Description
Within this brief file in regard to our government supports the important work of the alberta women entrepreneurs.
awebusiness.com
REALIZING SUCCESS
April 1, 2010 to March 31, 2011
Alberta Women Entrepreneurs
Annual Report
Our Staff
Tracey Scarlett Chief Executive Of?cer
Marcela Mandeville Chief Operating Of?cer
Sheila Shand Business Advisor
Cindy Wahl Braun Client Services Coordinator
Merlina Almendra Loan Services Administrator
Jennifer Hughes Marketing Coordinator
Majeda Fyith Programs Coordinator
Kathleen McCloskey Business Advisor
Directors
Jennifer McNeill Oracle Corporation, Chair of the Board
Julianna Cantwell JUNA Consulting
Karen MacKenzie MacKintosh Consulting
Sherri Wawrow Design Group Staf?ng Inc.
Judy Harcourt Harcourt Recruiting Specialists
Maureen Liviniuk Liviniuk Group Professional Corporation
Joanne Rowe Peters’ Drive-In Ltd.
OUR BOARD OF DIRECTORS AND STAFF
Our government supports the important work
of the Alberta Women Entrepreneurs in
promoting greater inclusion of women-owned
businesses in the global economy, particularly as
we seek to expand Canada’s trading relationships.
“
”
Honourable Ed Fast,
Minister of International Trade and Minister for the Asia-Paci?c Gateway
About AWE
Since 1995, not-for-pro?t Alberta Women Entrepreneurs (AWE) has helped hundreds of women-owned businesses realize success with
start-up loans, expansion ?nancing and, just as important, networking opportunities and guidance to take their venture and ideas to the
next level — a win-win for the province and its women entrepreneurs.
“AWE has a tremendous impact not only on women’s lives, but also on the economy of entire
communities,” says Jennifer McNeill, AWE’s Board Chair and a senior executive with Oracle Corporation.
“We have women who received loans from AWE who started in their basement, and now
have revenues of $3 million to $4 million a year and 20-30 people on the payroll.”
While anyone starting and running a business has challenges, she says, one secret of AWE’s success
is giving women the con?dence to succeed, adding: “It’s not about gender; it’s about being
successful without limitations.”
Helping Women Entrepreneurs Connect
Another secret to AWE’s success is its ability to act as an information hub for women at all stages
of entrepreneurship. From networking events and “boot camps” to seminars on new
markets and online resources, “we’re a connector,” says AWE CEO Tracey Scarlett.
“Wherever a business is in its lifecycle, we want to be a connection point
for the resources it needs.”
Many women entrepreneurs, she says, don’t simply want to create a job for
themselves. “They’re looking at building a strong, economically viable
venture that can compete locally, nationally and internationally.”
And, Alberta is proving to be fertile ground for these entrepreneurs. “Alberta is a
great location to launch a business,” adds McNeill, who has launched and
sold four software companies in her 30-year career. “I have built successful
companies in the United States and across Canada, and Alberta is
by far the best place to do business.”
Women entrepreneurs are signi?cant
contributors to the economies of Alberta and Canada.
How signi?cant? Industry Canada estimates women-
owned businesses contribute over $18 billion to the
national economy annually.
IN ALBERTA
alone, there are more than 110,700
women-owned enterprises and over
900,000 women nationwide run their
own business. With four out of every ?ve
new businesses today started by women,
the need has never been greater for
advisory and ?nancing-related programs
and services supporting women-
owned businesses.
SUCCESS WITHOUT LIMITS
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INVESTING WITH IMPACT
Over the past four years alone, AWE’s loan program for women-owned businesses
has helped create almost 400 new jobs for Albertans. That only begins to explain
the economic impact of AWE’s ?nancial support of women entrepreneurs.
For every $1 AWE lends out, there is a $30 return to the economy.
With a total of $15 million loaned to women entrepreneurs by AWE since
1995, that’s an estimated $450 million impact on Canada’s economy.
In 2005, Barbara McLean-Stollery saw the opportunity of a
lifetime when her employer announced he was retiring and
selling his full-service aircraft detailing company. In business
since 1980, the company had a robust roster of clients with private,
commercial and corporate jets in need of regular cleaning.
