Women in Business Spring 2020

BIV

WOMEN IN BUSINESS SPRING 2020

BRIDGITTE ANDERSON:

BOARD BOSS

HAIL THE CREATORS HOW 5 WOMEN BUILT THEIR BUSINESSES

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MONEY SOURCES FUNDING OPTIONS FOR FEMALE FOUNDERS

SOUNDING BOARDS THE POWER OF PEER ADVISERS & MENTORS

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A supportive community to help you start, lead or grow your own business One of the things that helps women entrepreneurs succeed is the community that champions them, invests in their business, provides guidance and supports their growth.

Women’s Enterprise Centre is a non-profit organization devoted to helping women entrepreneurs with personalized support.

If you’re a woman entrepreneur, or are considering starting your own business or side hustle, connect with our team of professional advisors to help you: » Finance your business goals » Get complimentary business advice and access to great resources » Formulate a growth plan and enter new markets » Gain valuable business skills » Connect with a mentor who can inspire you to achieve your business goals

Mentors needed! Share your knowledge and experience with a woman entrepreneur—learn more at wec.ca/Volunteer

womensenterprise.ca Melanie Rupp Director, Loans & Advisory Services

Skills Training

Business Loans

Advice & Mentoring

Resources

Thanks Jill Earthy, Board Chair, Women’s Enterprise Centre, 2016-19 Jill is a long-time volunteer, champion and partner with Women’s Enterprise Centre. We appreciate you, Jill!

Welcome Christine Bergeron, Board Chair, 2019–present

Jill Earthy WEC Past Chair

We’re also honoured to welcome Christine Bergeron, Chief Member Services Officer at Vancity, as our new Board Chair. Thanks!

Christine Bergeron WEC Chair

Women’s Enterprise Centre is supported by Western Economic Diversification Canada

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pwc.com/ca/inclusion

Empowering women and creating leaders At PwC Canada, we’re committed to developing a diverse and inclusive workforce.

Sponsorship is a priority. That’s why we created our Women in Leadership program: to help unlock women’s potential.

Together, we can create a culture that’s truly inclusive.

© 2020 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. 683100 0120

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CONTENTS

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WOMEN IN BUSINESS SPRING 2020

BRIDGITTE ANDERSON:

BOARD BOSS

HAIL THE CREATORS HOW 5 WOMEN BUILT THEIR BUSINESSES

COLUMN

Bergeron—12

COLUMN

Margo—20

COLUMN

Earthy—21

COLUMN

Aveledo—28

COLUMN

Mah—29

COLUMN

Nahmiache—30

FEATURES

6

6 THE ENTREPRENEURS Five women to watch 13 FUNDS FOR FOUNDERS Financing options for female entrepreneurs 18 MIND YOUR MENTORS Mentorship can be a ‘game-changer’ 22 PEER-TO-PEER POWER Helping women grow their businesses 26 MEET THE NEW BOARD BOSS GVBOT CEO Bridgitte Anderson LIST

MONEY SOURCES FUNDING OPTIONS FOR FEMALE FOUNDERS

SOUNDING BOARDS THE POWER OF PEER ADVISERS & MENTORS

PRESIDENT: Alvin Brouwer PUBLISHER AND EDITOR-IN-CHIEF, BUSINESS IN VANCOUVER; VICE-PRESIDENT, GLACIER MEDIA: Kirk LaPointe EDITOR: Meg Yamamoto DESIGN: Petra Kaksonen PRODUCTION: Rob Benac CONTRIBUTORS: Laura Aveledo, Christine Bergeron, Jill Earthy, Kathryn Helmore, Michelle Hopkins, Elizabeth Mah, Terri Margo, Dene Moore, Lindsay Nahmiache, Brigitte Petersen, Hayley Woodin PROOFREADER: Christine Rowlands DIRECTOR, SALES AND MARKETING : Pia Huynh SALES MANAGER: Laura Torrance ADVERTISING SALES: Blair Johnston, Corinne Tkachuk, Chris Wilson ADMINISTRATOR: Katherine Butler RESEARCH: Anna Liczmanska, Carrie Schmidt Women in Business Spring 2020 is published by BIV Magazines, a division of BIV Media Group, 303 Fifth Avenue West, Vancouver, B.C. V5Y 1J6, 604-688-2398, fax 604-688-1963, biv.com.

Copyright 2020 Business in Vancouver Magazines. All rights reserved. No part of this book may be reproduced in any form or incorporated into any information retrieval system without permission of BIV Magazines. The publishers are not responsible in whole or in part for any errors or omissions in this publication.

ISSN 1205-5662 Publications Mail Agreement No.: 40069240.

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Return undeliverable Canadian addresses to Circulation Department: 303 Fifth Avenue West, Vancouver, B.C. V5Y 1J6 Email: subscribe@biv.com Cover photo by Chung Chow

25 BIGGEST B.C. BUSINESSES OWNED BY WOMEN

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PRODUCED BY

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MESSAGE FROM THE EDITOR

HERE’S TO THE ENTREPRENEURS With the entrepreneurial gender gap at a record low, more women are starting businesses than ever. In this edition of Women in Business, we celebrate entrepreneurship and the women helping to drive B.C.’s economy, whether by starting their own businesses or by supporting those who do.

In “The Entrepreneurs,” Dene Moore points out that women are the fastest-growing segment of entrepreneurs in Canada and highlights the successes and challenges of five female entrepreneurs in diverse fields ranging from aerospace to investment management.

Women starting their own businesses today have access to a range of funding options, from federal funds to specialized loans, as Brigitte Petersen explores in “Funds for Founders.” And, in a pair of insightful columns, Christine Bergeron, Vancity’s chief member services officer, and veteran entrepreneur Jill Earthy discuss the importance of

having not only more funds for female entrepreneurs but also more women making investment decisions.

Most entrepreneurs know how important mentorship can be when starting, and trying to grow, a business.

Fortunately, several organizations in Vancouver offer mentoring programs for female entrepreneurs, as outlined in “Mind Your Mentors” by Kathryn Helmore. Guest columnist Terri Margo, a mentor with the Women’s Enterprise Centre, provides experience-based insights on the topic, while Michelle Hopkins writes about GroYourBiz, a membership organization that uses peer advisory boards to help female entrepreneurs grow their companies.

And experienced entrepreneurs Laura Aveledo, Elizabeth Mah and Lindsay Nahmiache offer hands-on advice for women starting and running their own businesses.

Fi n a l ly, t he Greater Va ncouver

business community marked a historic milestone in November, when Bridgitte Anderson became the first woman to lead the Greater Vancouver Board of Trade since the organization’s inception in 1887. Anderson, formerly general manager of Edelman Vancouver, spoke with Business in Vancouver reporter Hayley Woodin just days into her new role, in her first interview as the board of trade’s president and CEO. As columnist Jill Earthy points out, female entrepreneurs deliver more per dollar invested than their male counterparts and are building companies that make a positive impact. With more women starting businesses, driving investment decisions and steering influential business associations in our region, the business community and society as a whole only stand to benefit.

MEG YAMAMOTO EDITOR, WOMEN IN BUSINESS MYAMAMOTO@BIV.COM

Shaping the Future of Leadership We’re poised for the next generation of business. blg.com

Borden Ladner Gervais LLP is an Ontario Limited Liability Partnership.

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Krista Johanson Partner

Cherie Mah Partner

Elly Seddon Partner

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

THE ENTREPRENEURS:

5 WOMEN TO WATCH How they built their businesses, in diverse fields ranging from aerospace to investment management

DENE MOORE

W

omen are the fastest-growing segment of entrepreneurs in Canada, rapidly closing in on the business gender gap.

In British Columbia, about 38% of self-employed business owners in 2018 were women, according to the most recent Small Business Profile report by the Ministry of Jobs, Trade and Technology.

And the rate of growth is higher than it’s ever been.

From 2013 to 2018, the number of female entrepreneurs grew 8.8%, according to the report.

Across Canada, women now account for 28% of all entrepreneurs. More than 17,400 women started

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businesses in Canada in 2018, according to the Business Development Bank of Canada (BDC).

“The entrepreneurial activity gender gap reached a record low in 2018,” says the BDC report A Nation of Entrepreneurs: The Changing Face of Canadian Entrepreneurship.

Women in Business spoke to five B.C. entrepreneurs to watch about how they started their businesses and their top tips for others.

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CATHERINE DAHL CEO, BEANWORKS SOLUTIONS INC.

IF YOU’RE IN TECH, IT ALWAYS TAKES TWICE AS LONG AND COSTS ALMOST TWICE AS MUCH AS YOU ORIGINALLY THOUGHT j

The company: Beanworks Solutions provides an automated accounts payable platform for mid-market companies.

The aha moment: “I really believed in the product,” says CEO Catherine Dahl, who had handled a lot of accounts for various businesses over the years.

“Pushing paper around and making sure an invoice made it through the proper authority matrix is not something the human mind should waste its time on.”

