According to Mary Ng, minister for small business, it is “the first program of its kind in the world.”
One trailblazer dubbed the federal government’s $25 million investment in Canada’s first-ever LGBTQ entrepreneurship program a “game-changer.”
The program, according to Small Business and Economic Development Minister Mary Ng, would aid in creating a more equitable society and economy.
She declared after the announcement at the Global 2SLGBTQI+ Business Summit and Supplier Diversity Forum in Kingston, Ontario, “This is the first program of its kind in the world.”
“It’s distinctive because of the distinctive difficulties these businesspeople encounter. The things you love and who you are shouldn’t interfere with your career. In fact, it ought to support your success.
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The CGLCC, a business chamber representing Canada’s LGBTQ community, will oversee the entrepreneurship program, which will include three primary parts: a knowledge centre, an ecosystem fund, and a business scale-up program.
Entrepreneurs who identify as 2SLGBTQI+ play a key role in contributing to the Canadian economy, but they continue to experience obstacles when beginning and growing their firms, according to Darrell Schuurman, co-founder and CEO of the CGLCC.
All business owners have experienced hardships, but this program acknowledges that 2SLGBTQI+ and diverse-owned business owners confront additional, particular difficulties and barriers. “Some companies have actually lost business as a result of their ownership. The success of people’s businesses and, eventually, the economy suffer when people sometimes hide who they are and don’t completely bring their actual selves to their work.
For LGBTQ businesses, the program will shift the playing field, according to Sylvie Ouellette, CEO and co-founder of data management and analytics company Versatil.
Despite having previously held multiple top executive positions in major organisations, Ouellette claimed that when she started her firm 13 years ago, she didn’t feel at ease being her own self there.
She said, “Unfortunately, I had to get back in the closet when we started our business.” “We were two women beginning a firm in a sector that was predominately male. We were reluctant to admit that we were also lesbians. It was quite solitary.
Currently a multimillion dollar success, Ouellette said she has gradually introduced more of her “authentic self” to the workplace.
According to her, the LGBTQ entrepreneurship program will provide new business owners with the tools, contacts, and guidance necessary for greater success and economic inclusion.
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- It’s important because it will make Canada’s economy more open to the LGBTQ business community, according to Ouellette.
According to the federal Economic Development Department, more than 100,000 LGBTQ-owned and -operated businesses employ more than 435,000 people and provide more than $22 billion in revenue annually in Canada.
It also claims that one in four LGBTQ business owners have experienced discrimination or have lost their company as a result of who they are, and many of them have trouble getting finance.
The CGLCC will manage the program in the interim, including the confirmation of LGBTQ status.
According to Ng, “It will be driven by the community to serve the community.”
For firms owned by LGBTQ people, the CGLCC currently has a certification mechanism in place as part of its supplier diversity program. According to Schuurman, the organisation will follow a similar procedure to confirm applicants’ eligibility for the LGBTQ entrepreneurship program, including a list of prerequisites and personal references as evidence of sexual orientation and/or gender identity.
