Discover the Black Founders Network at University of Toronto Entrepreneurship, offering unique resources and support to empower underrepresented entrepreneurs.

Embracing Diversity in the Startup Ecosystem

In today’s dynamic business landscape, diversity in entrepreneurship is not just a buzzword but a necessity for fostering innovation and inclusive growth. The Black Founders Network (BFN) at the University of Toronto stands as a beacon of support and empowerment for Black entrepreneurs, providing them with the tools and community needed to thrive in the competitive startup ecosystem.

The Need for Black Founders Network

Entrepreneurship can be a challenging journey, especially for underrepresented groups facing systemic barriers. Here are some stark statistics that highlight the necessity of initiatives like BFN:

70% of Black-owned businesses across Canada were ineligible for the federal Canadian Emergency Business Account.
Only 2 out of 300 grants in Canada were awarded to Black-owned businesses.
A mere 2% of venture funding raised in North America went to Black-led companies.
76% of Black entrepreneurs surveyed in Canada reported that their race makes it harder to succeed as an entrepreneur.

These numbers underscore the significant hurdles Black entrepreneurs face, emphasizing the critical role that support networks like BFN play in leveling the playing field.

BFN’s Mission and Initiatives

Since its inception in October 2021, the Black Founders Network has been dedicated to building a thriving community of Black entrepreneurs. Supported by the University of Toronto Entrepreneurship, BFN offers a range of programs and initiatives tailored to various stages of the entrepreneurial journey:

BFN Core

Designed for individuals at the onset of their entrepreneurial journey, BFN Core provides foundational support and resources to help aspiring entrepreneurs take their first steps.

BFN Accelerate

A cohort-based accelerator program aimed at early-stage startups led by Black founders. This initiative offers intensive mentorship, networking opportunities, and access to vital resources to propel startups towards growth.

BFN Scale

Targeted at growth-stage startups, BFN Scale assists companies ready to reach the next level with strategic guidance, funding opportunities, and market expansion support.

Smart Start Awards

An annual recognition program celebrating the achievements of Black entrepreneurs. The 2024 Smart Start award recipients have demonstrated exceptional innovation and business acumen.

Career Advancement Program

This program bridges the gap between Black youth seeking job opportunities and Black-owned businesses in need of skilled talent, fostering economic empowerment and community growth.

BFN Be Her

A dedicated initiative empowering Black women founders and investors to connect, collaborate, and create generational wealth, ensuring gender diversity within the Black entrepreneurial community.

Impact and Achievements

The Black Founders Network has made significant strides in supporting Black entrepreneurs:

Over 15,000 community members supported through various programs.
BFN-led companies have successfully raised over $50 million in funding.
Generated over $45 million in revenues for BFN-supported businesses.
Recipient of multiple national awards, including the Minister’s Award of Excellence (2022) and the Inclusive Excellence Award (2024).

These accomplishments reflect BFN’s commitment to fostering a conducive environment for Black entrepreneurs to succeed and scale their businesses.

Community Support and Resources

BFN offers an array of resources and support mechanisms to ensure the success of its members:

Mentorship Programs: Connecting founders with experienced mentors who provide guidance on business strategy, fundraising, and operational challenges.
Networking Events: Regular events that facilitate connections among entrepreneurs, investors, and industry leaders.
Educational Workshops: Sessions focused on essential skills such as pitching, marketing, and financial management.
Access to Funding: Facilitating introductions to potential investors and providing information on available grants and financial support.

Meet the BFN Team

Behind the success of BFN is a dedicated team committed to supporting Black entrepreneurs:

Efosa Obano, Program Manager: A strategic management alumnus of the University of Toronto, Efosa manages initiatives that support Black founders with capital, community, and capacity building.
Faizah Balogun, Program Coordinator: With a background in Product Management and ongoing studies in Strategic Foresight and Innovation, Faizah excels in agile project management and program coordination.
Carina Yannacacos, Financial & Administrative Coordinator: Carina provides essential financial and administrative support, leveraging her experience from various units within the University.

Recent News and Community Events

BFN stays active with ongoing initiatives and events that keep the community engaged and informed:

Upcoming Events: From virtual pitch sessions to in-person networking meetups, BFN offers a variety of events tailored to the needs of its members.
Past Events: Successful workshops and seminars that have equipped founders with the knowledge and skills necessary for business growth.
News Updates: Stay informed about the latest developments, success stories, and opportunities within the BFN community.

Why Choose BFN?

The Black Founders Network offers a unique blend of community support, resources, and opportunities tailored specifically for Black entrepreneurs. By addressing the systemic challenges faced by Black founders and celebrating Black excellence, BFN creates an inclusive environment where diverse entrepreneurs can thrive and drive impactful change across industries.

“By recognizing systemic barriers, celebrating Black excellence, and providing allyship, mentorship, and sponsorship for Black founders, we are building a thriving community of Black entrepreneurs from every industry and at every stage.”
— Black Founders Network

Join the Movement

Are you a Black entrepreneur looking to elevate your startup? Or perhaps an ally eager to support diverse founders? The Black Founders Network at the University of Toronto is here to empower you with the resources, community, and opportunities you need to succeed.

Get Involved with Seattle Foundations Today!