The Newfoundland and Labrador Organization of Women Entrepreneurs (NLOWE) hosted a series of economic forums across the province in November. These forums engaged provincial stakeholders who participated in in-depth discussions to identify barriers and potential opportunities for women to strengthen and impact the provincial economy.

This initiative, entitled Drivers of Growth, was launched on November 15, 2016 in St. John’s. “Through the Drivers of Growth Women’s Economic Forum, NLOWE is seeking to unlock the potential of women on our economy by creating the supports necessary to increase their leadership roles in business and on boards,” says NLOWE CEO, Paula Sheppard.

Following the November 15th launch, four additional economic forums were held across the province:

• November 16 — Carbonear • November 17 — Gander• November 22 — Happy Valley-

Goose Bay• November 24 — Corner BrookWomen hold extraordinary

potential in impacting the business community and driving economic growth in Newfoundland and Labrador. In fact, The Canadian Taskforce for Women’s Business Growth, found that “a 20 percent increase in total revenues among majority female-owned

enterprises will contribute an additional $2 billion per annum to the Canadian economy.” In leadership roles, women drive better financial performance. According to the Catalyst Bottom Line study, companies with more women board directors outperform those with the fewest by 66% return on invested capital, 53% return on equity, and 42% return on sales. The economic case is clear.

Yet, women business owners face many barriers to growth. Even though Canadian women are starting businesses at twice the rate of men, they continue to face challenges in accessing growth capital and resources to scale up their business. Women business owners are also under-represented in procurement contracts and in leadership roles in business and on boards.

Drivers of Growth explored both the challenges and successes of women advancing in business and leadership roles, as well as the conditions that are key in supporting women’s leadership.

These discussions will result in actionable recommendations for government, businesses, and individuals to increase the economic growth and impact of women. The results will be detailed in an action plan to be released in early 2017.

Together, let’s take action.

www.surveymonkey.com/r/diversitynl

Couldn’t attend a forum?

You can still join the conversation.

#DriversofGrowth

www.nlowe.org

256 Participants in 5 regions

St. John’s 130

Carbonear 33

Gander 27

Happy Valley- 22 Goose Bay

Corner Brook 44

Unleashing the Economic Power of Women: What it looked like

What we heard... Common Barriers

• Education on entrepreneurship and leadership is not started early enough in school.

• Poor communication channels for industry opportunities— wom-en-owned businessess are not hearing about the opportunities.

• Traditional roles of women—daycare and caring for elderly falls largely on women.

• Procurement policies need to change. Current processess, approaches are not working.

Common Solutions

• Structured mentorship programs needed—more role models for each region and publicized stories of success.

• Transparent bidding policies for procurement—private & public.

• Encourage and train young women for leadership and resource sector opportunities.

• Education across the board on gender diversity.

• Diversity policies for organiza-tions that are communicated and acted upon.

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#DriversofGrowth

@Jim_M_Keating @nlowe_org estimates that women-owned business share of the energy sector is only 1%. We will work to improve that. #DriversofGrowth

@juphilpottA staggering and sobering stat regarding the rate of change; will take five generations. #DriversofGrowth @nlowe_org

@Brad06Cavalier@nlowe_org Really enjoying all the great solutions that have been brought to the table today. #DriversofGrowth

@ABM_Editor@NalcorEnergy & Pennecon announce 30% goals for gender diversity #driversofgrowth @nlowe_org

@CatherineCrosbiGreat discussion about barriers for women entrepreneurs and leaders with @nlowe_org Looking forward to solutions #DriversofGrowth

@ACOACanadaToday’s @nlowe_org forum is a great way to discuss how women in business are #driversofgrowth

@natashahynes251Great business discussions @nlowe_org session in Corner Brook this morning #DriversofGrowth @PALairlines

CommitmentsForum participants were asked, what is one thing you can commit to doing today that will support women entrepre-neurs & more female business leaders in your community?

• "I will use my network to connect students to the agencies that exist to support new female entrepreneurs. "

• "I’m going to put myself out there to be available to serve on a board."

• "Commit to mentoring a young women consider-ing entrepreuship."