By automating the data entry and processing of accounts payable, “you free up brain power in an organization to do much more interesting work, and much more important work for the organization.”

Challenges: Dahl joined a previous version of the company in 2009, becoming the chief operating officer before that company stalled in the face of investment issues. The customers were happy with the platform, Dahl says, so she decided to pursue the plan as CEO of her own company.

It wasn’t easy. Beanworks immediately had customers who wanted the product up and running even while the team concurrently built a better platform.

And in those early years, financing was a struggle, she says.

Beanworks qualified for several tech incubator programs in the early years, including Communitech’s Hyperdrive startup incubator. That involved Dahl moving to Waterloo, Ontario, for three months.

“I left my family here and moved to Waterloo in the middle of winter,” Dahl says. “I travelled back and forth, but that really helped us a lot because it opened up a lot of doors for me. I was able to get some traction on investment and got some training on how to do that.”

The woohoo moment: Beanworks has experienced 100% annual growth for the past two years, 85% the year prior to that.

“We’ve been going like crazy for the last two and a half years,” Dahl says.

After a significant period of investment in the early going, the company is seeing the kind of growth that puts her mind at ease.

“It takes a few years to build up momentum, but once you do, it’s like a lopsided cake. If you looked at it as a graph, each layer you get a big layer of customers that are coming along and just piling up atop one another. You get a leveraging effect over time.

We’re starting to see that now,” Dahl says.

“We’ve made it. We’re going to be here for a while.”

Top tips: “If you’re in tech, it always takes twice as long and costs almost twice as much as you originally thought,” Dahl says. “So plan and pay attention to your cash – that’s the most critical thing. If you don’t have money, you don’t survive.”

Plan three years ahead, she says.

Catherine Dahl CEO, Beanworks Solutions

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

THE ENTREPRENEURS

STICK WITH YOUR VISION. IT MAKES A BIG DIFFERENCE BECAUSE THERE’S GOING TO BE A LOT OF PEOPLE GIVING ADVICE j Christine Sommers CEO and co-founder, ePact Network

CHRISTINE SOMMERS CEO AND CO-FOUNDER, EPACT NETWORK LTD. The company: ePact stands for emergencies: Prepare, Act, Connect, Thrive. The network provides secure, remotely accessible emergency contact and medical information and other key documents for organizations and families, and can send out automatic notifications in the event of emergencies.

The aha moment: Co-founders Christine Sommers and Kirsten Koppang Telford were moved to act by a friend of theirs in Fukushima, Japan, who was separated from her daughters during the 2011 earthquake and tsunami. She had filled out the paper forms for their school but was out of town when disaster struck.

“Her kids sat on a school bus for 12 hours waiting for somebody to come pick them up,” Sommers says.

The pair of lifelong friends realized that most organizations in their own lives still used paper forms.

“We thought, ‘This is ridiculous,’” she says.

Five years after their official launch, they have youth and family organizations throughout North America using the platform. In the U.S., business has been particularly brisk.

“I hate to say it but in Canada, our general emergency is ‘Does a child have a peanut allergy?’ whereas in the States their big issue often is ‘Is there an active shooter on premises?’” Sommers says.

The system has emergency family contacts in 141 countries.

In 2020 they expect to expand into the employer market.

Challenges: It took three years to build and test the network.

Following a pilot project in 2012 at three schools, they realized the need for a higher level of security due to the personal information being gathered. They went back and rebuilt the system in a more secure platform.

They also realized the need to modernize the type of information that is traditionally gathered – mom, dad, phone

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numbers. Theirs is an emergency network with room for multiple parents and guardians with email, text and mobile alerts.

The woohoo moment: “Our use cases, we would prefer they don’t happen but they do,” Sommers says.

The system is used by organizations such as the YMCA of Greater Vancouver, as well as several school districts and youth sports organizations, and is the mass notification system for Squamish-Lillooet Regional District and Pemberton.

During the 2017 wildfires in B.C., the Red Cross used ePact for notifications.

The most common use, though, is when a child is injured or ill during an organized activity.

The growth far exceeded expectations right from the start, Sommers says. “We realized this is way bigger than we thought it was.”

In 2017, ePact Network was named the North Vancouver Chamber Business of the Year.

Top tips: Trust your gut.

Sommers recalls getting a lot of advice when they set out.

“From the beginning we had a vision and at various points, I would say, got distracted by people saying ‘Try this’ or ‘Try that,’” she says. “Stick with your vision. It makes a big difference because there’s going to be a lot of people giving advice. Particularly when you get to raising money and talking to investors, it’s a barrage of ideas.”

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KATRINA BARTLETT OWNER AND PRESIDENT, TRINITY AVIATION GROUP T he company: T r i n ity Av iation Group includes Trinity Aviation Services Ltd. and TAS Aerospace Ltd., and develops and manufactures carbon fibre aftermarket upgrades for the aerospace industry, primarily helicopters. The Surrey-based company also performs component overhauls and sells parts for helicopters. It does business all over the world, including in the U.S., Korea and South America.

The aha moment: Katrina Bartlett has been in the aviation industry for 17 years. Her husband, Warren Malmberg, previously owned the company HSS Helitech Support Services Ltd., which at one time had up to 80 employees. “It was a lot of work, and we just weren’t enjoying it,” Bartlett says.

In 2012, she launched Trinity Aviation, a smaller and more focused business with eight employees. She is the owner and president; Malmberg the general manager.

Challenges: Funding. Trinity Aviation has invested heavily in research and development in its manufacturing. With any aspect of aviation, the certification process is rigorous and lengthy. Cash flow to front the R&D and then to wait for certification is a big challenge in such an R&D-heavy venture.

Bartlett, a member of the Tsartlip First Nation on Vancouver Island, was able to access some Indigenous business funding as well as some government funding, including some specifically for female entrepreneurs.

Her company’s research includes a redesign of the cabin floors for Bell medium-sized helicopters from aluminum to carbon fibre. The certification process has taken about four years, but the company has now received certification for a couple of its products, including its initial floorboards. With the concept now certified, Bartlett expects additional certification will be much quicker.

She expects to start manufacturing in the first quarter of 2020.

“We’ll get it. It’s just a matter of time and funding,” she says.

Another challenge was finding the right people to work with Trinity in such a specialized area. It ultimately hired someone from the U.S., who is working with the company on a work permit.

The woohoo moment: “We’re not there yet,” Bartlett and Malmberg joke.

“But I can see the light at the end of the tunnel,” she says. “It’s a long road. In aviation it’s expensive and there are multiple hurdles to jump to get there, but we’re getting there. I see the light now. It’s been a lot of hard work and a lot of determination.”

Top tips: “Just stick with it,” Katrina says. “It’s not an easy process growing a business. We’ve been established since 2012 and there’s always hurdles, and one of the biggest ones is financial. Just put your head down and keep with it is my advice.”

IT’S NOT AN EASY PROCESS GROWING A BUSINESS.… THERE’S ALWAYS HURDLES, AND ONE OF THE BIGGEST ONES IS FINANCIAL j Katrina Bartlett Owner and president, Trinity Aviation Group

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

THE ENTREPRENEURS

BONNIE FOLEY-WONG FOUNDING INVESTOR AND DIRECTOR, PIQUE FUND, AND CEO, PIQUE VENTURES

WE HAVE POWER. IT’S ABOUT PAYING ATTENTION TO WHERE THAT POWER IS j Bonnie Foley-Wong Founding investor and director, Pique Fund, and CEO, Pique Ventures

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The company: Pique Ventures is a boutique investment management firm launched by Bonnie Foley-Wong in 2012. The angel investor fund Pique Fund stemmed from that in 2014. While Foley-Wong relocated to Toronto in late 2019, the fund remains based in B.C. The aha moment: Foley-Wong had a number of investors who wanted to support businesses led by women but didn’t have either the time or the know-how to find them.

“They didn’t know where to identify startups that they could invest in, let alone [how to] evaluate them.

So I had undertaken a validation process to try and find fits,” she says.

At the same time, Foley-Wong was encountering women with business ideas who struggled to get the attention they needed.

Pique Fund was born.

Challenges: Female entrepreneurs have not always had a lot of capital support, Foley-Wong says.

“A lot of entrepreneurs I spoke with were telling me they were going to investor events, venture events, and they’d be walking into a meeting to pitch an investor and it was always all men. For me, I was going to these events and I would be one of a handful of women in a room of 50 men,” she says.

“I’ve grown up in finance and the male-dominated environment. To a certain extent, I’m used to it. But at the same time I was wondering, ‘Where are all the women?’”

The woohoo moment: Her goal for Pique Fund was 75% of capital going to women. “As it turns out, the compelling opportunities were all women-founded,” she says.

There are seven companies currently in the fund portfolio. All were brought to Pique by women.

On the investor side, there are currently 41 investors.

