Skip to main content
RBC Thought Leadership AI, Technology and Innovation Why Are There so Few Black Entrepreneurs in Canadian Tech?
AI, Technology and Innovation
AI, Technology and Innovation

Why Are There so Few Black Entrepreneurs in Canadian Tech?

Meet two Torontonians who are working to ensure black entrepreneurs have access to more opportunities in Toronto's thriving tech sector.

In 1837, Thornton Blackburn, an escaped slave, launched Toronto’s first taxi company, and turned The City into a thriving enterprise that generated a small fortune for Blackburn and his wife Lucie — and yet somehow has been forgotten to history.

More than 180 years later, most Canadians would be pressed to cite the Blackburns or name a single black entrepreneur. Even though 1.2 million Canadians identify as black, representing 3.5% of the population, a Black in Canada survey found only 2,000 black-owned businesses of significant scale. (It’s not just a Canadian problem. In 2018, a U.S. study found just 1% of venture-backed founders were black.)

For Black History Month, RBC Disruptors talked to two entrepreneurs who are trying to do something about it. In 2018, Isaac Olowalafe Jr., a Toronto real estate investor, and Abdullah Snobar, executive director of Ryerson University’s DMZ start-up zone, launched the $1-million Black Innovation Fellowship to provide entrepreneurs with access to networks, seed capital and business partners like Shopify. Snobar stressed one word: “access.” According to the Black in Canada survey, black entrepreneurs say their biggest challenges are marketing (51%), networking and learning opportunities (51%) and finance (48%). Olowalafe says the tech sector is perhaps the best opportunity, given its rapid growth and concentration in cities like Toronto. “Ryerson is known for tech and diversity,” he told us. “How do we bring the two together?”

The opportunity for the country is enormous. While close to a quarter of Canadians identify as visible minorities, only one in eight small and medium-sized businesses is owned by one. Across every sector, role models are key. As Lola Adeyemi, a Nigerian-born, Toronto-based food entrepreneur, found, “One of the struggles when I started the business was having somebody who looked like me, has been through the same struggles as an immigrant like me.”

 

Disruptors, an RBC podcast is created by the RBC Thought Leadership Group and does not constitute a recommendation for any organization, product or service. It’s produced and recorded by RBC Thought Leadership. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. For cautionary statements relating to the information in this podcast, refer to the Legal Disclaimers on RBC.com/disruptors. For more disruptors content, like or subscribe wherever you get your podcasts and visit our webpage.

Read This Next

Clear skies: Direct air capture and Canada’s advantage

Inside a new carbon-removal tech startup

Permission to Fail: A case for youth entrepreneurship

Ronnen Harary, co-founder of Spin Master, on why your 20s offer a unique entrepreneurial advantage and how AI is creating white space for agile founders.

The billion-dollar question: Where are all the Canadian biotech unicorns?

Biotech in Canada is admired in the lab but largely overlooked in capital markets

Important notice regarding information on this website and Caution regarding forward-looking statements

This website is intended as general information only and does not constitute an offer or a solicitation to buy or sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax or other advice, and such information should not be relied or acted upon for providing such advice. Nothing herein shall form the basis of or be relied upon in connection with any contract, commitment, or investment decision whatsoever. The reader is solely liable for any use of the information contained herein, and neither the Climate Action Institute, nor Royal Bank of Canada (“RBC”), its subsidiaries and its affiliates nor any of their respective directors, officers, employees or agents shall be held responsible for any direct or indirect damage arising from the use of any information contained herein by the reader.

Except as required by law, none of RBC nor any of its affiliates undertake to update any information on this website. All expressions of opinion on this website reflect the judgment of the authors as of the date of publication and are subject to change. We do not guarantee the accuracy of the information or expressions of opinion presented herein and they should not be regarded as a complete analysis of the subjects discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC or any of its affiliates. All references to websites are for your information only. The content of any websites referred to on this website, including via website link, and any other websites they refer to are not incorporated by reference in, and do not form part of, this website.  This website is also not intended to make representations as to sustainability-related initiatives of any third parties, whether named herein or otherwise, which may involve information and events that are beyond our control.

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including on this website, and in other communications. Forward-looking statements on our website include, but are not limited to, statements relating to economic or sustainability-related objectives, vision, ambitions, commitments, goals, and targets as well as potential events and actions. By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, and that our economic or sustainability-related objectives, vision, ambitions, commitments, goals, and targets will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. Sustainability-related metrics, data and other information contained on this website are or may be based on assumptions, estimates and judgements.