Thank you, Madam Chair and all members of the committee, for the invitation to speak to you as part of the study on initiatives to assist women-owned and women-led businesses across Canada to grow and succeed.
My name is Khadija Hamidu. I am the vice-president of economic development at YWCA Hamilton. Every year, we serve over 10,000 women, gender-diverse people and families.
I want to first thank and congratulate you for taking on this study, especially during Women's History Month. I'll quickly note that this year's theme is “Women at Work: Economic Growth Past, Present and Future”.
At YWCA Hamilton, we prove every day that women are economic drivers in their communities at whichever scale they operate, and that women's economic empowerment is critical to the overall success of our forever-changing labour market and Canadian economy.
In this year alone, women entrepreneurs in Canada account for around 18.4% of businesses, with most of these being small to medium-sized enterprises. Although this percentage is quite low, we know that women are likely to reinvest in their own communities, that women and gender-diverse people bring new ideas and creative problem-solving solutions to the workforce and that women's prosperity almost always leads to their children's prosperity.
Today you've already heard from other organizations at this committee that have international reach and first-hand experience on the barriers to international markets. Based on our expertise through our YWCA programming, I'm going to spend some time sharing the investments required in order to build a pipeline of innovative women entrepreneurs.
We need bold ideas and a stable and whole-of-house approach to find sustainable ways to promote women's advancement in business. This must start with a local community approach so that the growth and scaling-up of businesses leads to high-quality, diverse, and women-owned and women-led companies entering international markets.
We know that women continue to be left behind in STEM and in the skilled trades. We also know that these male-dominated industries have real potential for secure high-demand jobs with good wages that can lead to the sort of inspiration that enables women to join innovative companies where they can grow their skills and eventually take the leap themselves to begin a business.
The women entrepreneurship fund addresses barriers to accessing capital for women who are looking to grow their business. With $7 billion invested in the women entrepreneurship strategy funded by Innovation, Science and Economic Development Canada, complemented by the investments in women's employment success in non-traditional fields, we recommend the following: Make sustainable long-term investments and reinvestments in successful programs; close the gender digital divide with continued investment in skill-building; promote access to mentors and allies; encourage diversity in supply chains and promote this as a corporate and intergovernmental supply chain; promote alternative models, such as co-operatives and collectives, which are business models more often adopted by women; and, finally, prioritize women-led and -owned businesses for government procurement.
Our recommendations are exemplified through YWCA's PowerUp Live and PowerUp Explore programs, which are successfully delivered in five provinces across Canada. On that national scale, over 1,000 women, including 600 in the Hamilton region, gained valuable training, education and personalized supports, empowering them to overcome barriers and pursue economic independence. Across the country, 172 women graduated from our PowerUp Explore and PowerUp Ready programs. In Hamilton, 42 of these graduates are now equipped to apply their new entrepreneurship skills to strengthen and scale out their small businesses, fostering economic advancement and empowerment.
This year alone, 60 women seeking to grow their businesses reached out to our program business adviser on call for guidance on strategy and growth. Additionally, our twin programs' e-business advisers supported 50 women with essential digital skills that are deemed critical for modern business success, ranging from social media and website development to payment systems and plug-in integration.
Finally, I would like to reiterate that by investing in more women, we not only promote gender equity but we also stimulate long-term, sustainable economic growth. The return on this investment is clear: a stronger economy, more resilient communities and a brighter future for all.
For more information on the initiatives that support women's economic growth, we encourage you to reach out to YWCA Hamilton.
Thank you for your time.