9 SEPTEMBER2023W MAN LEADERGLOBAL W MAN LEADERGLOBAL BDC, Canada's bank for entrepreneurs, has announced the launch of the first phase of the Thrive Lab, a pioneering initiative aimed at supporting women-led enterprises from inception. The lab, which operates on a co-investment model with like-minded partners, seeks to empower ambitious women entrepreneurs and generate both financial returns and social impact.In its initial phase, BDC has allocated $35 million to the Thrive Lab. The bank is actively seeking partners with a proven track record in assisting female entrepreneurs and a willingness to contribute additional capital or "sweat equity" in the form of time, resources, training, or other support. These partners, including incubators, approved angel clubs, and accelerators, will be announced in the coming months.Over the next five years, the Thrive Lab aims to provide $100 million in equity and equity-like investments to at least 100 women-led enterprises across various industries. In addition to financial support, the lab will offer training and assistance to these enterprises, which are committed to making a positive social impact.Sévrine Labelle, Managing Director of Thrive Lab, emphasized the importance of audacious and ambitious decisions in driving meaningful change. The lab aims to co-invest with like-minded partners, strengthening the impact investing community in Canada and nurturing a pipeline of future female leaders.The Lab's investments will primarily focus on companies aligned with the United Nations Social Development Goals (UN SDGs), including food security, reduced inequality, health and well-being, education, and responsible consumerism. However, the Lab will also consider enterprises that achieve other positive social outcomes in line with the UN SDGs, ensuring a broad reach for maximum impact.Isabelle Hudon, President and CEO of BDC, highlighted the underrepresentation and underfunding of women-led enterprises, despite their strong commitment to integrating social impact into their core businesses. Hudon believes that the Thrive Lab will play a catalytic role in creating a more sustainable economy, one women-led, socially conscious company at a time.The Thrive Lab is designed to be collaborative and adaptable, developing innovative methods of support tailored to the needs of early-stage women-owned enterprises. By assisting high-potential businesses in their early stages of growth and connecting them to additional sources of funding, the Lab serves as a complementary partner for entrepreneurs and investors alike, expanding the investor base that values impact investing.The Thrive Lab is part of BDC's $500 million Thrive Platform, announced in 2022, which comprises the Thrive Venture Fund, the Indirect Investment Envelope, and the Thrive Lab. This comprehensive investment platform is the largest of its kind globally, providing substantial support to women-led firms and contributing to a more inclusive and sustainable economy. BDC UNVEILS THRIVE LAB TO SUPPORT WOMEN-LED ENTERPRISES WITH $35M IN INITIAL PHASENEWS BITES
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