David Cohen, the United States ambassador to Canada, was thrilled to welcome 10 entrepreneurs last week to pitch their business concepts – but was equally thrilled that he wasn’t the one who had to judge them.
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The barrier of ‘acceptance’
The salon series, as well as the pitch competition, focused on providing mentorship and guidance to entrepreneurs from diverse backgrounds, including women, people of colour, immigrants, and Indigenous business owners. The salons were also an opportunity for businesses to network and create opportunities for partnership. For Cohen, providing this kind of support is a personal passion for him, which drove the decision to start the salon series in the first place. In those conversations over the last few months, he said the same barriers kept coming up. “At the top of everyone's list is funding, access to capital,” he said. “Second is access to markets … and the third point I’d make, which is somewhat controversial though I think it shouldn’t be, is what I’ll call acceptance.” According to Cohen, women-owned businesses, for example, attract less than two per cent of venture capital in both Canada and the U.S. In his days at Comcast NBCUniversal, he said he knew one female founder who had a male business partner make pitches because venture capitalists were more receptive to him. “It’s painful for me to hear that,” he said. “And it’s the same thing for Indigenous businesses. There is difficulty gaining acceptance. That’s been a major challenge for these businesses, it's being able to compete on a level playing field for investments with white males who were pitching.” The competition also extends Startup Canada’s efforts to reach those entrepreneurs who need unique support, according to interim CEO and board chair Jamie Savage. “We're very agnostic and that really does help us create a non-biased philosophy in terms of who needs support and for what,” she said. “What's important to note is that there are communities that will need different types of support in terms of helping them recognize what their barriers are in terms of funding or in terms of growth and expansion.” She added that more people than ever are taken on the challenge of entrepreneurship, especially since the pandemic. “Canada is an entrepreneurial nation,” she said. “We are a small business driven nation and I think what we’ve seen the last couple of years is accessibility. I think we’re realizing now, if you just look at the pandemic, that unlocked an entire vertical of business in ways that we wouldn’t have been able to foresee.” She continued, “We’re continuing to evolve and I think we’re continuing to innovate and accelerate what opportunities are out there.” While Cohen’s time as ambassador may soon be drawing to a close, he said entrepreneurs can expect U.S.’s commitment to fostering Canadian businesses to continue no matter who occupies the role. “One of the things I’ve learned – I’ve learned it in the United States and I’ve learned it here – is that there is an unlimited pool of talented, diverse entrepreneurs,” said Cohen. “We’ll come up with ideas and with concepts to continue engaging (with them) right up until the end. No matter who the ambassador is, hopefully we’ll create an institutionalized focus and interest in furthering the work of diverse entrepreneurs that will continue after I leave.”-
Happily-ai CEO Thierry Lindor (second to left) and ambassador David Cohen (centre) with judge (from left) Armin Norouzi, Kate Karn and Paul Gaspar (Photo by Mia Jensen)
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Myriam Jean-Baptiste and Stevens Charles, founders of LS Cream Liqueur, an award-winning cordial inspired by cremas, an ancestral recipe native to Haiti. (Photo by Mia Jensen)
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CEO Matt Kyazze discusses his creative agency Far From Average, which specializes in social media and guerilla marketing. The company is in the process of developing an app to highlight Ottawa events and businesses. (Photo by Mia Jensen)
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Lorena Meneses, founder of Mareiwa Café Columbien, discusses investing in cutting edge technology to deliver cold brew infusions products. Photo by Mia Jensen)
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Belinda Labatte, CEO of Lomiko Metals, holds of bottle of graphite, which she said is the future of energy. (Photo by Mia Jensen)
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Thierry Lindor, CEO and co-founder of Happily.ai, explains how artificial intelligence can connect entrepreneurs to funding opportunities. (Photo by Mia Jensen)
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Beauty Profs founder Debby Macharia discusses the gap in the market for professional grade products made for textured natural hair. (Photo by Mia Jensen)
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Competition judges Kate Karn, director of public policy at Mastercard, Paul Gaspar, director of small business for UPS Canada, and Armin Norouzi, a software developer and engineer at Citco Group Limited. (Photo by Mia Jensen)
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A 100 per cent Indigenous-owned busienss, Jenna's Nut-Free Dessertery is inspired by traditional recipes and the personal experiences of owner and CEO Jenna White. (Photo by Mia Jensen)
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Inspired by Indian packaging solutions, CEO Nita Tandon said Dalcini Stainless products are a gamechanger in food storage. (Photo by Mia Jensen)
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Founder and CEO Karla Briones said her company Immigrant Entrepreneur Canada will fill a gap for new Canadian business owners who are no longer considered newcomers. (Photo by Mia Jensen)
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Ambassador Cohen's team handed out Mission Canada branded baseball, is honour of the evenings "pitch" competition. (Photo by Mia Jensen)