SASKATOON -- Women Entrepreneurs of Saskatchewan (WESK) estimates the province could see an economic boost of $17.6 billion per year if more women were encouraged to start, run and grow their own businesses, according to a government news release.
WESK received funding from the Government of Saskatchewan’s Status of Women Office to explore avenues of scaling up women-owned businesses.
It assembled an advisory committee which found that women entrepreneurs contributed $23.1 billion to the Saskatchewan economy in 2019 and were responsible for 191,836 jobs. However, more than 80 per cent of the province’s women-owned businesses have fewer than 10 employees.
Prabha Mitchell is the WESK Chief Executive Officer and was part of the advisory committee.
She says it’s important for people to realize the economic impact women entrepreneurs have in the province.
"This report clearly draws a correlation between women scaling their business and economic growth in the province. it's not just the right thing to do, investing in women entrepreneurs, but it's also the smart thing to do," Mitchell told CTV News.
The committee's report recommends new financial and mentoring supports for women entrepreneurs, as well as:
- Enhancing access to capital
- Developing scale-enabling policies
- Streamlining access to data, programs and networks
- Enhancing awareness and support.
“Saskatchewan has one of the highest rates of female entrepreneurship among all provinces, with one in every eight women employed running her own business,” Minister Responsible for the Status of Women Office Tina Beaudry-Mellor said in a news release.
“We can build on this and be one of the best places in Canada for female entrepreneurs.”
