Page 25 - INSIGHT MAGAZINE_Neat

There are many women
business leaders and
entrepreneurs in
Cambridge making great
strides.

Their accomplishments continue to

contribute to the overall prosperity
of our local business community,
and we celebrate them all.
However, while the number of
women-owned businesses is on the
rise overall in Canada, the Women
Entrepreneurship Knowledge
Hub’s 2023 State of Women’s
Entrepreneurship in Canada report
indicates that female entrepreneurs
still disproportionately face many

barriers, including access to capital

from financial institutions.

The study estimated 18% of

businesses are majority-owned by
women, up from 16.8% in 2020
and 15.6% in 2017 but sadly also
showed majority male-owned
businesses have higher survival
rates than majority female-owned
businesses.
The report has recommended
further aid be provided to help

women-owned businesses get off

the ground and stay afloat.
As well, it also showed that female
entrepreneurs also tend to be
concentrated in service sectors,
such as retail trade, knowledge-
based industries, and tourism,
leaving them under-represented in

other, male-dominated fields.

Statistics from the Financial

Accountability Office of Ontario
show that in 2022, men
accounted for 62.7% of senior
management roles compared to
37.3% of women. As well, in the
middle management realm, men
accounted for 62.2% of the roles

with women accounting for only

35.8% of these positions.

It’s clear from these statistics much
needs to be done to ensure women
business leaders prosper and
thrive.