Capital Unlocked 2024 — Recap

3 min read · December 2, 2024
New Power Labs

Thank you to all those who joined us at Capital Unlocked 2024 on November 20th! We are still buzzing from all the inspiration from the discussions and conversations with our speakers and among our attendees.

I sat down with Arian Simone, CEO and Founding Partner of Fearless Fund, who shared her remarkable story including her experience facing legal challenges against Fearless Fund’s grant program for women of colour entrepreneurs. Arian's story illustrates the current climate of heightened polarization and its impact on efforts to invest in diverse leaders and communities.

Arian highlighted the critical need for leading funders – including foundations, investment funds, venture capital firms, and government – to reaffirm their commitment to investing in diverse leaders and communities. This united front is essential to build momentum and counteract the current pushback.

As we explored what needs to change, Arian commented on the importance of proximity, noting that even without racism and sexism, you'll naturally invest in those who you spend most of your time with. Funders may unintentionally favor entrepreneurs and leaders who share similar backgrounds, experiences, or networks. It takes effort to mitigate this unconscious bias for funders which requires conscious effort and strategic action.

Canada is not immune to the pushback we see south of the border. As funders, investors, and asset managers, we have the opportunity to further adapt to the changing climate to advance our mission. It is more important than ever to mobilize and work as a collective.

With Bruce Sellery, CEO of Credit Canada as our Anchor, at the Summit we heard from:

  • Former Chief R.Stacey Laforme of The Mississaugas of The New Credit First Nation welcomed us to the Summit.

  • Arian Simone (CEO and Founding Partner of Fearless Fund) shared her remarkable story including her experience overcoming legal challenges against Fearless Fund’s grant program for women of colour entrepreneurs.

  • I sat down with Nature Canada’s Executive Director Emily McMillan and Civil Litigator Andrew E. Cleland to explore how Canada is not immune to the pushback against equity, diversity, and inclusion

  • Jane Rabinowicz (President and CEO of the McConnell Foundation), Thomas Park (former Partner and Lead at BDC Deep Tech Fund), Dr. Alison Kemper (Associate Professor at TMU), Sara Wolfe (CEO at Equity Cubed) explored the intricate relationship between populism, polarization, and equity, and strategies for maintaining momentum in flowing capital to underfunded leaders and entrepreneurs.

  • Sally Ng, ICD.D (Board Member, Inspirit Foundation), Stéphanie Jecrois (Executive Director, Technovation), Alwar Pillai (CEO & Co-founder, Fable), Erich Ko (Co-founder & CEO, Hop In Tech), Leah Nguyen (CIO, InBC), Bryan Duarte (Managing Partner, BlackTech Capital) shared insights as diverse founders, community leaders, investors and emerging fund managers on their journeys of raising capital, barriers and opportunities to bridge the gap.

  • Jon Shell (Chair, Social Capital Partners), Andria Barrett (Director, The Banker Ladies Council), Christopher Googoo (COO, Ulnooweg Development Group), Jehad Aliweiwi (Executive Director, Laidlaw Foundation), Nadia Duguay (Executive Director, Béati Foundation) shared models for directing capital to underfunded leaders and communities: from employee ownership, to rotating savings and credit associations (ROSCA), to Ulnooweg and how it is building paths to Indigenous community prosperity, and Laidlaw Foundation and Fondation Béati’s journey in transforming philanthropy.

  • Michelle Baldwin (Senior Advisor, Community Foundations of Canada), Joe Greenwood (Vice President, Global Data and AI Strategy, Mastercard), and Manish Karani (Founder & CEO, Yareta) discussed the growing role of artificial intelligence in capital allocation decision-making and its ability to either help drive equity or exacerbate bias.

  • As our closing keynote, Shahir Guindi Ad. E. (Partner and Chair Emeritus, Osler, Hoskin & Harcourt LLP) highlighted the need for diverse representation among capital allocators to invest in diverse leaders and communities and unlock economic prosperity for all in Canada.

  • Sadia Zaman (CEO, Inspirit Foundation), Keith Taylor (Executive Director, DUCA Impact Lab), Bruce Sellery, and I closed out the day by reflecting on the path forward: many of us share a similar sentiment about the current moment, and mobilizing this energy is possible.

We are incredibly grateful for our sponsors for the first day of our Summit: Rideau Hall Foundation, McConnell Foundation, World Education Services, Coast Capital, and our strategic partner Philanthropic Foundations Canada. We couldn’t have done it without you!

Last but not least, thank you to all of you—investors, funders, grantmakers, asset managers, community leaders, founders, leaders and entrepreneurs—who are committed to expanding access to capital for diverse leaders and communities. It is a pleasure to have you as part of our movement.

Narinder
New Power Labs

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