Starting a business is challenging enough, but for Black entrepreneurs, the hurdles may feel particularly high. To successfully address these persistent systemic challenges, the Black Entrepreneurship Alliance (BEA) works tirelessly to provide Black entrepreneurs with the tools and support they need to succeed.
BEA is funded by Canada’s Federal Economic Development Agency (FEDA) for Southern Ontario and is a collaborative effort between Black Creek Community Health Centre, York University’s YSpace, TD Community Engagement Center, and the Schulich Executive Office. is. BEA’s goal is to foster entrepreneurship among our members, fight inequality through targeted investments and resources, and work together to promote community resilience and success.
Statistics show that only 2.1 per cent of Canadian businesses are black-owned, and just one-quarter per cent are led by black women. Breaking down these barriers to entry requires directly addressing the history of black businesses being disenfranchised from access to capital, networks, and knowledge resources, says Olu Villasa, program manager at the Black Entrepreneurship Alliance. says.
“The lack of funding for Black-led businesses has a negative impact on the resilience and competitiveness of Canada’s economy,” Vilasa said.
BEA recently established the Alfred Anucha Award in Entrepreneurship (A3E), which aims to help young black men under the age of 30 pursue their entrepreneurial aspirations. Funded by his initial $50,000 gift from the Anucha family, this award honors the memory of Alfred Anucha, a visionary entrepreneur who died young. Alfred’s mother, Uzo Anucha, an associate professor at York University, also participated in the creation of the award. Professor Anucha currently holds the York Research Chair in the Context of Youth and Inequality and teaches classes in the School of Social Work.
Prime Minister Justin Trudeau attended the inaugural Alfred Anucha Award presentation this winter, along with York University President Rhonda Renton and other dignitaries. Four winners were announced and all received his $2,500 and personalized entrepreneurship and mentoring programs through BEA and YSpace.
In addition to A3E, York and BEA are further supporting Black entrepreneurship through initiatives such as the Investment Bootcamp program. The program is designed to help Black founders secure funding and navigate the startup world, with a comprehensive 4-day program covering everything from funding strategies to mentorship opportunities. We offer a monthly curriculum.
David Kwok, Director of Entrepreneurship and Innovation at YSpace, emphasizes the program’s goal of creating a strong pipeline of investment-ready Black ventures. “We want to build a network of investors who are passionate about investing in Black-led ventures,” Kwok said.
These collaborative efforts with university programs, non-profit organizations, and government funding sources are an effective way to pave the way for a new generation of Black-led businesses to thrive and contribute to Ontario’s economy. It has been proven that.
