EY Entrepreneurs Access Network is currently running its 2024 cohort, enabling Black and Indigenous founders in Canada. The Tech Factor caught up with the team to learn more about the cohort, as well as the genesis and current status of the program.
EY Canada’s EY Entrepreneurs Access Network is a curated, one-year educational curriculum for CEOs of private, for-profit organizations. It specifically focuses on supporting Black and Indigenous entrepreneurs. The program is currently running its 2024 cohort, its third overall. The Tech Factor spoke with Christopher Gordon, National Co-Director, EY Canada Entrepreneurs Access Network, about the program.
It’s widely appreciated that under-represented entrepreneurs face additional barriers in starting and operating businesses. Here are some figures to provide colour (pun unintended) to that argument. Black and Indigenous people form about 4.3% and 5% of Canada’s population, as per Statistics Canada. Gordon shared that there are approximately 3.5 million entrepreneurs in Canada and 45,000 Canadians annually start a business (2018 stat). Against this backdrop, he highlighted that Black people own only about 2,000 businesses of significant scale in the country. In addition, Indigenous people own only about 1.4% of businesses. Further, the pandemic resulted in a decline in underrepresented-owned businesses, which were already three times more likely to close up shop.
Clearly, there’s a need for more support for Black and Indigenous entrepreneurs. EY Canada wanted to address this disparity gap, which led to the genesis of the EY Entrepreneurs Access Network. Gordon said that it’s designed to enable seven drivers of growth: people, technology, operations, customer, finance, transactions, and risk. It’s structured as a pro-bono program, with no equity stake, no fees, as well as no cash investment.
Gordon suggested that its indeed a no-cost opportunity for entrepreneurs to invest in personal growth and leadership to enhance business performance. EY Canada team believes that enabling under-represented founders will enhance Canada’s overall competitiveness and drive economic impact too.
Building a much-needed Black and Indigenous entrepreneur community
Every participant is paired with an EY expert who serves as a dedicated Relationship Ambassador. These subject matter experts facilitate networking opportunities, help navigate investor engagements, and offer strategic insights. Generally, Gordon said, these ambassadors are either EY partners or Senior Managers. Additionally, they try to provide connections to VC funds too. BDC has sponsored the program for the past two years and also contributed educational sessions.
Importantly, the program is building a rich community of Black and Indigenous entrepreneurs. With time and if done well, in The Tech Factor’s view, this might become the biggest strength of the program. Overall, it offers learning sessions, events, personal guidance and brand exposure to the participants. To be eligible, participants need to be Black and Indigenous CXOs with majority Black/Indigenous ownership in their companies. Moreover, they have to be for-profit, private businesses for more than two years.
Gordon expressed satisfaction with the response to the program till date from entrepreneurs. Since its inception in 2022, it has welcomed 25 entrepreneurs across three annual cohorts. EY team has also learnt and evolved the program while running it, such as in the value of community and cultural understanding, and a focus on long-term relationships. Accordingly, adjustments to the curriculum, mentoring and event approaches have been made.
A noteworthy success story is Nuez Acres®, a beauty brand from 2023 cohort, which has successfully launched in 240 Walmart locations.
“Being a part of EY Canada’s Entrepreneurs Access Network has been a transformative experience for both myself and my company. The comprehensive curriculum and personalized coaching have empowered us to harness the full potential of our diverse team, leverage cutting-edge technology, and streamline operations. The access to a network of like-minded visionaries and industry experts has been invaluable.”
Cheryl Kerr, Founder and Managing Partner, MedEx Health Services
EY Entrepreneurs Access Network 2024 cohort selected 12 participants
Last year, The Tech Factor wrote about the 2023 cohort of the EY Entrepreneurs Access Network Program. At this time, the cohort for 2024 is ongoing and it’s the third iteration of the annual program. Myriam Gafarou and Daniel Baer of EY Canada serve as the Co-Directors of the program currently.
This cohort of EY Entrepreneurs Access Network has selected 12 under-represented founders. They include:
- Ejibola Adetokunbo-Taiwo, Simply Ejbola
- Yemi Akindoju, Vanity Fashions Limited
- Keenan Beavis, Longhouse Media
- Carla Casseus, CC4 Solutions.
- Felicia Dewar, miskamaoswin Foods Inc.
- Darian Kovacs, Jelly Digital Marketing & PR
- Vanessa Marshall, Jack59 Inc.
- Sabe Mpofu, Millenilink
- Jordan Perrin, DuraClim
- Cory Skinner, Factr Limited
- Jennifer Taback, Design de Plume Inc.
- Tanya Walker, Walker Law Professional Corporation
Gordon said in the release that the class of 2024 had selected entrepreneurs from diverse industries, who were solving customer problems by using creative, sustainable solutions.
“We know too well that the most common barriers underrepresented entrepreneurs face include access to financing, mentorship and peer networks. That’s why diversity, equity, and inclusion is central to our strategy for fostering entrepreneurial success at BDC. Working alongside partners like EY, we can help propel these entrepreneurs further, faster and support Canada’s economic prosperity.”
Fatiha Senhaji, Vice President of Inclusive Entrepreneurship at BDC
EY Entrepreneurs Access Network is part of EY’s entrepreneurial ecosystem to promote and encourage entrepreneurship in Canada, alongside EY Entrepreneur Of The Year and EY Entrepreneurial Winning Women programs.
