CanadianSME Small Business Magazine recently engaged in a conversation with Isabelle Hudon, the esteemed President and Chief Executive Officer of BDC. Drawing from her rich experiences as the Ambassador of Canada to France and Monaco, Isabelle reflected on how her diplomatic tenure profoundly influenced her perspectives on leadership and economic advancement. A recipient of numerous accolades, including the notable Commander of the Legion of Honour from the French government, she recalled moments of particular pride during her diplomatic service. Transitioning to her role at BDC, Isabelle articulated her fervent commitment to bolstering Canada’s development via entrepreneurial ventures. She spotlighted key initiatives and strategies she’s spearheaded to realize this vision and offered insights into BDC’s anticipated evolution, particularly under her stewardship emphasizing fair, inclusive, and sustainable growth. To those aspiring to make their mark in diplomacy, finance, or economic development, Isabelle imparted advice rooted in her own remarkable journey, encouraging the next generation of leaders to forge ahead with passion and purpose.
Can you share some insights from your time serving as Ambassador of Canada to France and Monaco? How did that experience shape your perspective on leadership and economic development?
I observed the tremendous appreciation that the international community has for Canada—and that this reputation carries a lot of currency for us. Part of my time as Ambassador coincided with the global pandemic. And seeing how different countries reacted to the crisis that was unfolding was quite interesting. It was noticeable, at least in France, how the government was approaching the crisis as an opportunity to position certain industries for the eventual economic recovery. That all-hands-on-deck approach was certainly something that fed my personal thinking – not so much with regards to the specifics of the strategy, but more in terms of the inherent global ambitions that was guiding their thinking.
You’ve received numerous prestigious awards and honors, including the Commander of the Legion of Honour from the French government. Could you tell us about a specific moment or achievement that you’re particularly proud of during your diplomatic service?
Leading the G7 working group on women’s rights was an important highlight of my tenure, as well as acting as co-chair of the Gender Equality Advisory Council for Canada’s G7 Presidency in 2018. My dedication to the cause of gender equality is well known and supporting that cause on the international stage was both a very rewarding task and an incredibly rich learning experience. That being said, a very special moment of my diplomatic career was when I addressed the French Senate in 2020, when CETA was up for approval. It was a delicate moment – there were concerns voiced in France that the agreement could lead to potentially negative consequences for French food producers. Meeting senators, addressing French concerns directly and putting them in context led to very constructive exchanges – and in the end, a very positive outcome.
As President and CEO of BDC, you’ve made it a priority to increase the organization’s contribution to Canada’s development through entrepreneurs. Can you share some of the key initiatives or strategies you’ve implemented to achieve this goal?
I am very proud of the work done by my colleagues and all the partners we work with. For example, BDC now serves 100,000 clients, twice as many as we served five years ago, and more than three times as many as 10 years ago. In just the past two years alone, that number grew by 40%, while our venture capital commitments also went up by 40%—and the value of our total commitments increased by 25%.
Besides reaching significantly more entrepreneurs across the country during the pandemic, we have also deployed a number of targeted initiatives designed to increase access to capital for typically underserved clienteles, as well as for high-potential sectors, such as our Climate Tech Fund and our Sustainability Venture Fund. Many of these initiatives involve collaborating with partners – such as the Indigenous Growth Fund and the Black Entrepreneurship Loan Fund.
An underlying theme in these efforts is approaching our support with a level of ambition that is commensurate with the needs of entrepreneurs. In 2022, we launched the Thrive platform to support specifically women-led businesses. With a total of half-a-billion dollars, it is the largest platform of its kind in the world.
How do you see the role of BDC evolving in the coming years, especially in light of your focus on fair, inclusive, and sustainable economic growth?
The thought I wake up with every morning is, “Are there entrepreneurs that we are collectively leaving behind”? We know – because we asked them – that there are hundreds of thousands of entrepreneurs across the country who say they are not able to access the financing they need to grow their businesses. It is our role to step in and fill the big gaps that remain, working directly with entrepreneurs and mobilizing our extensive networks of partners, including other financial institutions, to reach this goal.
As a development bank, we have a responsibility to work hand-in-hand with entrepreneurs to tackle the big challenges of our times – whether finding ways to deal with inflation, increasing innovation and productivity, or helping SMEs reduce their carbon footprint and accelerate Canada’s transition to a net-zero economy. Over the next few years, we want to be known as the go-to place for entrepreneurs looking for sustainability advice. If you want to green your operations, serve more diverse clients or attract more diverse people to you team, we will be the place to give you practical tools, advice and support.
What advice would you give to aspiring leaders, especially those interested in pursuing careers in diplomacy, finance, or economic development, based on your own journey and experiences?
We enjoy our lives and our careers more when we have a job with a purpose. To the younger generation, my advice is to cultivate the habit of going out of your comfort zone – because this is where we often learn the most. And to young women in particular, I insist on not being afraid of your dreams and ambitions. On the contrary, you should embrace them and be vocal and proud of them.
To aspiring and established leaders, watch everyone you can, at diverse levels. While you will bring the drive and ambition, you must remain open to the people around you, especially the younger generation. They will bring you so many other things. Stay humble and listen carefully.