Including Foley-Wong herself, 32 of them are women.

Top tips: First, save up and be your own angel investor, she says.

“The more financial resources you have, the more you can be in a position of power to direct how things go. You’re a financial investor in your own business.

If you have to seek financing, you’re coming to those conversations as a peer, as a partner, and you’re more likely to be able to control your destiny if you have that financial stake.”

Second, she urges entrepreneurs to recognize the power of their skills and experience.

“We have power. It’s about paying attention to where that power is,” she says. “Don’t go starting something else that has nothing to do with what you’ve been doing.”

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I ALWAYS THOUGHT IT WAS GOING TO WORK. NOBODY ELSE DID, BUT I DID. HOW COULD IT NOT WORK? THAT’S WHAT KEPT ME GOING j Natacha Beim Founder and executive chair, CEFA Systems

NATACHA BEIM FOUNDER AND EXECUTIVE CHAIR, CEFA SYSTEMS INC. The company: CEFA – Core Education and Fine Arts – franchises are private early-learning schools for children aged one to five. Natacha Beim incorporated CEFA in 1996 and opened the first school in 1998. There are now 30 schools across Canada and six more under construction.

The aha moment: Twenty-five years ago, Beim returned to Canada after teaching junior kindergarten in France.

“I was used to teaching children at a young age, rather than just babysitting,” she says. “I tried to find a place like that [here] … and I couldn’t find one, so I thought, ‘Well, I’ll just open my own. It can’t be that hard.’”

She laughs.

Challenges: “It was really hard,” she says. “I knew nothing about marketing; I knew nothing about hiring or HR – I didn’t know anything. It was very frustrating at first because all I wanted to do was just be in the classroom and teach. That’s all I ever wanted to do, and now I was running a school and training teachers to be the teacher I wanted to be.”

One of the primary challenges was building the franchise model while being a mom.

“I had my kids, and I wanted them to have an amazing childhood with their mom. There were not enough hours in the day,” she says.

T he ot her ch a l lenge was f i n a ncia l. She got a small-business loan at the outset but after that she financed growth herself.

“When you build a franchise model, you have to service the franchise needs. You’re always incurring debt,” Beim says.

The woohoo moment: “I always thought it was going to work,” she says. “Nobody else did, but I did. How could it not work? That’s what kept me going.”

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Still, it wasn’t until the 17th year that she thought to herself, “I made it.”

Before that, though, CEFA allowed her to spend her days with her two sons.

“I got to spend literally my children’s entire childhood with them, and when they started going to elementary school, I had the same schedule as them, the same holidays as them. It allowed me to be a mom as well as run a business.”

Her sons are now 20 and 18.

Top tips: Be patient, Beim says. “I read that 80% of entrepreneurs give up when they’re almost there. Every time I was at my wits’ end … I thought, ‘Well, I must be almost there.’”

Second, get a mentor.

“There are a lot of people who want to help, so reach out to someone who can answer some of your questions and make you feel a little better when you’re down,” she says. É

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

TIME TO RETHINK ASSUMPTIONS The current investment momentum around women could be the first step that will allow us to take a bigger step

CHRISTINE BERGERON

The other day I overheard someone say, “The best person to be right now is a woman with a business idea. Money is looking for her.”

There’s some truth to that. In recent years, a lot of new and existing investment flows have gravitated to women. Whether it’s from female-focused venture funds, new funds led by women, government investment directed at female entrepreneurs or mentorship and education programs aimed at creating more room for women in business, the market is betting on women right now. Obviously, this is news we should celebrate.

Throughout my career in finance, as a venture capitalist, hedge fund professional, entrepreneur and banker, I have argued that we need to open up access to capital for female entrepreneurs, for more funding, more education and resources, more female investors making investment decisions. Why? Because women present their business opportunities very differently than men do. They also ask for less money, tend to take on less debt and can be more cautious with their growth. They tend to personalize business failures more than men will. They have fewer role models.

We also know how many businesses led by women receive equity financing and how many women are partners in investment firms. The numbers are low. And despite the apparent market momentum, they haven’t changed much in many years. That’s because markets are not out to empower anybody. They’re looking for good returns.

Generally, as we’ve tried to puzzle through the problem of how to get more women to the investment table, the problem is seen in two ways: as a problem of motivation and as a problem of money. If only we could persuade more women to somehow decide to become business leaders or investment bankers, we’d solve the problem. Or, if only more women had access to investment funds, there’d be more women in the system. The current financial trend toward women is really based on these two assumptions.

Given all the recent momentum, all the roundtables, research and newfound focus for investment flows, one could be forgiven for believing the stats should look a lot different.

So why don’t they?

One answer might be that we’re looking at the problem through the wrong lens. All the positives associated with more funding, more capital, more education, more resources and more female investors may not get us where we

want to go. We should also be clear about why we believe it’s important to have more women at the table. I think it’s because the outcomes of investment are different when we increase diversity in investment decisions. What gets funded matters. If you want cost-effective green technology to combat climate change, for example, a ton of investment is needed. So different investment choices are required.

Maybe we need to change our systemic assumptions. The financial system is founded on assumptions about what matters and therefore what gets funded. While there are exceptions, generally the female-led startups getting money are the ones that fit a particular growth model – the one that maximizes profit and fits into the existing framework that governs how capital gets raised.

At the same time, we want the system to be more diverse, looking to increase the number of female investors. We’re using the same inputs expecting different outcomes. If we are simply adding women to the same investment lens, how diverse will the end results really be? Are we still trying to get more women into partner roles with venture firms but not changing how venture firms are run or the values that power them? Are we still trying to recruit more women to the sector while remaining focused on building unicorns with massive potential for returns and with equal capacity to create social problems along the way?

I deeply appreciate the value of having more women in control of more capital and the decisions over where to put it.

I truly believe that how we allocate capital influences outcomes and our future. What kinds of companies, structures and outcomes we’re funding matters a lot.

Maybe all the recent momentum around women is the first step that will allow us to take the second step. But that next part is the most important. Our current investment framework has created the greatest uninterrupted period of prosperity in human history. It’s also driven us to the brink of a global crisis. And tinkering with representation won’t get us out of it. By rethinking our assumptions, we might create surprising solutions.

So more money for women matters: both more women receiving funding and more women making investment decisions. They are necessary to help drive a different lens.

Though necessary, they are likely insufficient to effect larger, system-wide change. For that, we need to take the second step as well. É Christine Bergeron is chief member services officer at Vancity credit union, chair of the Women’s Enterprise Centre and a board member for Aviso Wealth. She has spent over two decades working with entrepreneurs, financing innovative companies and building financial firms, all focused within the clean tech, sustainability and impact investing sectors.

IF WE ARE SIMPLY ADDING WOMEN TO THE SAME INVESTMENT LENS, HOW DIVERSE WILL THE END RESULTS REALLY BE?

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FUNDS FOR FOUNDERSS Federal funds, specialized loans and earmarked bank funds broaden financing options for female entrepreneurs

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Fairware COO and cofounder Sarah White (left) and CEO and co-founder Denise Taschereau recently expanded their Vancouverbased sustainable promotional products company into the U.S. with the help of federal funding • SUBMITTED

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

FUNDS FOR FOUNDERS

Federal funds helped Naledo’s mother-and-daughter team, CEO Umeeda Switlo (left) and COO Nareena Switlo, expand their turmeric paste enterprise into the U.S. • SUBMITTED

BRIGITTE PETERSEN

F

emale entrepreneurs have a variety of options when it comes to funding initiatives to help them boost their businesses.

Fairware, a Vancouver-based sustainable promotional products agency, was one of 34 B.C. businesses owned or led by women to recently receive funding through the federal government’s new Women Entrepreneurship Fund (WEF), administered through Western Economic Diversification Canada. Each business received non-refundable grants of up to $100,000 to help them grow and reach new export markets.

The fund, announced in the 2018 budget, is part of a larger federally funded Women Entrepreneurship Strategy to advance women’s economic empowerment by doubling the number of female-owned businesses in Canada by 2025. More than 300 applications were approved for a total of about $30 million in WEF funding across the country.

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According to the strategy’s website, female entrepreneurs face unique barriers, own fewer than 16% of businesses and are under-represented in the economy.

Fairware, which now has offices south of the border, received a $100,000 grant to support its U.S. expansion.

“We have always had about one-third of our sales from U.S. accounts, but the growth of our U.S. sales over the past couple of years, of 40% plus per year, has been outpacing our Canadian sales growth,” says Denise Taschereau, CEO and co-founder of Fairware.

COO and co-founder Sarah White says the funding supported three main activities: “setting up the U.S. company, hiring account managers in Brooklyn and Oakland to service the east and west coast, as well

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as Vancouver-based support staff, and increasing our marketing presence in key markets and sectors in the U.S.” If Fairware had not received funding, the company’s expansion strategy could have taken up to three years, according to Taschereau.