• "Be more conscious of doing business with women-owned businesses."

• "Address double standards when they appear in my life, but in a respectable way."

• "Encourage male colleagues to champion more women."

• "Speak out. Stop debating whether my view is relevant or influential enough."

• "Teach my daughters, aged 7 &10, that women can have their own business."

What does a perfect future look like?

Check out page 6 to see what attendees said.

www.nlowe.org

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“Diversity is the cornerstone to economic and social success. Those that embrace it outperform the rest,” stated Caron Hawco, keynote speaker and Women’s Economic Forum Champion at the beginning of every session held around the province.

She explained that the issue of gender parity and the economic empowerment of women are on the radar, like never before. So the timing is perfect for the community – NLOWE, government, corporations and industry - to work together and create an action plan so that our province can realize the full economic potential of women in our economy and strengthen the province’s economic outlook. Investing in women-owned businesses pays dividends by creating jobs and building capacity in our key industries.

She pointed to data that demonstrated how Canada was losing ground when it comes to women in the economy. “Most of us do not realize that over the past decade, Canada has slipped from 10th to 35th in terms of economic opportunity for women. So we are slipping. This forum is about engaging in a dialogue to put this on a different path – a different, better trajectory towards success.”

She expressed optimism that the World Economic Forum has identified women as the fastest-growing economic force in the world. “But we need to see more women entrepreneurs in all industries, including oil and gas, mining, engineering, and technology. At the same time, women who have already founded companies need pathways and resources to move beyond being solopreneurs or independent consultants to scale their businesses up and create new jobs.”

“The business case is clear,” said Caron. “Narrowing the gender gap will

Diversity is the Cornerstone to Economic & Social Success.

deliver dividends for all Canadians. But we need to chase the money. We are leaving money on the table by not addressing this issue. For instance, a 20 percent increase in total revenues among majority female–owned businesses will contribute an additional $2 billion per year to the Canadian economy. We can’t afford to let this opportunity pass us by, particularly at this time in our provincial economy, when we really need it.”

At issue for most women-owned businesses is the fact that their business models are likely limiting their access to major procurement opportunities, as female businesses are primarily small and micro-sized. “This means they are too small and/or lack the capacity or experience required to compete in the supply chains of large industrial projects, corporations and government,” she explained. “They often to not know about the opportunities and the procurement process are often not understood and/or too rigid. We want to change this"

Caron affirmed that women are not asking for a hand out as this is about leveling the playing field. “Women are more than willing to compete and deliver. They are a catalyst for growth for our economy. But there are serious challenges and we as a community must have a conversation about how to address them. This is a new generation of entrepreneurialism. This is about fostering on a whole new level of the economy and setting us all up for greater prosperity.”

She concluded with a call to action: “Together, let’s unleash our province’s true potential by fully engaging women in our economy.”

Caron Hawco, ABC, is a high performing business executive, an accomplished communications consultant, public/regulatory affairs strategist, negotiator and facilitator who advises corporate and business leaders, government and industry associations across multiple sectors.

She is currently working on issues relating to gender and supplier diversity in the petroleum and mining industries.

Caron is a specialist in oil and gas and industrial development and is the former Chair of the Newfoundland and Labrador Oil and Gas Industry Association (NOIA). Caron was also awarded Newfoundland and Labrador’s Communications Professional of the Year by the International Association of Business Communicators (IABC).

From 2008-2015, Caron held management positions with Statoil Canada, serving as a member of its Offshore Canada leadership team, contributing to global corporate initiatives, such as Statoil’s Arctic and East Coast Canada Strategies and leading the development of its North American Communications Strategy.

She is a strong supporter of the province’s arts and cultural industries and is serving on the executive for Business and Arts Newfoundland and Labrador.

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Women in Entrepreneurship & Senior Leadership:Challenges & Opportunities —The Facts

• There are over 1 million self-employed women in Canada, representing 36.9% of all self-employed persons.1

• 46.4% of SMEs are entirely or partly owned by women.1

• Canadian women are starting businesses at twice the rate of men, but they don’t achieve the same growth as their male counterparts due in part to challenges in accessing growth capital and resources.

