EDC Trade Insights Article

Just getting a business off the ground—or growing a company—is an accomplishment for anyone. And all businesses confront obstacles to success and growth.
But women-owned and -led enterprises face unique challenges.

That’s why this issue of TradeInsights features special resources and support programs to help female entrepreneurs and company leaders grow their businesses by expanding internationally.

But some business challenges are the same for everyone, including finding cash, acquiring new customers, minimizing risk, and gathering intelligence about new markets. So, this issue also highlights:

More than 70 sources of funding support to develop new products, hire more people, commercialize new technologies, and expand internationally

How using the P.A.I.D. method can help you prepare for negotiations in international markets (video)

Agri-food trends in Europe

We also examine how to tap into a $30,000 grant pool from the Canada-India Accelerator Program, why following a blueprint for global growth with a digital-first approach is so effective,

what the U.S. Inflation Reduction Act means for Canadian companies and more.

With this issue, we hope you’re inspired by the accomplishments of women-owned and -led companies—and all Canadian exporters—by discovering ways to grow and be part of the export impact.

Women’s Entrepreneurship Day, Women in trade , Women’s Entrepreneurship is Nov. 19. Here are a few ways we’re celebrating and acknowledging the accomplishments of Canadian women business leaders and their essential role in Canadian trade: The free EDC guide, Going global: Empowering women through trade. Stories from three women entrepreneurs who share tips for exporting to the United States.

How Women of Influence and EDC share unfiltered success stories of a diverse group of role models and is changing the narrative to redefine perceptions of gender roles and abilities. A curated list of EDC resources focused on helping women-owned and -led businesses succeed.

While Women’s Entrepreneurship Day is one way to recognize the role of women-owned and -led companies, EDC’s committed to supporting women business leaders all year long. [Find out more about our Women in Trade initiatives]

Today, about 1.1 million women are majority owners of small- to medium-sized enterprises (SMEs) or are self-employed in Canada. But only about 11% of these businesses currently export. Check out this On Demand webinar to help women grow their businesses. This webinar aims to help grow that number, focusing on how women-owned and women-led businesses can attract and connect with international buyers, distributors and manufacturers to expand internationally. This includes describing different market-entry strategies and how to identify, target, and build relationships with distributors. [Learn more here]

Accessing more money for your business From Business Development Bank of Canada (BDC)→
Apply for a 0% interest loan for up to $100,000 though the Canada Digital Adoption Programs
BDC is an approved partner of the Government of Canada’s Canada Digital Adoption Program (CDAP), which offers eligible businesses a $2,500 grant to build their digital plan, followed by a 0% loan of up to $100,000 to implement it. Use the funds to acquire, update or expand IT equipment, install new technologies, and more.

[Get started now to apply for a grant and a 0% interest loan with a five-year term]From Canada India Centre for Excellence and Carleton University→ Vie for a part of the $30,000 cash pool from the Canada-India Accelerator Program. EDC forecasts that India will be a $55-billion annual export market for Canadian firms by 2050. Astute companies know that preparing now to tap into those opportunities is a sure-fire way to stimulate business growth. With a mandate to boost diversity and equity of the Canadian startup ecosystem, the Canada-India Acceleration program (CIAP) aims to empower female business leaders to scale for global expansion. CIAP helps with skills development through virtual training sessions, cultivating strategic relationships and offering the opportunity to vie for a prize from a $30,000 cash pool through an annual pitch competition. [Learn more and apply for your chance to tap into $30,000 in cash prizes]

From the Canada Business Benefits Finder→ More than 70 sources of funding support to develop new products, hire more people, commercialize new technologies, and expand your business internationally

The Canada Business Benefits Finder helps you find the right programs and services—whether you’re starting out or scaling up. Complete a simple online form to define the kind of support you’re looking for and you’ll get a list of programs and organizations that can assist. The database includes programs to help with tax credits, partnerships and collaborations, R&D, and financial support—including more than 70 sources of funding. [Get started now and find funding programs to help your business]

Finding new customers: From EDC’s Export Help Hub→ Export Q&A: What’s the process for hiring an independent agent in the United States? Striking a relationship with an agent can be a low-risk way to test the waters in a vibrant market, like the United States. EDC’s trade experts at the Export Help Hub have resources to help you determine if working with an agent might be right for you, including a whitepaper on finding, training, and managing international agents and distributors, three tips for finding export distributors or commercial agents, the ABCs of international trade contracts to help you conduct due diligence on prospective partners, payment terms, and contractual clauses, and much more. [Get more information on this topic—and answers to more than 700 trade-related questions—at EDC’s Export Help Hub]

From Global Affairs Canada→ Free on-demand video: The United States Inflation Reduction Act 101 for Canadian Companies (52:00 mins) From the Embassy of Canada in Washington, D.C., this free on-demand webinar examines what Canadian companies need to know about President Joe Biden’s Inflation Reduction Act of 2022 (IRA). It highlights the significant industry and sectoral issues from select IRA provisions, the market opportunities—and challenges—and competitive advantages for Canadian companies in the post-IRA environment, and recommended processes for Canadian companies tracking the act’s implementation. This session will be of particular interest to Canadian firms in the cleantech, infrastructure, transportation, mining, and life sciences sectors. [Watch now to understand how the IRA may affect your company’s U.S. plans]What’s new on MyEDC for Patricia Export Help HubQuestions about customs, financing or paying taxes? Export Help Hub has the insights you need to succeed in the United States, the European Union and Mexico. Get quick, concise online access to questions and answers curated by EDC experts—online, anytime. Find answers on the Export Help Hub.

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Patricia Dent

Business Mentor & CEO at Grow Vantage & Ask For Directions Training

Business Mentor at Ask For Directions Training and Grow Vantage
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.

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