“This injection of funds allowed us to fast-track our plan and have a team in place within six months of receiving our funding,” she says.

Fast-tracking worked for Fairware, as the overall company grew by about 14%, while U.S. sales grew by 29% between April and September 2019 compared with the same period the previous year. Its U.S.-specific online search traffic also increased by 40%.

Naledo, a mother-and-daughter-run social enterprise that makes Truly Turmeric, a whole-root turmeric paste, also received $100,000 through the fund. COO Nareena Switlo says the organization, which supports hundreds of small-scale growers in Belize, has been using the funding to develop a new product line. “ We h ave a l so u sed t he f u nd i n g to ex pa nd our distribution in Canada – now we are in over 1,000 stores – and launch into the U.S.,” says S w it lo, w h o s e f a m i ly, i n c lu d i n g h e r m o t her, Na le d o C E O Ume e d a Sw it lo, f le d Ug a nda and came to Canada as refugees in the 1970s.

“We sent our first shipment of Truly Turmeric to our U.S. distribution partner UNFI in August 2019. Truly Turmeric can now be found in health food stores in the Pacific Northwest, and we plan on expanding nationally in 2020.”

Just as in Fairware’s case, receiving the funding made an earlier-than-planned expansion into the U.S. possible for Vancouver-based Naledo.

“The team managing the fund is encouraging and supportive of our goals, and as women in business, that means a lot to have someone cheering you on,” Switlo says. “The reporting methods are quick. Some grants can have you stuck in hours of admin work, but the fund has been wonderful to work with.”

“It paid for equipment and some consulting so that we can produce short clip videos for social media and develop a YouTube/Vimeo presence to share information about grant programs for businesses in Canada,” Sang says. “We have invested in professional videos this year, and it’s expensive. The ability to be lean in production of videos used for quick marketing clips stretches our marketing budget considerably and also gives us the ability to build up this expertise in-house.”

Also supporting investment in female-led technology companies is BDC Capital with its Women in Technology Venture Fund. The fund includes direct investment in female-led tech companies striving to disrupt markets, as well as indirect investment in emerging venture funds. BDC also works with various partners to provide mentorship, networking and tools for women working in technology.

NON-BANK LOAN OPTIONS

While it does not provide grants, the non-profit Women’s E nter pr i se Cent re ( W EC) of fers small-business loans of up to $150,000 along with free, ongoing advice, training and mentoring programs for female entrepreneurs in B.C. It also provides access to up to an additional $100,000 through its partnership with BDC. The centre offers two main loan options through its Primary Lending Program and Specialty Loans, which includes a Youth Business Loan. WEC’s loans feature lower security and equity requirements, competitive interest rates and smaller fees than those of many other lenders.

WEC got a funding boost itself when more funds were made available to advance women’s entrepreneurship last June through the Women Entrepreneurship Strategy Ecosystem Fund. The federal government committed $2.7 million to WEC. According to a media release, the organization plans to add more business advisers, expand support for exporters and develop new training, including programs designed for immigrant and Indigenous entrepreneurs, over the next four years.

INVESTING IN STEM

With only about 5% of technology startups owned by women, according to the non-profit Startup Canada, female entrepreneurs in the STEM – science, technology, engineering and math – fields often need support to help them start and nurture their businesses. Startup Canada partners with small-business online lender OnDeck Canada to invest in female-led companies through the Startup Canada Women Founders Fund, which provides microgrants of up to $5,000.

Vancouver-based Granted Consulting Inc. was one of five recipients of the 2019 Women Founders Fund, out of more than 200 applicants across Canada. The company helps small and medium-sized enterprises learn about and navigate the government grant process.

Granted Consulting used its $4,000 grant to set up an on-site video film studio, says CEO Stephanie Sang.

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BEYOND BASIC BANKING

Some major banks run initiatives with funds earmarked for businesses owned by women. After identifying that access to capital and credit is a significant issue for female entrepreneurs, BMO Bank of Montreal committed to advancing $3 billion in capital to female-owned businesses across Canada over three years starting in 2018. This is in addition to a previous commitment of $2 billion in credit. BMO also recently launched an online Small Business Resource Hub offering tools, tips and templates for female entrepreneurs at various stages of business.

The Scotiabank Women Initiative also supports businesses owned and led by women in Canada.

The program, designed to address the significant challenges female business leaders face in achieving growth, provides access to capital, education and mentorship.É

THE TEAM MANAGING THE FUND IS ENCOURAGING AND SUPPORTIVE OF OUR GOALS, AND AS WOMEN IN BUSINESS, THAT MEANS A LOT TO HAVE SOMEONE CHEERING YOU ON j Nareena Switlo COO, Naledo

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MEET THE CPA AND ENTREPRENEUR WHO’S PIONEERING PERIOD POSITIVITY. From sustainable period products to gender inclusivity, Lunapads co-founder and CEO Suzanne Siemens is proof that business has a place in social change.

Every year 20 billion pads, tampons and applicators are dumped into landfills. But in the early 2000s, people weren’t talking about climate change, and they certainly weren’t talking about menstrual waste.

How do you persuade people to replace disposable pads and tampons with sustainable alternatives when the topic of menstruation is taboo?

Vancouver-based Lunapads has been taking that challenge head-on since 2000.

“It was hard, and people thought we were crazy,” says Suzanne Siemens, the co-founder and CEO of Lunapads. “We were ahead of our time and thinking a decade beyond what people were ready to talk about.”

A STRONG FOUNDATION

Siemens is a CPA and it was this training and experience that laid the foundation for her success. “Knowing I was strong in math, accounting felt like a good career fit.” But most importantly, Siemens says that she knew it would give her a springboard from which she could pursue opportunities in business.

“I knew I could find myself in a corporate job or as an entrepreneur,” she says. “So getting a CPA designation would provide a strong business foundation and be an asset going forward.”

After working in the corporate world for nearly a decade, Siemens was burnt out and feeling disconnected. Then she met Madeleine Shaw in a leadership course. Shaw had developed early versions of the products and written

a business plan, however needed help scaling the business. With their complementary skills, the two decided to become business partners.

Siemens saw it as an opportunity to leverage her business and accounting foundation to get creative and innovate.

“Becoming a co-founder of Lunapads was my stepping stone to entrepreneurship,” says Siemens. “It has now become a bit of a mission of mine to show that business can be a powerful way to effect social change.”

BUSINESS WITH A CONSCIENCE

Lunapads are washable alternatives to traditional disposable menstrual products. Reusable menstrual products not only save the consumer money, but they’re easier on the planet.

Today it might seem like a no-brainer, but in the early 2000s, it was challenging to broach the topic.

“You would get people who would say, ‘oh, that’s gross,’” says Siemens. Their strategy was to target early adopters who wouldn’t be put off by the topic.

Over the years the company grew, but in recent years, body positivity and climate change have roused huge interest in menstrual health and reusables.

Now that the world is starting to catch up with period positivity, Lunapads is leading in new ways, including championing gender diversity in the menstrual conversation. Not everyone who has a period identifies as a woman, and not every woman or girl menstruates.

Customers requested gender diverse designs and more inclusive marketing, and Lunapads listened.

Through every level of production, Lunapads is a business with a conscience.

Textile scraps are donated to a sustainable waste management company that

repurposes them to make clothing and children’s toys. The company also funds programs to supply washable pads to people in developing nations.

“The CPA designation has ethics at its foundation,” says Siemens. “It grounds you on a fundamental basis. Whenever you’re making a business decision, you use that lens to say, okay, what’s the best way to do this? What’s the greater good?

And then how can you even do it better?”

With that outlook, in 2012, Lunapads certified as a B Corporation. The designation is awarded to businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. Less than 3,200 companies worldwide boast B Corp status, and Lunapads has scored within the top 10 percentile four years in a row.

Siemens has helped grow the company into a profitable, multi-million dollar business with worldwide sales. Lunapads continues to grow with new reusable products. Looking back on where it all began, Siemens explains that it was about much more than just a product.

“I saw an opportunity to change the way capitalism is done,” she says. “It isn’t all about just growing the top line and growing the bottom line. There’s a better way to do business that is going to serve everyone.”

Although it hasn’t been easy and they’ve encountered pushback, Siemens credits her strong foundation as a CPA with giving her the confidence to keep going.

“It was what fuelled me to say, we’re going to make this work,” she says. “It’s our responsibility to find different ways to do business and succeed—to be a role model for other entrepreneurs to use business to pave the way for a better future.”

SPONSORED CONTENT

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IF A CPA CAN’T FIND AN OPPORTUNITY, THEY’LL CREATE ONE. CPAs know that opportunities that create good for everyone are also good for business. CPAs are trained to find those opportunities and make the most of them. Find out what a CPA could do for your business at BCCPA.CA

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

MIND YOUR MENTORS Mentorship can be a ‘game-changer’ for entrepreneurs

Programs at Women’s Enterprise Centre range from mentoring to leadership conferences to networking events • MAXINE BULLOCH PHOTOGRAPHY

KATHRYN HELMORE

J

anie Hungerford, founder and CEO of Hungerford Interior Design, is perched on a stool in a spacious and light-filled office at Fir and West Second.

