Businesswomen share similar stories

Round table discussions involving 32 women entrepreneurs revealed their successes along with the challenges they face in operating a business. The four-part study was led by the Northwestern Ontario Innovation Centre in partnership with the National Angel Capital Organization earlier this year. Carole Long, a business advisor at the Innovation Centre, said the sheer number of women who own businesses in the region was one of the most striking revelations coming out of the sessions. The entrepreneurs shared similar stories of how they started up with a small loan, faced many hurdles in securing further financial support and how they forged ahead. Among the challenges they faced were financial constraints, limited support systems, gender bias in decision-making, disproportionate household responsibilities, scarcity of women in decision-making positions, and limited funding accessibility. “What surprised me most was that many of these women don’t identify as entrepreneurs,” Long said, speculating that this could be because the typical portrayal of an entrepreneur often excludes women. During the sessions, a “sense of camaraderie and solidarity” developed among the women who participated. Long said their openness and honesty were inspiring and served as a “catalyst for collective action.” “We hope to strengthen the capacity of women entrepreneurs to access funding and contribute to increasing the representation of women in the innovation ecosystem,” she said. “It’s imperative as a community, to continue efforts in supporting women entrepreneurs, particularly those in the North who deal with logistical hurdles and exorbitant operational costs.” Long added that this community support can be done by seeking out local women entrepreneurs and supporting them by purchasing products or services. The National Angel Capital Organization is comprised of 4,000 members who have invested $1.54 billion in more than 2,000 companies. As a professional association for angel investing, the National Angel Capital Organization has started the National Women’s Initiative, aimed at mobilizing angel capital for women-run companies. The initiative is funded by the Government of Canada through the Inclusive Women’s Venture Capital Initiative. It is a key part of Canada’s first-ever Women Entrepreneurship Strategy. “We were very excited to be a part of (the National Angel Capital Organization’s) National Women’s Initiative and represent the voices of women entrepreneurs in our region,” Long said. “We are continuing with the partnership for the second phase, which will begin in the fall.”

Sandi Krasowski, Local Journalism Initiative Reporter, The Chronicle-Journal