Happy Holidays from New Power Labs!
3 min read · December 19, 2024
New Power Labs
As we reflect on 2024, it's clear that resilience is deeply rooted in diversity.
Much like the boreal forest, where a tapestry of diverse species enables the forest to recover quickly from disturbances, to build a prosperous economy, we need diverse leaders, entrepreneurs, founders, and communities to flourish. By unlocking capital to diverse yet underfunded groups, we can foster a resilient economy that benefits everyone.
As a collaborative platform for funders, investors, asset managers, financial institutions, and ecosystem players committed to driving capital flows to underfunded leaders and groups in Canada, we achieved significant milestones across our strategic pillars in 2024:
Network Building and Knowledge Dissemination: We expanded the New Power Network to 27 member organizations and hosted multiple workshops to co-create strategies and foster cross-sector collaboration. Through our newsletter Equity Shots, webinar series New Power Talks, and other speaking engagements, we shared insights on centring equity in capital deployment. Our Capital Unlocked 2024 Summit in November brought together a broad coalition of funders, investors, asset managers, financial institutions, and ecosystem players committed to reshaping capital access in Canada.
Research and Equity Data Benchmarking: We lead multiple research initiatives to collect diversity data and provide actionable insights into systemic inequities:
The People & Capital Data Partnership tracks the diversity identities of who holds decision-making power, who receives funding, and who is overlooked. We advanced the collection of disaggregated data across funders and investors, providing insights into their portfolio's capital flows, organizational diversity, and alignment with equity-focused benchmarks. Learn more here.
From Barriers to Breakthroughs: Innovation in Credit Risk Assessment for Immigrants in Canada, a research project funded by World Education Services (WES). Through research scans and interviews with banks, credit unions, and community organizations, we have significantly elevated awareness of the financial challenges faced by newcomers, providing actionable insights for stakeholders and fostering cross-sector collaboration.
Research Lead for WIN-VC: the Women and Nonbinary Impact Network for Venture Capital: As the key research and knowledge lead of WIN-VC, we have generated actionable insights and tools to address systemic barriers faced by women and non-binary entrepreneurs. Check out the WIN-VC Research Library here.
Innovative Capital Deployment Models: We advanced two fund prototypes which offer tailored solutions for underfunded communities.
Islamic Community Capital Fund: Supported by the Ontario Trillium Foundation and the Suncor Energy Foundation, and inspired by the Boston Impact Initiative, this fund integrates Sharia-compliant principles with community-driven approaches to create financing options for Muslim and other overlooked entrepreneurs in London, Ontario. We have consulted with London community leaders and stakeholders to validate the needs for this fund and its potential to transform financing options.
Entrepreneur Mothers with Lived Experiences Fund: Developed with Urban Matters, this fund supports mothers who have faced life-changing challenges such as housing instability, substance use, and trauma. We engaged key stakeholders, including entrepreneur mothers, funders, investors, and social finance intermediaries, to explore fund design and structure. The fund has garnered strong support from these key stakeholders, and we are excited about its potential to fill critical gaps in the ecosystem.
We look forward to the new milestones we will unlock together in 2025. Wishing you a bright and merry holiday season.
Cheers,
Narinder
New Power Labs
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