A born-and-raised Vancouverite, Hungerford has worked on projects ranging from Victoria’s Times Colonist building to Shaughnessy heritage homes. She has won awards from the Architectural Institute of British Columbia and is a 2019 Best of Houzz winner for service and design. Last year, she won a Business in Vancouver Forty under 40 award, which recognizes outstanding young professionals in the Vancouver area.

Hungerford started her business a decade ago, working from a home office. A mother of four, she juggled running a startup and the demands of full-time parenting.

She overcame these challenges with the help of a family connection, Lisa Turner, a veteran interior designer. Turner

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helped Hungerford establish good systems, manage clients and find a good work-life balance. She also offered other, less tangible forms of support.

“Lisa told me to envision the clientele that I want and make it happen,” Hungerford says. “You have to focus on what you want, what you’re good at and what inspires you.”

Hungerford is one of about 52,000 female business owners in British Columbia, according to Statistics Canada data from 2018. While these women work in vastly different industries, many have found success using the same tool: a sharp and experienced mentor.

“Mentorship is about sharing knowledge and expertise based

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FIND A MENTOR on experience of running a company,” says Kaitlyn McConnell, mentoring program manager at the Women’s Enterprise Centre, a Vancouver-based non-profit dedicated to helping female entrepreneurs succeed. “A mentor is a sounding board; they hold their mentee accountable and help them develop action.”

Programs at Women’s Enterprise Centre range from one-on-one mentorship and group peer mentoring to leadership conferences and talks. According to a 2019 survey conducted by the centre, its mentoring program is very successful.

Of 272 past participants, 95% say they are confident in their business skills after mentoring, up from 39% before mentoring. Additionally, the number of mentees still in business after five years was 95%, compared with a national average of 63%.

Former Women’s Enterprise Centre mentee Shaina Azad, founder and CEO of Vancouver-based cosmetics company Suva Beauty, launched her business four years ago. Catering to her under-35 market, she channelled the sharing power of Instagram to grow her business into an international brand sold in 30 countries.

While Azad may make social media marketing look easy, going global was not effortless.

“One of the most challenging things about being an entrepreneur is not having anyone to share your experience with,” she says. “It wasn’t like I could talk to my friends about compliance and regulatory standards.”

Unlike Hungerford, Azad did not have personal access to a mentor. She reached out to the Women’s Enterprise Centre and was matched with Jennifer Hood, a veteran entrepreneur and the owner of Jump Gymnastics, a gymnastics centre with locations in Vancouver and North

A MENTOR IS A SOUNDING BOARD; THEY HOLD THEIR MENTEE ACCOUNTABLE AND HELP THEM DEVELOP ACTION j Kaitlyn McConnell Mentoring program manager, Women’s Enterprise Centre

Vancouver.

“Mentorship was a game-changer for me,” Azad says. “I was fortunate to be paired with a very successful businesswoman, Jennifer Hood. She has been through it all and had so much to share with me. I learned how to better manage my staff, got some great HR tips and went into overdrive with creating process documents for my company. Overall the changes allowed me to streamline and become much more efficient New opportunities for growth are on display across Vancouver. On the last Tuesday of the month, in the wood-panelled dining room of the 108-year-old Sylvia Hotel, the Ladies Meeting hosts an informal talk on finances, sales or other subjects relevant to up-and-coming businesswomen.

It starts with a game. Participants pass around a sparkly pink microphone and share three things: who they are, what they can do and what they want. As the baton is passed around the room, answers range from “I want to grow my business” and “I want help” to “I can be a good listener” and “I can help you with filing taxes.” The sharing and receiving of knowledge lends momentum to help the women navigate hurdles and realize goals. É

FORUM FOR WOMEN ENTREPRENEURS The Forum for Women Entrepreneurs, a Vancouver-based charity, hosts a mentor program open to all Canadian female entrepreneurs. The one-on-one meetings are face to face or remote and involve a commitment of one hour per month. Pairings begin at the start of each month. The cost is $280 for new pairings and $170 for return pairings. For more information, visit fwe.ca/mentor-program.

WOMEN IN LEADERSHIP FOUNDATION The Vancouver chapter of the Women in Leadership Foundation offers two mentorship programs. The Accelerated Leadership Mentorship Program is a fivemonth, one-on-one cohort mentorship program that helps develop women’s leadership ($300 per mentee). The Employer Internal Mentorship helps companies or organizations create their own women’s leadership mentor programs. For more information, visit womeninleadership.ca/mentorship.

WOMEN’S ENTERPRISE CENTRE The non-profit Women’s Enterprise Centre offers four mentoring programs: One-to-One Mentoring ($150); Peer Mentoring Groups ($150); Taking the Stage, a discussionbased lecture series ($150); and Mentor Advisory Forums (free). The programs run year-round. For more information, visit womensenterprise.ca/ business-advising-mentoring.

YOUNG WOMEN IN BUSINESS An organization oriented toward young and recently graduated women, Young Women in Business offers a Blueprint Mentorship Program. The program is designed for women in the first five years of their career and pairs them with experienced mentors from the Vancouver business community. Face-to-face meetings are held at least once a week. Pairings begin in November, and the program kicks off in January and runs through May. Four mandatory events are included. For more information, visit ywib.ca/vancouver/ programs/blueprint-mentorship-program.

Kaitlyn McConnell, mentoring program manager, Women’s Enterprise Centre • MICHAEL HINTRINGER PHOTOGRAPHY

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

ARE YOU A CONSULTANT OR A COACH? Understanding your mentoring style and other tips on being a good mentor for women in business

TERRI MARGO

I am really motivated to ensure female entrepreneurs get the help they need to end the persistent wage gap, funding gap and overall gap in economic power in the business world. And I am sure you are too.

I am also pretty motivated to support change in business decision-making in general. Pure financial metrics have driven us to create income disparity and divisionism and have contributed to climate change. That’s another reason why I want to help women develop in business. Women tend to bring more holistic values to business so that decision-making is more balanced.

From my perspective, women tend to build strong, stable businesses that are grown organically. They tend to choose businesses that are values-based. They tend to keep their expenses down and distribute payment more fairly across an organization. But they also tend to underpay themselves (often not drawing pay for prolonged periods of time) and undercapitalize – and take fewer risks when they should be going after the big prize. They tend to do more of the work instead of giving themselves time to think and strategize.

And this is where I think effective mentoring can help.

Mentoring is most effective when you: ■understand who you can help; ■pick the right mentee/mentor; and ■give to the relationship to move the needle.

running smoothly, entrepreneurs often don’t want to share their problems and worries with their staff. So just talking about issues is important. A coach-style mentor asks great questions like “How much time do you spend in sales?” or “What does success look like in your upcoming meeting?”

Understanding your mentoring style is important in selecting a mentee.

PICK A MENTEE TO MATCH YOUR STYLE

Organizations like the Women’s Enterprise Centre are great at matching mentors and mentees in their programs. They provide a pre-interview that enables you to meet a mentee prior to a formal engagement. This first conversation is really important to help you determine if you have a style match and the experience or skills the mentee needs at this specific time in her business.

Consider questions such as: ■Does the mentee know her metrics? This tells you the level of control in the business.

■Does the mentee have more than one issue? Do your skills match the issues?

■Has the mentee worked with other mentors? What style worked best? Did she use the advice? Did it move the needle?

■How committed is the mentee to the business? Is she juggling too many other projects?

I recommend you gracefully walk away if you don’t think it’s a match. Truly, there are lots of people who need your help. The right person at the right time can make a big difference.

CONSULTANT VS. COACH: WHICH ARE YOU?

GIVE, GIVE, GIVE

There are two types of approaches to mentoring: the consultant versus the coach.

The consultant likes to share knowledge and experience, hopefully tailored to the mentee’s needs and specific situations.

Mentees who work best with the consultant type of mentor ask more questions; they want to solve issues like how to negotiate a loan with the bank or how to export to the U.S. Working with a mentor can help them avoid a long and sometimes painful learning curve.

Some mentors are more like coaches who ask key questions that shine a focus on key issues for the mentees. These mentors are good at helping mentees work out their own problems and give them a great sounding board.

It’s pretty lonely in a business on your own, especially if you don’t have peers. To keep morale up and the business

Finally, once you are in the relationship, give as much as you can.

Help is different depending on the age and stage of the business. I find that mentees need the most help when they are overwhelmed and stuck in growth. So helping to identify the strategic issues and next hires is critical to relieve pressure.

Roll up your sleeves. Often entrepreneurs need budgeting/financial help. I like to start with reading the financial statements. É Terri Margo is an independent consultant who works with small to mid-sized businesses on general strategy and projects to improve the bottom line. She has been mentoring female entrepreneurs for over 10 years and has been mentoring through the Women’s Enterprise Centre for one year.

