More than twenty panelists, political leaders, entrepreneurs and representatives of financial institutions gathered at the Palais des congrès de Montréal to discuss various topics: financing, levers for success, best practices and challenges. A consensus was formed on the importance of a more representative entrepreneurial ecosystem. The time has come to take action so that the upcoming recovery is truly inclusive.

Access to financing, the key to war

In her presentation, Tania Sabba, holder of the BMO Chair - Diversity and Governance , touched on a structural nerve center. People from diverse backgrounds (women, people with disabilities, LGBTQ+, immigrants, Indigenous people and visible minorities) work mainly in sectors considered more vulnerable and at risk by financial institutions: retail businesses, and businesses in the arts, health, accommodation and food services sectors. The pandemic has also had a strong impact on these sectors and accentuated the divisions.

The speakers on the panel entitled Financing Ecosystem for Entrepreneurial Diversity highlighted a clear obstacle: cognitive biases still exist within financial institutions. Catherine Desaulniers Lamy, Investment Director at Desjardins Capital , and Wills Theagene, Director at the Caisse de dépôt et placement du Québec , committed to restoring trust by bringing diversity to their teams. “Financial institutions need to make it a priority in their strategic plans. We have done so and have included performance indicators to measure progress,” said Sylvie Pinsonnault, Senior Vice-President, Business Strategies and Solutions at Investissement Québec .

Recognition of skills

The Minister of Labour, Employment and Social Solidarity, Mr. Jean Boulet, was present at the opening of the forum. Entrepreneurs praised his responsiveness to the crisis and hoped that the aid would continue. To better understand the issues of diversity, the Minister is asking for clear data. Cathy Wong, member of the executive committee (Diversity, inclusion in employment, French language, fight against racism) at the City of Montreal , specified that "65% of immigrants take a year before finding their first job in Montreal." She added that "half of immigrants work in a field that does not match their skills."

Minister Boulet spoke about facilitating access to skills recognition so that Quebec becomes more of a meritocracy. He also suggested requalification bridges and establishing a training culture in businesses.

The importance of surrounding yourself with good partners

The Quebec Entrepreneurial Index continues to reveal each year the sustained intention of women and immigrants to become entrepreneurs. Payam Eslami, Executive Director of Entreprendre ici , points out that "there is an entire ecosystem of little-known and underused resources, particularly for starting a business."

Souad Elmallem, executive partner at 6temik , explains that to contain the crisis and pivot , she surrounded herself with experts. “We have to stay humble and use the levers at our disposal. Not just seek financial help, but also the expertise needed to take our business to the next level.” Her experience illustrates the title of the panel she participated in, Inclusivity, a factor of resilience .

The importance of networks

Ruth Vachon, CEO of the Réseau des Femmes d'affaires du Québec , explains that "women are so focused on their business internally that they don't develop enough of an external network." Gabriel Bran Lopez, founding president of Fusion jeunesse , one of the success stories presented, also believes that you have to get out there and communicate: "Give yourself opportunities to talk about your business and meet people who can lead to something great." It was by sharing his project on the radio that he met the people who would become his mentors and allow his business to go beyond what he could have imagined.

Diversity in companies is a wealth, an added value. “There is a lot of potential to be harvested,” says Sévrine Labelle, CEO of Femmessor . “Including all faces of society shows the agility of the company, its ability to pivot and seize opportunities in a changing world.” The speakers conclude that it is profitable for financial institutions, companies and society.

Conclusion and opening

The President and CEO of the Chamber of Commerce of Metropolitan Montreal, Michel Leblanc, sums up the situation: "We are in a dynamic of historic catch-up that must be accelerated now if we want the recovery to be inclusive and sustainable." To reach Quebec's full potential and not rebuild a shaky society, he reaffirms that "this time, we must not leave anyone behind. Let's hope that the year of the pandemic is the one in which we started projects that worked." To which Danièle Henkel, President and Founder of Entreprises Danièle Henkel Inc., simply responded, "Let's start by setting an example. Not because it's the right thing to do, but because it's the right thing to do."