These 25 women are forward-thinking and performing exceptionally well even in such challenging times because their tech solutions are exactly what’s needed for our future economy.
For the full list, article originally posted here.
2020 has been a year of disruption and change. We are living through the first pandemic of our lifetimes; Millennial’s second financial crisis and the inequalities of our systems are more exposed than ever. Amidst the chaos, there is also an opportunity to break things down and rebuild, to expose what wasn’t working and find solutions to make it better.
Even while facing less access to capital, struggles in the start-up phase and outdated prejudices about women in leadership, women’s entrepreneurship is accelerating within Canada and beyond. In the spirit of collaboration and like-minded missions, Sandpiper Ventures from the east coast and The51 from the west, have come together to launch a new, national partnership to unlock capital and invest in women-led startups across Canada.
The result of our combined knowledge and shared networks is called Canada51. This inclusive network is intended to grow to include all key organisations and people across Canada who see this as a social mandate and financial and economic opportunity. Canada51 is committed to increase the participation of women as investors and business leaders and amplify the success of women tech entrepreneurs.
Within Canada’s technology sector, only 25% of the 4,000 angel and seed-funded software companies have raised enough capital to see them through to the end of 2020. Entrepreneurs are now prioritizing survival by reducing burn and/or production costs. The devastating impact of mothballing exciting growth opportunities and reducing overhead became evident when Statistics Canada reported the second-highest unemployment rate on record at 12% with over 2.4 million Canadians filing employment insurance claims.
If businesses don’t make it out of this crisis, not only will the impact on the lives of these entrepreneurs and their employees be devastating, the economic engine of this country will cease to exist. Subsequently, Canada’s burgeoning technology ecosystem, one that was just starting to make strides in enabling diverse founders, will become a shell of its former self, with the effort of many over the previous decade amounting to nothing. The silver lining is that COVID-19 is paving the way for a new, higher-tech future, with the potential for faster technology adoption at all levels of society.
Recognizing that the innovation engine is what keeps our economy running during this crisis, we have been continually inspired by how entrepreneurs have stepped up and built critical solutions in the fight against COVID-19. Within the tech startup ecosystem specifically, we have had countless conversations with founders from coast to coast who are positioning themselves to weather this storm.
Canada 51’s COVID-specific response is one of the first of many collaborations to amplify women entrepreneurs nationally. We are all investors focused on women founders, and these are founders we’ve known over the years from our programs, community engagement and portfolios. They are forward-thinking and performing exceptionally well even in such challenging times because their tech solutions are exactly what’s needed for our future economy.
These founders are examples of the resilience, strength and leadership our communities need. Below they share their perspectives on the future, and the lessons they are from COVID-19 as we collectively pivot.
Alexandra Greenhill, Founder, CEO & Chief Medical Officer of Careteam
Careteam Technologies is a cloud-based, AI-enabled digital collaboration and communication platform that enables care planning, patient engagement and offers a set of tools that integrate with other technologies. Learn how Careteam Technologies is helping clinicians collaborate, adapt, coordinate and accelerate their move towards patient-centred care here.
In the Canadian tech ecosystem, we have the power of problem-solving and the capacity to build scalable tech-enabled solutions with top-tier talent. I expect to see an increase in the number of technology startups in 2020. Historically, start-up creation spikes post-crisis. Smart, highly capable founders who were let go from corporate roles see this time as an opportunity to “go for it”. Intelligent investors will work hard to find, back and support these entrepreneurs as they look to build the next wave of generation-defining technology startups.
The last few months have a deeper need for these tech solutions and a newfound openness to rapid change that is being readily applied. These founders have not only responded quickly to the crisis, but they were already forward-thinking within their respective sectors, leading the way throuågh the challenges posed by the outbreak of COVID-19. I am hopeful for the continued adoption of these innovative technologies and I know that these startups can play an integral role in the future of tech.
First-hand, I have witnessed the incredible technology being built, some are category leaders and have the potential to change the industries mentioned above for the better. We all are affected by the impact of this crisis and our entire global culture is shifting. These tech founders are ready to lead us into that future.
Our mission has been clear from the start: to simplify the complexities of healthcare for everyone involved.
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