ROLL UP YOUR SLEEVES. OFTEN ENTREPRENEURS NEED BUDGETING/FINANCIAL HELP. I LIKE TO START WITH READING THE FINANCIAL STATEMENTS

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TURNING GAPS INTO OPPORTUNITIES Female entrepreneurs and investors have the chance to optimize the economy and create a better world

JILL EARTHY

Capital is the essential fuel for any growing business. Yet female entrepreneurs are securing only a fraction of total dollars in small-business loans, conventional loans and venture capital.

Why is this?

One reason for this funding gap is that women tend to be more “risk astute,” meaning we take more calculated risks through extensive research to understand the options available and take time to ask questions and to develop relationships. This is a good thing. Female entrepreneurs want to grow but tend to build businesses at a more sustainable rate of steady growth. The capital needed for this may be different and may include a mix of debt and equity, depending on the business model.

This slower rate of growth is hard when, in the technology sector, success is frequently defined by the amount of money raised. It is time to redefine this! Female entrepreneurs tend to focus on revenue growth through customer acquisition, making private technology companies led by women more capital efficient; according to the Kauffman Foundation, such companies achieve a 35% higher return on investment and, when backed by venture capital, 12% higher revenue than male-run startups. A report

by Boston Consulting Group says that female founders deliver more than twice as much per dollar invested than male-founded companies, and according to Startup Canada, they contribute $148 billion annually to the economy while employing 1.5 million Canadians. These numbers demonstrate a significant opportunity.

Another reason women secure less capital is the lack of diversity in those making the investment decisions.

As humans, we all have bias, and thus we need diverse perspectives determining how capital is allocated. We currently have an investing gap, with women representing just 17% of angel investors, 15% of venture capital partners and 13% of corporate venture capital partners, according to the 2019 Women in Venture report released by Female Funders and Highline Beta. By increasing the number of women investing in early-stage companies, we will see a shift in capital to support more diverse founders and a broader range of companies. We will see new models being created and new definitions of success.

With women expected to hold nearly a third of the world’s wealth by 2020, we have an opportunity to effect

change. As women we often identify as advisers, mentors or champions but not always as investors. Angel investors are high-net-worth individuals who are willing to take a chance on an early-stage company, usually with a cheque of $5,000 to $100,000. Women possess the capital, expertise and leadership abilities to invest, so why aren’t more of us participating? In some cases, it is because we don’t know where to start. Investor education programs such as the one offered by Female Funders can help, as can investment platforms such as FrontFundr, which increases access for more people to invest in companies they believe in. Women tend to be risk astute as investors as well, conducting research and asking questions before handing over their cash. Guess what? A 2018 Warwick Business School study found that women are outperforming men when it comes to investing.

The research also shows that female entrepreneurs are building, and women are investing in, companies that are making a positive impact on the world. With the global climate crisis upon us, this is more important than ever.

We need to close the circle. Female entrepreneurs need both financial and social capital to create the innovations shaping the future. Female leaders possess the experience, expertise and access to capital to support these companies. By connecting the two, we can increase the amount women own in equity from 49 cents for every dollar owned by men (according to Carta’s Table Stakes study) to enhance wealth opportunities – and continue the cycle.

The good news is that there are many new initiatives – such as Launch with GS, Goldman Sachs’ $500 million commitment to narrow the gender investing gap, and Melinda Gates’ commitment to invest $1 billion in gender equality – to help get us there. We know that having more diverse perspectives at all levels of decision-making results in stronger outcomes for all.

We each possess the ability to create impact through advocacy, leadership and the choices we make as consumers and investors. What action will you take to effect change? É As a strategic adviser and consultant, Jill Earthy works on a number of projects to accelerate the advancement of female leaders, entrepreneurs and progressive companies. Her background includes being an entrepreneur, supporting entrepreneurs in various leadership roles and working at an online investment platform. She currently serves on the boards of Sustainable Development Technology Canada, Women’s Enterprise Centre and Forum for Women Entrepreneurs, and as co-chair of We for She.

BY INCREASING THE NUMBER OF WOMEN INVESTING IN EARLY-STAGE COMPANIES, WE WILL SEE A SHIFT IN CAPITAL TO SUPPORT MORE DIVERSE FOUNDERS AND A BROADER RANGE OF COMPANIES

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PEER-TO-PEER POWER GroYourBiz helps female entrepreneurs grow their businesses through monthly advisory boards, virtual platforms

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MICHELLE HOPKINS

W

omen now account for 28% of all entrepreneurs in Canada, and the number is growing at a rate 3.1 times faster than that of men, according to the Business Development Bank of Canada study A Nation of Entrepreneurs: The Changing Face of Canadian Entrepreneurship.

Released in November 2019, the study also found that the number of female entrepreneurs has quadrupled since 1976.

Realizing that female entrepreneurs didn’t have the same resources available to them that their male counterparts did, Barbara Mowat decided to establish a peer-to-peer group specifically for women.

“It is a well-known fact that women face unique barriers, whether it is accessing capital, supply chains, the proper networks and expertise relative to their male counterparts, and they have a harder time finding the mentorship to help them be successful in their entrepreneurial journey,” Mowat says.

In 2010, Mowat founded GroYourBiz (GYB), a membership organization offering monthly peer advisory boards for female entrepreneurs who want to take their business to the next growth level.

“I wanted to do something that supports all women in every sector of business, no matter if they live in an urban setting or in an isolated area anywhere in the world,” says Mowat, a trade and international business development specialist, who estimates she has helped tens of thousands of businesses over the past 30 years.

What makes GroYourBiz different from other networking groups for women is the use of innovative virtual boards connecting women across the globe.

“GroYourBiz is the first Canadian organization to provide peer business advisory boards for women business owners (WBOs) utilizing innovative virtual platforms to connect WBOs worldwide,” Mowat explains. “Utilizing technology allows members to ‘see’ each other, providing a closeness, from the comfort of their own home/office. This allows [women in] Indigenous and rural communities from remote regions to have the opportunity to grow their businesses, no matter where they live, through our virtual board.”

Through these channels, GroYourBiz helps women become better leaders, make better decisions and achieve better results. That is achieved through monthly problem-solving meetings, expert speaker workshops and peer-to-peer accountability. That’s not all.

“GYB members benefit from trusted advisers who participate on the boards and who are professionals from finance, accounting, legal and technology firms,” Mowat says. “The affiliated companies, such as BMO, Telus, Salesforce and others, have benefited from the knowledge of the GYB team and members, which has enabled them to support WBOs with more success.”

Today, GroYourBiz has 29 advisory boards across Canada and virtual boards around the world, including in the U.S. and the U.K. Membership costs $1,500 a year.

For Cathy Press, CEO of Chinook Helicopters, a private pilot-training school based at Abbotsford International Airport, the support from like-minded women has been instrumental in her success.

“When I was approached to join, I felt I had achieved what I wanted to, but Barb [Mowat] insisted there was more I could do to grow my business,” Press says. “With GYB members, I realize that the challenges I face in the aviation industry aren’t that much different from [the challenges facing] someone who owns a flower shop or is a graphic designer.”

Since joining GroYourBiz in 2013, Chinook Helicopters has grown to 45 employees from 15.

“GroYourBiz has given me the confidence to take my company to a whole new level,” explains Press, who says she was the first female flight instructor in the country and runs the province’s only female-run aviation school. “At each monthly meeting, our informal board of directors keep us accountable for our business goals. Barbara and the board

WITH GYB MEMBERS, I REALIZE THAT THE CHALLENGES I FACE IN THE AVIATION INDUSTRY AREN’T THAT MUCH DIFFERENT FROM [THE CHALLENGES FACING] SOMEONE WHO OWNS A FLOWER SHOP OR IS A GRAPHIC DESIGNER j Cathy Press CEO, Chinook Helicopters

Cathy Press, CEO of Chinook Helicopters, says the support from like-minded women that she has received through GroYourBiz has been instrumental in her success • SUBMITTED

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PEER-TO-PEER POWER

GroYourBiz founder and president Barbara Mowat: “I wanted to do something that supports all women in every sector of business, no matter if they live in an urban setting or in an isolated area anywhere in the world” • SUBMITTED

members have had a lot to do with flaming my trajectory to success.”

Vancouver Island member Dionne Laslo-Baker couldn’t agree more. When Laslo-Baker, who holds a PhD in medical science, founded DeeBee’s Organics in late 2013, only two stores agreed to carry her healthy popsicles.

For many female entrepreneurs like Laslo-Baker, one barrier is raising capital. She says that, after banks kept shutting the door on her dreams, Mowat reached out to a lender and “everything changed.”

“Because of Barbara and GYB, today we are in 14,000 stores around the world,” Laslo-Baker says. “Meeting Barbara and becoming a member of GroYourBiz were pivotal moments for me and my company.”

