State of Women’s Entrepreneurship in Canada 2024 Report: Preliminary Findings

The report highlights significant progress and persistent challenges faced by women entrepreneurs in Canada. Key findings indicate that women-owned businesses in Canada have increased to 18.4% of all businesses in 2023, up from 15.6% in 2017. The report also reveals that Canadian women are more engaged in early-stage entrepreneurial activities compared to the global average, with 14.8% participation versus 10.1% globally. However, disparities persist, as 37.1% of women entrepreneurs earn less than $50,000 annually, compared to 31.7% of men entrepreneurs. The study emphasizes the positive impact of Canada's $7 billion Women Entrepreneurship Strategy (WES) on supporting women-owned businesses, with 76.6% of WES participants reporting entry into new industries and 65.9% increasing their involvement in innovation. Additionally, the report highlights that women entrepreneurs are more likely to adopt sustainability initiatives, with over one-third working to reduce waste.