The State of Women’s Entrepreneurship in Canada: 2024

Date Published

31/07/2024

Authors

Women Entrepreneurship Knowledge Hub

Share on Social Media

The Women Entrepreneurship Knowledge Hub (WEKH) is pleased to release its annual State of Women’s Entrepreneurship (SOWE) in Canada 2024 report.

This annual, go-to resource provides valuable insights into the current landscape of women’s entrepreneurship in Canada, drawing from the most recent research and data. The research shows the impact of Canada’s $7 billion Women Entrepreneurship Strategy (WES), which aims to increase women-owned businesses’ access to financing, networks and expertise to start up, scale up and access new markets.

Key findings from the 2024 SOWE report include:

23.2% of Indigenous business owners are women, which is higher than the percentage of non-Indigenous women business owners (19.5%).
Women living with disabilities owned approximately one-quarter (26.1%) of small and medium-sized enterprises (SMEs) majority-owned by a person(s) living with a disability.
Many immigrant women are multilingual and have cultural insights and knowledge of foreign markets. They are more likely to export than Canadian-born women (16.9% vs. 9.0%).
Women entrepreneurs are more likely to adopt sustainability initiatives than are men entrepreneurs. Over one-third (33%) of women-owned businesses work to reduce waste.
The majority of women-owned businesses were more proactive in addressing employees’ skills gaps, as 15.6% of all businesses had no plans to do so compared to only 11.7% of majority women-owned businesses.

Canada is considered to have a strong set of supports for entrepreneurs, generally with strong infrastructure and access to resources and support. However, challenges such as taxation, regulation, bias, and stereotypes persist for women entrepreneurs in Canada.

Women entrepreneurs continue to earn less than men entrepreneurs in Canada. In 2022, about 37.1% of women entrepreneurs, including majority owners of SMEs and self-employed women, earned less than $50,000 annually, compared to 31.7% of men entrepreneurs. In contrast, 10.9% of women entrepreneurs earned more than $150,000, compared to 14.8% of men entrepreneurs.
Access to financing remains a top concern for women entrepreneurs, especially those with an intersectional identity, who face even greater hurdles in accessing financing.
Women founders receive only 4% of venture capital funding in Canada.

Explore the most recent findings to gain a deeper understanding of the progress, barriers and enablers in women’s entrepreneurship in Canada.

How to Cite