2020-2022 NEW POWER LABS IMPACT REPORT
Moving capital.
Shifting power.
Unlocking the potential of underfunded and overlooked communities.
Co-founding partners
Letter from our
Executive Lead and Co-Founder
New Power Labs is an action oriented think-tank, working to shift how capital flows across Canada. With a focus on mobilizing capital to underfunded and overlooked communities, New Power Labs has brought together leaders, communities and partners from across Canada and beyond to drive the movement towards a more prosperous and thriving future.
Our journey began with a recognition of the common barriers faced by many underrepresented individuals in accessing capital, from philanthropy to impact investing to venture capital and traditional bank financing across Canada. By addressing these obstacles, we can unlock new economic opportunities to create a more equitable and inclusive Canada. Our nation holds untapped potential across its diversity from gender, ethnicity, Indigenous identity, sexual identity, abilities, language minorities and more.
With a commitment to transparency, accountability, and a belief in new power, we are working to remove the barriers, biases, and uncertainties that have limited access to capital for communities across the country. We invite you to join us in this journey, as we work towards a future where capital flows equitably and empowers all people across Canada to reach their full potential. As we move beyond our pilot years, we are confident that together we can unlock the power of Canada’s diversity.
Narinder Dhami
Executive Lead & Co-founder, New Power Labs
To truly shift power to historically underfunded and overlooked communities, including immigrants and communities of colour, it is critical to ensure equitable access to capital. We know there is systemic bias and discrimination in how capital flows, and New Power Labs is directly addressing this challenge in Canada. New Power Labs is building a movement in the Canadian ecosystem to unlock capital for everyone.
Smitha Das
Director, Mission and Impact Investing, WES Mariam Assefa Fund
When large segments of our communities are unable to access the capital they need, it leaves countless opportunities on the table for everyone. Reimaging what these systems need to look like is critical if we are to reach our collective potential. New Power Labs has launched important work to bring transparency and a data-driven approach to informing this transition. The DUCA Impact Lab is proud to be among the Co-founders.
Keith Taylor
Executive Director, DUCA Impact Lab
New Power Labs is working towards greater resilience, dignity and well-being for more people in creating a more inclusive economy. By shifting the ways that capital flows across communities towards increased equity, we can move away from the large inequalities that currently exist and toward shared prosperity. This is urgently needed work that supports capital deployers in meeting their equity, diversity and inclusion goals - a win-win.
Tracey Robertson
Innovation Lead and Partnerships Investment, Ontario Trillium Foundation
Capital is power that flows through our society.
Power is concentrated and exclusive.
To flow capital to underfunded and overlooked communities, an understanding of how capital flows and who holds power is required.
Our society’s growing inequality and systemic discrimination have disproportionate impacts on Indigenous Peoples, communities of colour, women, and other overlooked and underserved communities. Canada is not tapping into the wealth of its talent across diverse communities.
Data on how capital flows — who receives funding and who deploys capital — are incomplete and limited. It is still far too difficult to assess our progress on flowing capital to underfunded and overlooked communities. There continue to be major disparities across all capital flows, from philanthropy to impact investing to venture capital and traditional bank financing. Driving meaningful progress is difficult with a void of data.
As a result, too many Canadians are unable to access capital to grow, to realize economic opportunities, and to address the needs of their communities, limiting our innovation, competitiveness, and prosperity. Unlocking the economic potential of Canada requires unlocking its diversity. Equitable capital flows remove barriers, biases and facilitate access.
New Power Labs is working to enable more capital to flow to underfunded and overlooked communities across Canada.
In the first two years of work, we validated the need and demand for transparency, accountability and new power in diversity, equity and inclusion and capital.
To address these challenges:
In early 2020, we lead community consultations across Canada to refine our strategy and approach.
We published early research, the In the Dark Report, which confirmed the lack of data and broad uncertainties on how best to move forward.
We connected with thousands of individuals across events and within the various working groups to which we contribute. This included leaders and communities across Canada, in addition to experts beyond our borders.
Across the last two years, we built a bold strategy and internal infrastructure to move capital and shift power.
This phase of our work focused on:
Research
Partnership
& movement building
Thought leadership
The two-year pilot phase of New Power Labs showed how we can progress toward long-term systems change.
Our strategic goals
Through countless conversations with network and sector leaders, we reflected on the current state of capital flows, and defined our vision and understanding of what it will take to achieve it. The milestones set through this pilot phase guide us as we continue to lead research, convenings, and build momentum towards more equitable capital flows in Canada.
Specifically, we aim to:
1.
Influence asset holders and asset managers (from philanthropy to credit unions and impact investors) among our audience to increase the flow of capital towards underserved communities.
2.
Influence asset holders and asset managers in the development of more inclusive investment policies and processes (e.g., due diligence) in deployment of capital.
3.
Shift the perspective that people hold about equity, diversity, and inclusion projects and policies, from constraint to opportunity.
4.
Inspire leaders who flow and manage capital to collaborate and learn through a community of practice.
5.
Influence the government on the development of policies shaping the deployment of capital.
How we work
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We work across the capital spectrum, from philanthropy to impact investing to venture capital and bank financing.
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We lead, aggregate, and synthesize research.
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We convene and support asset deployers across their journeys.
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We mobilize action toward equity and systems change.
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We amplify what works.
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We co-create solutions and rapid iterations which will transform how capitals flows to be more inclusive of all diversities.
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We center equity, dignity, and respect in our work.
Our journey
2019
Early start
New Power Labs began as an initiative with early convenings on gender-lens investing.
2020
Ideation and consultations
New Power Labs grew into an idea for an organization fully dedicated to improving equity in how capital flows.
Early convenings
New Power Labs launched first convenings in partnership with DUCA Impact Lab & Ontario Trillium Foundation.
2021
Official launch
New Power Labs was established as a non-profit in partnership with Community Foundations of Canada, DUCA Impact Lab, and Ontario Trillium Foundation. Coast Capital and WES Mariam Assefa Fund joined soon after. Together, we began to build the infrastructure of New Power Labs.
Validated problem/opportunity. Defined and launched research priorities.
We consulted and connected with communities and finance leaders to refine strategy, approach and scope. We then defined our strategy and research priorities and launched our research initiatives.
2022
Grew to a full-time team, and released our first public report.
We released our first publication with Propel Impact and SETSI: In the Dark, showing the current state of equity, diversity, and inclusion among impact investors and accelerators.
We presented our research to Employment and Social Development Canada, in partnership with SVX, showing the need to close the capital access gap for equity-deserving groups.
Throughout, we continued to connect with communities and finance leaders across Canada through keynotes, panels and workshops—working to shape a future where capital is accessible to underfunded and overlooked founders and leaders.
As capital holders, we need to stop rearranging the furniture. We must strive for transformation. Incremental changes will not serve communities in the 21st century. A just, equitable and sustainable recovery demands it from us. I’m extremely excited to see New Power Labs stepping up into this work, and guiding us as a country as we embark on this future economy where all Canadians can participate and prosper.
Andrew Chunilall
Chief Executive Officer, Community Foundations Canada
