Prominent Canadian entrepreneur and regular on CBC’s Dragons’ Den, Manjit Minhas, has recently given an interesting interview to CanadianSME Small Business Magazine. She discussed the particular obstacles that female entrepreneurs face when trying to get venture funding.
Given that only 4% of venture capital funding in Canada is allocated to women-owned businesses, the necessity for self-financing becomes exceedingly clear. Manjit describes how Stacy’s Rise Project, which is financially supported and its mentorship opportunities are extended to women in business, is triggering a substantial change with the collaboration of Stacy’s brand and PepsiCo Canada.
She also shed light on the project’s impact, her experience in the beverage business, and the challenges faced by women entrepreneurs in today’s economy. Women business owners in Canada encounter a wide range of obstacles. Besides enumerating the hurdles of women entrepreneurs, this discussion also covers the potential solutions and support networks, such as Stacy’s Rise Project, that are paving the way for a brighter future for women entrepreneurs in Canada.
Manjit Minhas, is a Canadian entrepreneur, television personality, and entrepreneur.
She is the co-founder and CEO of Minhas Breweries & Distillery, manufacturer of such beer brands as Boxer Lager & Pilsner and Mountain Crest Classic Lager.
Manjit is the star of the CBC reality television series Dragons’ Den since 2015.
As a successful entrepreneur, you’ve seen firsthand the challenges faced by women in business. Can you discuss the unique obstacles that women entrepreneurs encounter, especially in securing venture capital funding, and how the Stacy’s Rise Project aims to address these challenges?
“Well, I’d like to say I was shocked to find that out of a million entrepreneurs in Canada, women-owned businesses only receive 4% of venture capital funding? But, unfortunately, I can’t say that I am.
“That means self-funding is really the only option for Canadian women aspiring to own businesses, which is of course a huge barrier. What are your options? I sold my car to finance my first company, but that’s obviously not an option for everyone. Do you dig into your savings to grow your businesses? Or maybe you choose to hold off starting a business altogether.
“That’s why initiatives like the Stacy’s Rise Project are so exciting. Championed by the Stacy’s brand , the project focuses on empowering and supporting women entrepreneurs to help them address these questions. Each recipient receives a $25,000 grant but also a once-in-a-lifetime mentorship opportunity with PepsiCo Canada executives, who can help them with strategies to grow their business.
“The Stacy’s brand also fosters a community providing access to resources, mentorship, and networking opportunities that frankly aren’t necessarily or as prevalent for women.
“AND the program offers grants to women-owned businesses to help them grow and succeed — I sure would have appreciated that when I was starting out!”
The Stacy’s Rise Project offers financial support and mentorship to female entrepreneurs. How do you believe this support will impact the recipients and contribute to their business success?
“I’ve heard previous winners of the Stacy’s Rise Project describe the funding as a ‘lifeline’. The program has allowed these incredible women to launch new products, expand distribution channels, and grow their businesses. Not only has the grant opened new business opportunities, but it’s also enabled women to have a better work life balance. For example, Kristyn (Carrier) from 7 Summits Snacks shared that she was able to use funding from the Stacy’s Rise Project to hire a new employee so she could take maternity leave! I mean, what an amazing gift at an incredibly important time for new mothers and families!
“The mentorship component of Stacy’s Rise Project also helps women entrepreneurs navigate challenges, make informed decisions, and avoid common pitfalls. This ultimately contributes to their long-term success by providing them with guidance, advice, and insights from experienced individuals.
“Not only does the project provide businesswomen with access to funding and knowledge, it also creates a supportive community of women entrepreneurs across Canada and the United States, fostering collaboration and shared experiences. This sense of community is a powerful motivator and source of encouragement, especially in industries where women are underrepresented. This helps to build a sense of comradery and connection.”
Given your extensive experience in the beverage industry, what kind of mentorship and guidance do you plan to provide to the awardees of the Stacy’s Rise Project? What are key lessons from your journey that you’d like to share with them?
“I’ve always found the best lessons come from within. It’s easy to get caught up in looking at other companies but comparing ourselves to, say, a multinational conglomerate is pointless if the customers we have are not fully satisfied. Always be examining the customer experience and ensuring are you delivering value to your clients. Only then can you think about someone else’s share of the market.”
With the current economic climate and rising living costs, what advice would you give to women looking to start a side hustle or a small business? How can they navigate these economic uncertainties effectively?
“Sure, we certainly feel our share of pressure when it comes to rising costs across the board and the general economic climate but it’s true small business owners may feel those shifts more acutely. A core piece of advice I can offer is for new entrepreneurs to view their size as a positive and not assume that size equals stability – it does not.
“As a small business, you can be nimble and pivot in creative ways large organizations cannot. There are now routes to market I never could have dreamed of and opportunities we cannot afford to gamble on pursuing. Being small and independent is your strength, not an impediment.”
How do you envision the future of women entrepreneurship in Canada? What changes or developments would you like to see in the coming years to further support and empower female business owners?
“It’s clear we need educate the venture capital community firms on addressing gender bias in funding decisions and increase access to funding in general. Specialized funding initiatives, such as the Stacy’s Rise Project, are a start — and commitments by financial institutions to support women-founded businesses are imperative make starting a business more accessible.
“I’m also a huge advocate for mentorship – that’s why I was delighted to get involved in the Stacy’s Rise Project as it offers life-changing mentorship opportunities to grant recipients! I’d like to see more diverse mentorship programmes that connect women entrepreneurs with experienced mentors in their industries. Doing this will help women founders broaden their professional network and access more business opportunities.
“If we focus on these changes, we can work towards creating a more inclusive and supportive ecosystem for women entrepreneurs, fostering economic growth, innovation, and diversity in the business landscape.”
