How organizations are enhancing innovation through inclusivity

On Oct. 30 to 31, 2024, the Lab2Market Summit brought together more than 500 scientists, academics, entrepreneurs, companies and investors for keynote speeches, breakout discussions and a pitch competition. Lab2Market is a suite of programs that aims to foster innovation and commercial success in Canada by helping researchers realize and actualize the market potential of their ideas. The two-day event at the Metro Toronto Convention Centre explored themes like sustainability, emerging technologies, smart cities, advanced manufacturing and life sciences, with a focus on enhancing life in Canada and boosting competitiveness. 

On Oct. 31, Wendy Cukier, founder and academic director of the Diversity Institute and academic research director of the Future Skills Centre, hosted a session titled “Culture Insights: Evaluating and Enhancing Your Company’s Inclusivity.” She opened by outlining research that shows the changing environment of work. Equity-deserving groups are underemployed and there is an underuse of skills, she said, adding that, meanwhile, there are record retirements expected in the coming years. Digital skills and technology learning platforms offer solutions to upskill and reskill the labour force to fill this gap.

Cukier highlighted evidence that bias in the system runs deep, noting that entrepreneurship is associated with men in technology, even though they are only a fraction of entrepreneurs.

She presented data on entrepreneurship and the important role played by women, Indigenous Peoples, racialized people, newcomers and persons with disabilities, as well as the 2SLGBTQ+ community. For example, she pointed to research that shows immigrants have higher entrepreneurial intent than others, sometimes because they are excluded from mainstream employment or because they are pulled to serve new markets and opportunities. They are also more likely to export, she said. Cukier pointed to research that shows women are now almost 20% of majority owners of businesses although they take different pathways and are 40% of self-employed Canadians. Persons with disabilities, particularly those with cognitive differences, often excel in entrepreneurship—as Forbes noted ADHD is the entrepreneur's superpower, Cukier said. She pointed to data that found Indigenous entrepreneurs are more likely to take long-term perspectives and pursue value for their communities than profit alone. Understanding the unique needs of diverse entrepreneurs, Cukier said, is critical to designing and implementing programs to meet their needs.   

She also discussed the importance of tackling bias at all stages in the entrepreneurial journey, including access to financing, which research shows does not serve women, Indigenous Peoples and other equity-deserving groups well. Women giving the same pitch as men are likely to be asked different questions about their track record rather than their potential, are less likely to receive funding and are more likely to receive less funding. Only 19% of Indigenous entrepreneurs had funding from large financial institutions like TD or RBC, and only 6% from the federal government. Further, 45% of Indigenous entrepreneurs find it difficult to meet the qualifications or requirements for lending. Black entrepreneurs were especially hard hit by the COVID-19 pandemic, but most were not in a position to take on more debt, the principal form of the pandemic relief. 

She also discussed the ways we need to work together to build an inclusive innovation ecosystem by challenging stereotypes and celebrating the success of diverse entrepreneurs. It's important to look at all elements of the system from our overall policies, culture and infrastructure; to the ways financial institutions, post-secondary institutions, business support organizations, incubators and accelerators interact with entrepreneurs, as well as individual knowledge skills and behaviours. Cukier emphasized it’s not just about fixing the entrepreneurs. While it’s critical to ensure they have the skills and support they need, she said, it’s also essential decision-makers and gatekeepers confront their biases and help level the playing field. 

The session included lively discussion with participants who included students, managers and investors about what practices work for whom.