That's a big question, and one that's not easy to answer.
It's important to note that although the percentage is low, it is rising. Today three times as many women than there were 10 years ago are interested in going into business, and the number of businesses owned by women has increased by 50% in four years. Not only that, but there is parity in the new generation of entrepreneurs. Why are so few businesses wholly owned by women compared to those wholly owned by men? It can be explained in a number of ways. Is it because the world of business lacks models? Going into business means entrepreneurship. But who comes to mind when we look for entrepreneurial role models? Usually white men. This shortage of women role models no doubt has an impact on young women who do not necessarily fit the male role models. And they often fail to reflect these young women's own values, their own way of doing business. This is a crucial factor.
For a long time, women have also come up against various barriers when they wanted to go into business. The first barrier, the one mentioned everywhere around the world, and which is still applicable today in Canada, is access to financing. Among women who want to start a business, 50% say that they have trouble obtaining financing. And yet, with so much capital circulating in the markets, how can this be possible? First of all, there may be a lot of capital, but it is earmarked for growth companies, those that focus on activity sectors identified as niches of excellence with strong growth potential. As we mentioned earlier, women tend to go into business in sectors that financiers consider risky. For example, financial institutions are reluctant to finance retail business activities, where women have a strong presence.
Secondly, gender bias has been around for a very long time. All kinds of studies and research papers have demonstrated that a project managed by a woman is much less likely to receive financing than an identical project managed by a man.
It is absolutely essential to address these systemic barriers if there is to be any real improvement in this small 15.5% of businesses wholly owned by women in Canada. Imagine what our economy would look like if women and men were to launch into business at the same rate and at the same level. In Quebec alone, it would mean that tens of thousands more businesses could be created if as many women as men went into business. It's the largest pool of entrepreneurial talent in Canada and it is imperative that we make the most of it.