there is an expectation that more corporate leaders, women in business, trade, or tech, can collaborate to provide the much-needed solutions, support echosystems, mentorship, sponsorship, and partnerships to women-led businesses. The Women Inspire platform would continue to showcase Inspiring Women who bridge the gap and offer solutions to the various challenges and pains that women face in the course of their careers and business. The lessons from Canada’s leading women in business, tech, and trade will inspire and empower other women and serve as a knowledge-based learning platform to share successes, best practices, lessons learned, networking, and hold robust debates on how to cultivate new partners, new relationships, and new markets for business growth. So, the question is …. who are these Women that Inspire us? To celebrate the International Women’s day, we asked some of our groups to share their own women role models. The result is an impressive roster of international powerhouses that includes authors, government leaders, trailblazing athletes, women founders, missionaries, actresses, and rulers. And although, the trajectories of their lives vary greatly, these people have experienced a defining moment, and their responses to those moments, have shaped their lives, their journey, and who they have become in Life... as Women who Inspire. The Women who Inspire others are those who have simply made the World a better Place by improving their own Space, society, communities. They are: • Influencers: who through their endurance, tenacity, connections, skills, wealth and resources impact more lives. • Founders, leaders: who become owners, entrepreneurs, mentors, sponsors, and partners, who turned their adversities into an advantage, and can share their stories with pride or tears. • Single parents: minority parents raising vibrant families through limited resources • The bridge:Worthy Ambassadors who thrive and rise by adding value to the lives of others, they bridge gaps, they provide solutions. • Shapers of destinies: who build up by the mentorship, sponsorship and support they offer. People who have learnt to swim against the tide and continue life against all odds, biases, and prejudices set against them. Dear Women, Gathered here Today, take a look at the Woman sitting next to you, and understand that She is one of the Women I just described. She represents a wealth of knowledge and successes, she has seen many challenges, failures, and adversities; YET SHE STANDS TO INSPIRE... Ladies, in this room Today are the many Solution providers you need... don’t just sit and smile... Ask questions, Connect with people (for real) and make the right Connections Count……
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“If I have seen further it is by standing on the shoulders of Giants” - Isaac Newton -
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Celebrating women who pave the way.
Our commitment Throughout history, women have shown themselves to be progress-makers — challengers of the status quo, innovators and leaders for the next generation. Despite this progress, 57% of women say they wish they were more confident in their financial decision making.1
We’ve got work to do, together. Let’s get to it.
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At BMO, we’re committed to real financial progress for every woman so they’re prepared to seize every opportunity.
IT IS IMPORTANT TO RETHINK THE ENTREPRENEUR STEREOTYPE By Paulette Senior, Wendy Cukier Culled from: Montreal Gazette.com 27th FEBRUARY Edition
image: “Designed by pressfoto / Freepik”
Quick, name three entrepreneurs. The image that pops into your head is probably that of a white man in tech: Steve Jobs, Bill Gates, Mark Zuckerberg. It’s an easy cliché reproduced in popular culture, media, and industry events. Even famous businesswomen are seldom afforded the term “entrepreneur.” Think Kylie Jenner, one of the world’s youngest billionaires who built her fortune on Canada’s own Shopify, or Oprah Winfrey, whose diversified portfolio is massive. Do a Google image search of the term “entrepreneur” and that stereotype is confirmed, with hundreds of white men and few women, particularly racialized women, appearing in the results. Women account for 39 per cent of all self-employed Canadians and 16 per cent of small- and medium-sized enterprises (SMEs). Among Canada’s million women entrepreneurs, thousands are black women. Unfortunately, their stories are rarely told and their successes are rarely celebrated in mainstream discussions about business innovation. It’s such a shame given the substantial barriers black women entrepreneurs must overcome. Most women entrepreneurs report great difficulties in securing capital. In fact, a Harvard study showed that when investors were presented with identical pitches by a man and a woman, they were twice as likely to invest in the man. When you add race to the mix, these barriers are amplified. Social stereotypes and bias are factors, as well as the fact that women are not well represented in venture capital or investment branches of banks. The gendered barriers are so pervasive that many women who start businesses don’t even define themselves as entrepreneurs and so don’t incorporate, missing out on programs and services that target SMEs. Many black women report that when they were overlooked for employment opportunities in corporate Canada they turned to entrepreneurship out of necessity and found success. Despite this, when we do hear success stories of black
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women they are usually stories of social activism and not entrepreneurship. Everyone knows that Viola Desmond took a stand against racial segregation, but they don’t necessarily know that she did it while running a successful business. Like most women entrepreneurs, black women entrepreneurs are more likely to be in services, retail, healthcare, and hospitality. Examples include Nadine Spencer, CEO of the Black Business Professional Association and founder of Brand EQ; Tanya Walker, who started a successful Bay Street law firm; Delores Lawrence, a nurse who started the multi-million-dollar healthcare company Nursing and Homemakers Inc.; Jennifer Holness, who with her partner launched Hungry Eyes, an award-winning pro-
Viola Desmond was arrested and jailed for sitting in the whites-only section of a Nova
Scotia cinema. The case ignited the civil rights movement in Canada. / jpg duction company; and Olutoyin Oyelade, the founding partner and CEO of InVCap Corporation, an investment advisory firm with partners in Nigeria and Canada.`
It is so important to rethink the entrepreneur stereotype because we all need to “see it to be it” — and young women, particularly those who are black and racialized, hardly get that opportunity. It’s important to nurture the next generation of entrepreneurs. If we over-tell white male stories of entrepreneurship and under-tell other narratives, we only reinforce stereotypes that constrain aspirations and sustain barriers. Black History Month is a good time to disrupt the assumptions, and we all have to do our part. Organizations and leaders who support businesses need to move beyond vague diversity and inclusion rhetoric to coordinated, evidence-informed action. This includes intentionally creating new narratives and uncovering hidden stories. Think entrepreneur? Think again.
About The Author:
About The Author:
Paulette Senior is CEO and president of the Canadian Wom-
Wendy Cukier is the founder of the Diversity Institute at the
en’s Foundation, one of the champions of Ryerson University
Ted Rogers School of Management at Ryerson University and
DMZ’s Black innovation Fellowship
the founder of the Women Entrepreneurship Knowledge Hub.
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CASA FOUNDATION IN PICTURES
CASA FOUNDATION SOCIAL IMPACT Women in Business and Leadership forum - Toronto, ON - Canada 2020
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Friends of Africa Economic Development Summit 2020
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Friends of Africa 2020: Reigniting Africa
Save the Date: OCT 2020