• In 2014, only 15.7% of small and medium sized businesses in Canada were majority-owned by women entrepreneurs.1

• Majority women-owned small & medium enterprises (SMEs) contribute $148 Billion of economic activity in Canada per year. 2

• It is projected that a 10% rise in the number of female majority owned firms would boost the economic contribution to $198 billion. 2

• A 20% increase in total revenues among majority female-owned enterprises will contribute an additional $2 billion per year to the Canadian economy. 3

• Most of Newfoundland & Labrador’s wealth and prosperity is derived from the natural resources sector; yet women are under-represented at all levels, including procurement contracts.

• We estimate that women-owned businesses make up less than 1% of natural resource industry supply chains in the province.

• The technology sector is Canada’s fastest growing economic sector, currently valued at $250 billion; yet only 185 of ‘C-Suite’ level positions (CEO, COO, & CIO) are held by women. 4

• Women in leadership and board roles drive growth. Companies with more women board directors outperform those with the fewest by 66% return on invested capital, 53% return on equity, and 42% return on sales. 5

• Yet, women hold only 15.9% of board seats in corporate Canada. 6

• Female directors comprise only 18.1% of all directorships worldwide. At the current pace, only 30% of directorships will be held by women by 2027. 7

• It is estimated that at the current rate of change, it will take 151 years before the proportion of men and women in management are equal. 8

(Sources: 1—Statistics Canada, 2— RBC Economics – Canadian Women Grabbing the Baton, 3— The Canadian Taskforce for Women’s Business Growth, 4— ICTC, 5— Cat-alyst The Bottom Line: Corporate Performance and Women’s Representation on Boards, 6— 2013 Catalyst Census: Financial Post 500 Women Board Directors, 7— Women on Boards—MSCI, 8— The Conference Board of Canada)

Growing women-owned businesses will have a significant impact on the economy.

If more women owned their own businesses, imagine the impact on the economy!

But this growth won’t happen until women are equally represented at all level of major industries.

Let’s work together to see this change happen in our lifetime.

www.nlowe.org

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Mr. Speaker, I rise in this Honourable House today to commend the Newfoundland and Labrador Organization of Women Entrepreneurs (NLOWE) for their Women's Economic Forum. The forum, entitled Drivers of Growth - Unleashing the Economic Power of Women, which includes a

Provincial Government Commends Women's Economic ForumThe following statement was issued November 15, 2016 in the House of Assembly by the Honourable Cathy Bennett, Minister Responsible for the Status of Women:

number of sessions being held across the province, provides an opportunity for women in business to explore the challenges and successes of advancing in business.

Mr. Speaker, I had the pleasure of addressing the forum that took place in St. John's this morning. It was a great opportunity for business leaders to come together and share their knowledge and expertise. It is important that we can collectively identify the barriers for women in business and the opportunities so that everyone can learn from each other.

I commend NLOWE for the important role they are planning in supporting women entrepreneurs. As NLOWE points out, we all need to work together to tap into the

Courtesy of vocm.com

economic potential of the fastest growing economic force in the world - the untapped potential of the female population.

Our government takes gender equity and diversity very seriously. We encourage women, and all Newfoundlanders and Labradorians, to

actively participate and seek out leadership roles and to work together to support each other as we support continued economic growth for our province.

Our government is supportive of NLOWE in hosting these sessions. We look forward to working with them on the outcomes of the Drivers of Growth forums through the resulting Action Plan being released in January.

Thank you, Mr. Speaker.

"...we all need to work together to tap into the economic potential of

the fastest growing economic force in the world - the untapped potential

of the female population."

Vision: A Perfect Future...

"Incubators for all kinds of business ideas in all our

towns and cities."

"Women’s voices, values, perspectives are at the tables where decisions are made to create a respectful, healthy,

prospering society."

"More programs to encourage growth and risk-taking for

business owners."

"A world were I can tell my future daughter that she can become

anything she wants to be."

"Women running successful SME’s and actively participating in the

business community and community to support growth/job creation in

local economic development."

www.nlowe.org

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