Question Period Note: DIVERSITY SUPPORTS AT ISED

What is the Government of Canada doing to encourage diversity in Canada’s economy?

• COVID-19 has disproportionately impacted vulnerable communities, further underscoring the systemic barriers faced by Indigenous and racialized communities in Canada.

• The government is taking action to break down barriers to full economic participation with a comprehensive set of programs and policies, including the Women Entrepreneurship Strategy, the 50-30 Challenge, and the Disaggregated Data Action Plan announced in Budget 2021.

• Equality, diversity and inclusion are fundamental to the future of the Canadian economy. Together, we can build back a stronger and more resilient Canada.

Programs in place that seek to improve diversity and inclusion outcomes at ISED include, but are not limited to:

Investing in Entrepreneurs

Women Entrepreneurship Strategy (WES) (Additional $146.9M/4 yrs allocated in Budget 2021) is a whole-of-government approach to help women grow their businesses through access to financing, talent, networks and expertise.

Venture Capital Catalyst Initiative (VCCI) (Additional $450M/5 yrs allocated in Budget 2021) aims to improve financing opportunities for women and under-represented groups. The government is investing $450 million in five large national funds-of-funds as well as in a unique portfolio of venture capital funds representing emerging and diverse managers, underserved regions and sectors, alternative fund structures and clean technology funds which have already reached a close and are beginning to invest in high growth potential Canadian companies.

Black Entrepreneurship Program (Additional $51.7M/4yrs allocated in Budget 2021) is a partnership between the Government of Canada, Black-led business organizations, and financial institutions. With an investment of up to $221 million over four years, it will help Black Canadian business owners and entrepreneurs grow their businesses and succeed now and into the future.
Supporting Innovation

The Strategic Innovation Fund (SIF) (Additional $7.25B allocated in Budget 2021) supports innovation projects in Canada, while also ensuring that the funded projects generate not only innovation and economic benefits, but also social benefits. Contribution agreements contain commitments by recipients to develop and implement gender and diversity plans that reflect the specific context of projects and companies.

Helping Corporations Improve Diversity

50/30 Challenge - encourages private and public sector organizations – including small and medium enterprises, not-for-profits and academic institutions – to voluntarily take steps to increase diverse representation on corporate boards and in senior management.

Creating Opportunities for all Canadians

Disaggregated Data Action Plan ($172M, 5 yrs, $36.3M ongoing allocated in Budget 2021) is a holistic, evidence-based approach to issues of systemic discrimination and inequities through strategic investments in data and data infrastructure and policy initiatives.

CanCode (Additional $80M/3yrs allocated in Budget 2021) aims to equip Canadian youth, including traditionally underrepresented groups, with the skills they need to be prepared for further studies, including advanced digital skills and science, technology, engineering and math (STEM) courses, leading to the jobs of the future. Canada's success in the digital economy depends on leveraging our diverse talent and providing opportunity for all to participate.

Digital Skills for Youth (DS4Y) (DS4Y part of Youth Employment & Skills Strategy, $109.3M allocated for 2022/23 in Budget 2021) connects underemployed post-secondary graduates with small to medium-sized businesses and not-for-profit organizations where they can gain meaningful work experience to help them transition to career-oriented employment.

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