It’s not easy to walk a mile in the shoes of a Black business owner to comprehend their needs and begin to address the injustices hindering their progress.
One year ago, our organization Futurpreneur was set to change the beginnings of Black entrepreneurs by launching the Black Entrepreneur Startup Program. The objective was to establish an initiative that would help the newest, Black entrepreneurs across Canada who, because of historical and persistent barriers to entry, are often underfunded and under-supported and often undervalued.
When designing a specific program of support, it’s crucial to think about why it’s required and who it’s intended to serve, and whether your organization has the funds to design the program that will result in significant outcomes for the community.
A report for 2024 from the African Canadian Senate Group and Sen. Colin Deacon found over 75 per cent of the people respondents of Black entrepreneurs across Canada claimed their race hinders them from being successful, citing the absence of resources and funding as well as business advice and support as top hurdles. The report pointed out that these obstacles are made more difficult by Black female entrepreneurs, subject to the heightened consequences of racism and discrimination.
In the meantime, the last “Rise” study by the Black Business and Professional Association found that only 17 per cent of Black female entrepreneurs could access credit from banks and highlighted the significant problems they have to overcome when it comes to getting financial aid via traditional channels.
It’s a matter of walking in the shoes of an entrepreneur to fully understand their needs and issues — and then begin addressing the injustices that are hindering their growth.
It’s why representation is crucial throughout the entire process, from beginning of a program to its execution. Although it is vital that Futurpreneur’s CEO remained dedicated to this project and that the program was a success, it is essential that Black employees and leaders at Futurpreneur, who have personal experiences with these obstacles and the struggles to achieve regardless, where the leading designers at the table to bring this plan to fruition.
Two Futurpreneur board members are Black, As do 22 per cent of the top leaders plus more than a per cent of the Canadian staff, including those on the Black Entrepreneur Startup Program team headed by Mona-LisaProsper. Mona-Lisa is an incredibly dynamic Black leader and a successful businesswoman in her own right whose experiences and deep knowledge of the complexities of Black entrepreneurialism have played a vital role in the development of Futurpreneur’s primary program for startups, which includes essential tools to help more young, Black entrepreneurs start and achieve success.
In the past year, over 15,000. Black entrepreneurs — more than 30 per cent of the applicants have received mentoring and financial assistance through the program. They have been able to launch small-scale businesses in areas that include fashion and beauty, medical services, technology, and food and beverages. The first participant of the program was Alberta-based Shawn R Training founder Shawn Raymond was awarded funding on the first day of the program’s launch in March.
Every Black founder’s achievements contribute to the resilience of Canada’s post-pandemic economy. They make us one step closer to achieving equity and inclusion on a grander scale.