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Both Laslo-Baker and Press say GroYourBiz mentors and peers inspire them, hit them with reality checks on their capabilities and successes and help them grow and learn from their outside perspectives and experiences.

“GYB offers a robust support network they believe is essential for entrepreneurial success,” says Press.

With the majority of the high-level business world still dominated by men, it can be hard to blaze your own path and facilitate introductions and connections to like-minded entrepreneurs who can offer suggestions – that’s what GroYourBiz does.

“Barbara and GYB are champions for female entrepreneurs,” Laslo-Baker says. “If it weren’t for GYB, I wouldn’t be where I am today. Barbara is a pioneer, one who walks the talk.” É

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2020-01-29 3:11 PM

BIV MAGAZINE

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

MEET THE NEW BOARD BOSS GVBOT president and CEO Bridgitte Anderson stresses inclusiveness, diversification

HAYLEY WOODIN

B

ridgitte Anderson is just seven days into her role as president and CEO of the Greater Vancouver Board of Trade (GVBOT) when she visits Business in Vancouver’s offices.

She’s come from moderating a panel at the Business Council of British Columbia’s annual business summit. The day before, she addressed some of her organization’s 5,500 members at her first official GVBOT event.

Learning the complexity of the 132-year-old organization will be, she says, her greatest challenge.

Her top priority: regional competitiveness – and she is well versed on the issue.

“We need to get beyond thinking that we are silos,” says Anderson, who took the helm at GVBOT in November. “We have to think beyond where we are as a city and think as a region about how we’re going to be regionally competitive and then globally competitive. There is so much divisiveness within Canada.”

To that end, how to increase advocacy and deepen engagement are also among Anderson’s top priorities as she navigates her first months in a complex organization that advocates and engages on a number of deeply complex issues.

Among them: taxation, affordability, talent

00_Women in Business Spring 2020_32.indd 26

attraction and retention, inclusion, diversity.

On the last item, Anderson makes history as the GVBOT’s first female chief executive since the organization’s inception in 1887. Beyond gender equity – the board has been gender equal since 2015 – Anderson cites engagement with Indigenous and millennial business leaders as two areas of opportunity for progress in diversity.

“With more diverse opinion, you’re going to have better decisions,” she says. “We are evolving to that point as a community, as a society, and I think that this is where the Greater Vancouver Board of Trade has some opportunity to evolve in that way as well.”

Anderson is a communicator. She spent part of her career in journalism as a local and national news anchor. She served as press secretary to former B.C. premier Gordon Campbell. She led corporate communications as general manager of Edelman’s Vancouver office.

As the region evolves, Anderson sees a great opportunity to shape – and then communicate

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| 27

WE NEED TO GET BEYOND THINKING THAT WE ARE SILOS j Bridgitte Anderson President and CEO, Greater Vancouver Board of Trade

Bridgitte Anderson is the Greater Vancouver Board of Trade’s first female chief executive since the organization’s inception in 1887 • CHUNG CHOW/BIV ARCHIVES

00_Women in Business Spring 2020_32.indd 27

– a new narrative for Greater Vancouver and British Columbia.

“Who do we want to be as a region and how can we unify and pull people together? I’m not sure that we have actually developed that narrative to the strength that it could be. I also think there’s a way to further leverage the Canada brand,” she tells BIV in her first interview as CEO. B.C.’s history around resources has changed, she says. Technology and creative industries have grown into dominant regional and provincial economic forces. The latter groups have not necessarily been well represented in GVBOT membership, and Anderson says she will be looking to deepen engagement in those areas.

“For me it’s about evolving the organization as society is evolving,” says Anderson. That will include discussion around sustainability, around the future of work and around ensuring the right voices are around the table.

“It is going to take a lot of diverse opinion and a lot of collaboration to solve these problems. And so that would be my biggest priority, is how do we do that?

How do we get the smartest people around the table to solve these problems?”

There were a lot of applicants for Anderson’s position.

Her passion, she believes, set her apart. She recalls telling friends a couple of years ago that the one job in Vancouver she would really like – her dream job – would be the one she now holds.

And she has assumed that job at what feels like a critical time – when B.C. is represented by minority governments provincially and federally, when climate-related protests take centre stage on Vancouver streets, when companies are on downturn watch and when acute affordability issues complicate businesses’ bottom lines.

Anderson expects her leadership could involve adopting a higher profile as she pursues her priorities.

She’s also keen to listen, and to focus her attention on the needs and concerns of Greater Vancouver businesses.

“This is something I feel so strongly about – about business taking the lead, about evolving the business community to think broadly about some of these really challenging issues,” she says.

“To have the opportunity and the honour to lead that, it really is … a dream come true.” É Originally published in Business in Vancouver issue 1569, November 26–December 2, 2019.

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BIV MAGAZINE

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WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

TAKING THE LEAP Tips for starting up a successful small business

LAURA AVELEDO

We’ve all been tempted at some point in our lives. From watching your friend’s business flourish on Instagram and thinking, “I could do that,” to wanting to break out of the 9-to-5 lifestyle, entrepreneurship can be sparked in many ways.

Once you’re ready to take that leap, it’s easy to want to dive right in and begin working on the exciting aspects of your business, without taking the time to work through the foundations.

From the observation of past clients, entrepreneurs need to take the time to craft a healthy business plan with tangible resources, expert advice and support from within your community. Though this may seem obvious, too often the simplest advice is what goes unheard and ends up being a pivotal factor in reaching success further down the line.

The past few years have seen an increase in women eager to be their own boss, with over 39% of all entrepreneurs that started businesses in 2018 identifying as female.

I’m excited about this trend; however, I do still see that women are hesitant to reach out for assistance and need encouragement to go for the grants, clients, awards, etc. that they want.

Here are some of my recommendations on where to begin your entrepreneurial journey: Have a clear business concept. A clear business concept enables you to quickly and clearly describe the exact nature of your business to suppliers, clients and potential investors. By doing this, you can manage client expectations and easily find new ways to differentiate your business within your industry to stand out from the crowd.

Know your clients. The key is to know your ideal client inside out and understand that “everyone” is not an answer. You want to know as much as you possibly can about them – from what they need from you, to how they buy, to their favourite activities and everything in between. Once you know them, then you can communicate with them in

a targeted approach, reaching them through the channels that they use daily. The more targeted you are, the more effective.

Set SMART goals. Most of my clients come to me with a great idea but no plan to move it forward. SMART – specific, measurable, achievable, realistic and time-related – goal setting ensures that you are focusing your attention on development and growth in the areas of your business that need it, without getting distracted by other aspects that may not be relevant. For example, it doesn’t make sense to discuss what fantastic marketing campaigns you’re going to be running next year when you haven’t yet registered your business name.

Plan for everything. Women tend to be great planners by design, but we still can’t predict the future. Have a contingency plan (and insurance) in place for dealing with the unexpected obstacles that will pop up in your business.

You’ll feel more secure overall and be able to tackle issues effectively when they arise.

Celebrate success. Make time to celebrate your wins.

I always suggest that you take note of how much effort and time it took to reach each of your goals, so you have a benchmark for success moving forward. Whether you’re a “solopreneur” or have a team of 20, running a business is hard work, and you deserve to celebrate!

Don’t be afraid. Don’t be afraid to move on from situations and people that are not helping you or your business to grow with purpose. Don’t fear asking questions or asking for the assistance you need to move forward.

Prepare a strong business plan with structured goals and a realistic financial forecast, take a breath, then take a risk.

At the end of the day, there is nothing more impressive than a confident woman owning her ambitions and creating a life and business that she is proud of. É Laura Aveledo is one of the business planning and international trade advisers at Small Business BC. Originally from Venezuela, she has over 15 years of international experience, from large corporations to financial services and not-for-profits, in addition to developing her own business. She has advised more than 300 entrepreneurs from varied industry backgrounds and was an entrepreneurship instructor.

THE KEY IS TO KNOW YOUR IDEAL CLIENT INSIDE OUT AND UNDERSTAND THAT “EVERYONE” IS NOT AN ANSWER

00_Women in Business Spring 2020_32.indd 28

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BIV MAGAZINE

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NAVIGATING THE ENTREPRENEUR’S LIFE The right advisers can help steer you straight on the sometimes bumpy road of starting your own business

ELIZABETH MAH

One of my favourite things about my job as an adviser is sitting shoulder to shoulder with some of the most amazing entrepreneurs in Vancouver and sharing stories, energy and insights as to what it means to be a business starter, grower and keeper. Through the challenges and celebrations, an entrepreneur’s life is not for just anyone.

But when it’s in our blood, the drive can’t be hidden, and we take the endless workday, the multiple hats and the “flexibility” of being our own boss.

Inevitably through this journey, there are small and major trip-ups, but mainly reminders that vulnerability, humility and perseverance are required to get us up and going every day. It takes reflection and leadership to muster the courage to heal from the ego bruises and brush off the emotional baggage, to pick out the lesson to take with us on the future journey.

