Toronto – A more inclusive economy is a stronger economy. That’s why the Government of Canada is dedicated to taking concrete action to advance gender equality, which will help build an economy that works for all Canadians.
Rechie Valdez, Minister of Small Business, announced key findings of the annual report on the State of Women’s Entrepreneurship in Canada, with Dr. Wendy Cukier, Founder and Academic Director of the Diversity Institute and the Women Entrepreneurship Knowledge Hub. The report is produced by the Women Entrepreneurship Knowledge Hub with support from the Government of Canada.
The State of Women’s Entrepreneurship (SOWE) annual report provides the most complete picture of research on women’s entrepreneurship in Canada. Some of the findings from the 2024 SOWE report include the following:
- Women business ownership is growing: In 2023, approximately 18.4% of all businesses were majority owned by women in Canada, compared to 15.6% in 2017.
- Women entrepreneurs drive economic growth and sustainability: Women-owned businesses focus more on innovation and environmental sustainability than men-owned businesses.
- Women entrepreneurs still earn less: 37.1% of women entrepreneurs earn less than $50,000 annually, compared to 31.7% of men entrepreneurs.
This report shows that while women entrepreneurs are making progress, they continue to face challenges, and more work needs to be done. This is why the Government of Canada continues to support under-represented entrepreneurs through programs like Canada’s first-ever Women Entrepreneurship Strategy (WES), a nearly $7 billion initiative that is helping tens of thousands of women entrepreneurs from all walks of life across Canada get the support they need to succeed.
This initiative is part of the historic investments the government has made since 2015 to support women, including legislating pay equity, enhancing the Canada Child Benefit, providing special funding to support women entrepreneurs during the pandemic, establishing agreements across the country for provinces and territories to provide $10-a-day child care, committing over $530 million for the National Action Plan to End Gender-Based Violence, and introducing national pharmacare legislation that will offer universal access to free contraceptives.
This report and its findings will help inform future policy and programming to support women entrepreneurs, and it will help the Government of Canada identify the necessary steps to ensure that every Canadian who wants to start their own business has the support they need to succeed.
“Supporting women entrepreneurs isn’t just the right thing to do; it’s the smart thing to do. Partners like the Women Entrepreneurship Knowledge Hub are helping us better understand the immense contribution women make to our economy and the challenges they still face. I want to thank everyone who helped put together this report and its findings, which will help inform our future policy-making on supporting women entrepreneurs across Canada. This is not just how we create a more inclusive society—it’s also how we create good jobs and build a strong economy that works for everyone.” – Rechie Valdez, Minister of Small Business