With tech incubators bringing investment and inspiration, Black entrepreneurs feel they can 'change the world'
CBC
It wasn't much time, but Emmanuel Akindele made the most of his three minutes in the spotlight.
Along with six other tech entrepreneurs, Akindele recently stood in front of a crowd of 200 people and a panel of judges to pitch his business while the clock ticked down.
"It's difficult, but it's reflective of what it's like as an entrepreneur," said Akindele, who co-founded a mental health app called Blue Guardian. "You often have a very short period of time to tell the story of why people should care about what you are building."
At stake was $20,000 in funding in the contest held on April 20 by the DMZ, a tech company incubator at Toronto Metropolitan University (TMU).
The contest was part of the DMZ's Black Innovation Summit, an event to promote the organization's Back Innovation Programs (BIP).
With venture capital funding plunging and Black founders historically facing greater challenges than other groups in raising money, several incubator programs in Canada are trying to help Black tech entrepreneurs survive the start-up phase.
The objective of BIP is to nurture and grow Black-owned tech companies, helping them hone their ideas, find mentors, and connect with investors.
According to recent surveys by the government and the Canadian Black Chamber of Commerce, poor access to capital and the lack of advisors or a business network are key factors holding back Black business owners in all sectors.
The BIP was created in 2019 by DMZ, which says the program was Canada's first such effort focused on Black tech entrepreneurs.
"There's a huge need for programs like this," said Tina Mbachu, a senior program leader with DMZ.
On top of the structured help with business development, Mbachu says bringing Black entrepreneurs together can lead to a powerful feeling of community for founders who may have previously felt isolated.
"I can relate to their life stories, I can relate to the challenges and we can pull solutions from each other."
Since the DMZ began its program for Black tech founders, similar efforts have followed.
Innovate Calgary, which is part of the University of Calgary, ran a contest to help raise the profile of Black tech entrepreneurs last year, and one for BIPOC women in tech this spring. The finalists in both competitions received business support from experts.
