On Feb. 4, McGill’s Desautels Faculty of Management organized a panel discussion titled Black Women’s Entrepreneurship: Research vs. Reality. The event’s discussion tackled a striking statistic: Only two per cent of Canadian businesses are Black-owned, and fewer than 30 per cent of these are led by women. 

Bringing together prominent figures from the Black entrepreneurship ecosystem, the panel explored the challenges and opportunities faced by Black entrepreneurs aspiring to build successful businesses. The discussion highlighted two major barriers—restricted networks and limited access to capital—while showcasing the significant strides that have been made in addressing them.

Access to capital continues to be one of the greatest obstacles facing Black entrepreneurs. Lise Birikundavyi, co-founder and managing partner at BKR Capital, Canada’s first venture capital fund focused on Black-led tech companies, emphasized the critical role of funding in business success. 

“Google didn’t grow to its size without significant investment. The same goes for Facebook. And Uber is a perfect case study of how continuous financial backing fuels expansion,” Birikundavyi noted.

Access to influential networks is equally vital. Entrepreneurs need direct connections to key industry players who can open doors to corporate contracts and growth opportunities. 

“When we connect a company to a corporation that can provide large-scale contracts, that type of network allows the company to grow exponentially,” Birikundavyi explained.

Despite these challenges, Black-led businesses are gaining traction. Companies like Calendly and Esusu—both now valued in the billions—are proof of this progress. Calendly, a scheduling automation platform, grew from a startup to a $3 billion USD enterprise in under a decade. Similarly, Esusu, a financial technology company, achieved $25.3M USD in revenue in 2024, up from $20.7M USD the previous year.

“There’s a lot happening, and we are seeing companies thrive,” Birikundavyi said, reflecting on the positive shift in the ecosystem.

Indira Moudi, CEO of Viandes Lafrance, shared her personal journey of business acquisition. 

“When I decided to acquire my company, I never asked myself, ‘How much was it?’” Moudi recalled. “I knew that by presenting a strong business case, I would secure the funding. It’s about finding the right partners, crafting the right strategy, and having the courage to pursue it.”

Moudi’s story underscores the growing confidence and opportunities within Black entrepreneurship. She believes that the gap between Black and white entrepreneurs is narrowing, thanks to greater access to networks, capital, and strategic partnerships. 

“We’re discovering incredible talent that the broader ecosystem often overlooks,” Birikundavyi said. “Our goal is to find the best Black founders and showcase what others have missed.”

However, Birikundavyi stressed that BKR Capital is only the beginning. She hopes to see an increase in Black-led funding and encourages mainstream venture capital firms to diversify their investments and support Black communities.

Moudi shared her perspective on how to navigate the challenges of stereotyping and bias with confidence. 

“When you enter a business meeting, it’s not about your gender or the colour of your skin; it’s about the objective you’re working toward. Of course, you’ll encounter people who treat you a certain way based on those factors, but that’s secondary to the mission at hand,” Moudi said. “I’ve had moments where I’ve had to shut out the noise, stay focused on my goal, and push past what doesn’t serve me. It’s not that we should ignore societal issues, but in business, you have to navigate around those challenges and keep moving forward.” 

She encouraged others to embrace their identity and refuse to let setbacks define their path forward. For Moudi, success isn’t just about overcoming obstacles: It’s about thriving in spite of them.

“The key is to use your resilience and strength to push through,” Moudi noted.

Looking ahead, fostering Black entrepreneurship requires systemic change. Creating a more inclusive and supportive ecosystem ensures that all entrepreneurs, regardless of background, have equal access to opportunities.