Entrepreneurs face decisions almost every minute and, as such, rely on that quick “trust your gut” instinct. When we meet people who share in our enthusiasm for ideas and growth, it’s exciting, and ideas often turn into entering into joint ventures or partnerships, mergers or acquisitions, which are like business “marriages.” As we fall in love, commit and honeymoon, thoughts of future conflict resolution or exit strategies are often overlooked in favour of trust and optimism. But if personal or financial circumstances change for anyone or the plan derails, your best bet to ensure that you know your options, and how to move forward or out of an unhappy place, is a comprehensive signed agreement – not that crumpled napkin or pinky swear way back at the beginning.

Ah, the beginning. Many entrepreneurs look back at the startup phase, when energy and motivation are high but cash and time are tight, and wish we had made decisions back then that were “bigger than we were.” By just pushing hesitation to the side a bit to see a bigger future, we might have hired a better accountant, bookkeeper, graphic designer,

executive assistant, etc., or leased a bigger space. And usually, we should have hired a lawyer to look at homemade documents before they were signed. Things like trademark or intellectual property protection, insurance, hidden liabilities and risk areas are often not practically assessed or negotiated before signing documents, and entrepreneurs are stuck with them without a smooth resolution. And there’s never a good time for litigation.

Another area of conflict is often with staff. Turnover within a team is normal and expected, but it is almost necessary when a company is growing. The team you start with won’t likely be the team you will grow with and end with. Leading our teams through growth usually involves more stutters and changes than we expect. Whether you decide to take a slow and steady approach or scale up quickly, it’s important to ensure that legal agreements with your employed and contract staff are solid, that you aren’t leaving uncertain severance or termination provisions that could be a major liability for the business, and that there are confidentiality, non-solicitation and non-competition provisions that align with your business when change is required.

That also goes for selecting your advisers. Surround yourself with the best team at each stage of your business’ growth. Assess whether your financial, tax, legal, sales and marketing, human resources and operational advisers get what you’re trying to achieve now and down the road, whether they have the skills and capacity to support you on the journey and whether you’re comfortable openly sharing the challenges with them so that they can best help you. It’s not always champagne and cloud nines in an entrepreneur’s world, so ensure that you have advisers to guide, steer and challenge you and allow you to be confident about the decisions you’re making.

Being an entrepreneur is one of the most challenging and rewarding lifestyles out there. We chose it for a reason and a purpose, so anchor it down and own it. É Elizabeth Mah is the founder and lead strategy lawyer at Paperclip Law, a firm built with clients and culture in mind that aims to redefine how legal services are delivered to small and medium-sized businesses. She is a 2018 Business in Vancouver Forty under 40 winner.

MANY ENTREPRENEURS LOOK BACK AT THE STARTUP PHASE AND WISH WE HAD MADE DECISIONS BACK THEN THAT WERE “BIGGER THAN WE WERE”

00_Women in Business Spring 2020_32.indd 29

2020-01-29 3:11 PM

BIV MAGAZINE

30 |

WOMEN IN BUSINESS—SPRING 2020 PUBLISHED BY BUSINESS IN VANCOUVER

10 YEARS, 3 BIG LESSONS Think big, get a business therapist and know your numbers

LINDSAY NAHMIACHE

My top three lessons after a decade of entrepreneurship: 1. THINKING SMALL IS THE SAME EFFORT AS THINKING BIG (ACTUALLY MAYBE HARDER)

I read an amazing poem when I was 21 years old in the classic business and life book Think and Grow Rich by Napoleon Hill. These words are so true (even though they are originally from a 1918 book of poems by poet Jessie Belle Rittenhouse). However, I still proceeded to ignore them for the first half of my career and think small. I eventually came around and starting following the poem’s advice – that is when my business expanded internationally and I started getting paid what I was worth.

My Wage I bargained with Life for a penny, And Life would pay no more, However I begged at evening When I counted my scanty store.

For Life is a just employer, He gives you what you ask, But once you have set the wages, Why, you must bear the task.

I worked for a menial’s hire, Only to learn, dismayed, That any wage I had asked of Life, Life would have paid.

To me this poem shows that we decide what our value is in life. When we live in fear, we play small, and that’s how things work out. This leads to my second valuable lesson.

2. GET A BUSINESS THERAPIST

Entrepreneurship is a mindset, so you’d better clean yours up and make sure it supports you. Yes, I know market conditions and external factors can make things challenging, but those are such easy excuses and put you in the victim’s seat. Smart entrepreneurs are able to see opportunity in adversity or, at the very least, different ways of doing things while they ride out a challenging period. I am a firm believer in the power of “business therapy” – just as you want to clean up your emotions in your personal life, it’s important you do the same with the emotions you bring into your business. I’ve had a business therapist for the past two years, and it has been game-changing. I also hired her for my staff and gave them monthly one-on-one sessions – best decision I’ve made.

3. KNOW YOUR NUMBERS

I know this is what everyone says, but there is a reason for that. If you don’t know your numbers, you are a bad entrepreneur. I’ll say it again: you are a bad entrepreneur.

I know because I was one for longer than I care to admit. As a result, we got into unexpected debt and weren’t able to scale as fast as we should have. I am not naturally a numbers person, and what I realized is that you don’t have to be; you just need to know the basics and look at them on a monthly basis. The greatest thing I ever learned was to build a rolling 12-month profit and loss statement; this allowed me to see trends and project future scenarios rather than react to them. I also highly recommend the books Profit First

by Mike Michalowicz and Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree – they should be mandatory reading for entrepreneurs. É Lindsay Nahmiache, CEO and co-founder of Jive PR + Digital, runs a 10-year-young agency with offices in Vancouver and Los Angeles that excels in consumer brand and entertainment PR. From expanding into the U.S. to buying out her former business partner, Nahmiache has weathered the ups and downs of entrepreneurship.

THE GREATEST THING I EVER LEARNED WAS TO BUILD A ROLLING 12-MONTH PROFIT AND LOSS STATEMENT; THIS ALLOWED ME TO SEE TRENDS AND PROJECT FUTURE SCENARIOS RATHER THAN REACT TO THEM

00_Women in Business Spring 2020_32.indd 30

2020-01-29 3:11 PM

20th Annual

Join Us to Celebrate!

Influential Women

MARCH 6, 2020 | The Fairmont Waterfront

In Business Awards

BIV Subscribers: $135 | Non-Subscribers: $165

900 Canada Place Way | 11:30am-2:00pm

Business in Vancouver is once again recognizing BC’s most outstanding business women in private or public sector companies. Honourees have risen through the ranks to become senior executives or entrepreneurs. Through corporate board placements they help influence and shape policy at some of Canada’s largest companies. Winners will be profiled in a February issue of Business in Vancouver.

2020 INFLUENTIAL WOMEN IN BUSINESS AWARD WINNERS: Genesa Greening President & CEO, BC Women’s Health Foundation

Ana Maria Llanos Principal, Diamond Schmitt Architects

Lori Mathison President & CEO, Chartered Professional Accountants of British Columbia

Presented by

Ratana Stephens Co-CEO & Co-Founder, Nature’s Path Foods Inc.

Vivian Zalkow CEO, Taymor Industries Ltd.

Gerri Sinclair (Lifetime Achievement) Managing Director, Kensington Capital Partners

Gold Sponsors

Silver Sponsor:

General Sponsors:

Register at biv.com/iwib

00_Women in Business Spring 2020_32.indd 31

2020-01-29 3:11 PM

PAIGE AINSLIE

JULIA BELL

KERI L. BENNETT

DANNY BERNSTEIN

SARAH BLANCO

MAGGIE CAMPBELL

RYAN COPELAND

ALISSA DEMERSE

DREW DEMERSE

JENNIFER DEVINS

MELISSA DHILLON (NEATE)

SARAH DICKSON

JACQUELINE D. GANT

BRUCE M. GREYELL Q.C.

SANDRA GUARASCIO

MIKE HAMATA

NATALIE CUTHILL

GREGORY J. HEYWOOD

BRANDON HILLIS

JENNIFER HOGAN

MICHAEL R. KILGALLIN

REBECCA KLASS

JAMES D. KONDOPULOS

CARRIE KOPERSKI

GAVIN MARSHALL

GRAEME MCFARLANE

MEAGHAN J. MCWHINNIE

JULIE MENTEN

JORDAN MICHAUX

CHRISTOPHER MUNROE

TAMARA NAVARATNAM

ANDREW NICHOLL

THOMAS A. ROPER Q.C.

JENNIFER S. RUSSELL

BOBBY SANGHA

DELAYNE SARTISON Q.C.

DANIELLE SCORDA

GABRIELLE SCORER

KIM THORNE

ADAM VAN DER LINDE

MICHAEL WAGNER

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2020-01-29 3:11 PM