The51 Partners with University of Calgary and the Canadian Women’s Foundation to Create the First Ever Financial Feminism Investing Lab
Women represent 51 per cent of the population; however, women’s wealth is historically untapped, and chronically underutilized. Concurrently, even though women-led businesses statistically outperform the competition by up to 63%*, women’s businesses receive significantly less funding in the form of venture capital (VC) investment than their male counterparts’; since 2014, only 10 per cent of Canadian VC deals have been allocated to companies founded by women. This initial funding inequality results in poorer returns, less mutual wealth creation, and missed opportunities for social and environmental impact. To combat these stats, and democratize access to women-led capital for women-led businesses, the University of Calgary and The51 have partnered together to establish the Financial Feminism Investing Lab.
“There is a lack of opportunity for women to mobilize as leaders in investing. Through this pilot project we are looking to activate the future of female capital,” says Shelley Kuipers, who co-founded The51 alongside Judy Fairburn and Alice Reimer. “Calgary is an important centre for finance and we feel it is imperative to lead in the financial feminism movement.”
At 30 per cent, Alberta leads the nation in terms of tech startups that are founded or co-founded by women. As all provinces work to diversify and expand in the technology space, investing in a new critical mass of women investors and leaders will drive the next economic wave.
In its inaugural year, the Financial Feminism Investing Lab will develop finance-related content, and ultimately teach the foundations of early-stage investing to participants through a gendered lens. The non-credit program will provide a background to relevant social and economic factors that influence women’s access to capital. The lab’s primary home at UCalgary will be within the Haskayne School of Business, but the innovative learning experience will be supported by the participation across multiple university groups, including the Hunter Hub for Entrepreneurship and Innovation, and Innovate Calgary.
“The Financial Feminism Investing Lab will complement UCalgary’s entrepreneur development activities, as it will help develop the capacities of the investor community,” says Keri Damen, Executive Director, Hunter Hub for Entrepreneurship and Innovation, University of Calgary. “We will be leveraging a network of entrepreneurs connected with the university, to provide insight into the real-life funding needs of early-stage startups.”
In preparation for their first cohort, the Financial Feminism Investing Lab team will begin with industry research, content production and curriculum design, with program delivery expected in early 2021. Upon completion of the non-credit course, students will have an understanding of the economic and social value that can be generated through investment in women-founded organizations.
“The51 and the Haskayne School of Business share a vision of making Calgary the go-to place across Canada in feminist finance,” Dr. Jim Dewald, PhD, Dean, Haskayne School of Business. “We are driven to expand our research in this area and we are keenly interested in attracting more female students to finance. This pilot is an important step in bringing people along into this shared vision.”
This project is part of the Canadian Women’s Foundation Investment Readiness Program funded by the Government of Canada's Social Innovation/Social Finance Strategy. This funding kicks off a formalized partnership between The51 and UCalgary with intentions to continue beyond this initial pilot on other initiatives to advance financial feminism.
About The Canadian Women’s Foundation
The Canadian Women’s Foundation (CWF) is Canada’s public foundation for diverse women and girls who face distinct barriers requiring distinct solutions. They fund programs across Canada focused on addressing four urgent issues: gender-based violence, economic security, girls’ empowerment and inclusive leadership. CWF also works to improve systems, policies and practices to build equity. CWF knows that gender equality improves economic and social conditions for everyone.