For $180,000, the company could be hers, but “I had dif?culty getting
?nancing from traditional banks, even though the business had been in
operation for 25 years,” she recalls. Fortunately, she came upon AWE
while looking for other sources of ?nancing and today she is president of
Executive Airways Grooming Services, a thriving 25-employee enterprise
with airport facilities in Calgary and Edmonton.
“AWE was very proactive in working with me to create a good business
plan,” she says. “My original plan was weak. They helped me see further
down the road than I was thinking at the time. Most important, they were
willing to look past the fact that I hadn’t started this business.”
AWE loaned her $30,000, and then helped ?nd other ?nancing sources,
notably the Business Development Bank of Canada. AWE’s support didn’t
stop there. “They stick close to you and ensure they’re on top of your
quarterly reports,” says McLean-Stollery. “If they see an issue, they talk to
you about it. Their feedback is very valuable. In ?ve years, we saw more
than 500% growth.”
Understanding both
the business and
entrepreneur
As important, though, was AWE’s con?dence in her.
“They say, if other people are doing it, why can’t you?”
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2
Nurturing Entrepreneurs
In recent years, AWE has invested an average of $1.75 million per year in Alberta’s women
entrepreneurs. AWE Business Advisor Sheila Shand, based in the Edmonton of?ce, is among
the team members working closely with those interested in securing a loan or seeking other
?nancial advice.
“Many of our clients have an entrepreneurial passion for what they do,” she says. “A lot of individuals have
already worked in the industry where they want to start a business. They’ve gained valuable skills and now they
want to run their own business.”
With AWE for over ?ve years, Shand has seen that passion comes in all forms and it’s her job to ensure passion
meets reality. “A business plan is very important,” she notes. “Some clients think turning to AWE will make it
easier and quicker for them. They think they can open in a month without a plan. We encourage them to do the
market research needed to ?gure out who their customer is and what they will buy.”
AWE isn’t just focused on start-ups, though. Shand notes approximately 2/3 of AWE’s loans are for expansion-
related projects and growth-oriented entrepreneurs taking their business to a higher level.
AWE’s ?nancing process is also widely hailed by participants, such as
Tanya Eagle Speaker. As proprietor of Cardston-based Eagle Spirit
Embroidery, she has turned to AWE for loans on two occasions.
“I was so happy with AWE’s quick approval process,”
she says. “I wasn’t left worrying if I would be approved –
they let me know right away. I felt like they believed in
my business.”
“The majority of our loan clients are successful,” says
Shand. “After they get the loan, we nurture and monitor
them. We ask about business developments, and let them
demonstrate their passion by discussing opportunities they
were able to develop.”
Borrowing Money from AWE
AWE offers repayable loans of up to $150,000 for women-owned, market-ready start-ups,
business expansions and business purchases.
AWE can also help identify lending partnerships to meet larger loan requirements, and has been successful in
securing other public and private ?nancing partners for women entrepreneurs.
AWE Financings
At-A-Glance
2010-2011
Loans Extended: 33
Dollars Lent: $1.8 Million
Jobs Created: 128.5
Business Expansions
Financed: 15
Business Start-Ups
Financed: 11
Business Purchases
Financed: 5
Maintenance Loans: 2
AWE Financing
Inquiries by
Geography
Edmonton: 36%
Calgary: 32%
Other Alberta: 32%
AWE Financing
Inquiries by
Demographic
Women 18-34: 46%
Women 35-50: 44%
Post Secondary Schooling: 65%
Trades/Professional Training: 15%
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CONNECTING AND LEARNING
As important as ?nancing is to any venture, for many women entrepreneurs, access to the right
networks of business contacts and strategic intelligence are critical factors in launching and growing
a successful enterprise. Over 2010-2011, AWE hosted 48 networking and educational events,
involving a total of 1,048 attendees — a 50% increase over the previous year.
Elvie Reinson, founder of Calgary’s Ballast Environmental Consulting Ltd., considers AWE’s networking and training events to be indispensable
opportunities to connect with and learn from other business owners. “I have been to the annual conference every year for three years,” she says.
“I have also gone to several workshops, particularly those focused on business growth and management issues. I just love them! I look forward to
them. For me, it’s a chance to meet women who are just like me.”
Entrepreneur Boot Camp
Among AWE’s most successful events recently was its multi-day
“boot camp,” focusing on preparing women-owned businesses
for growth.
“Our boot camps can really launch companies to the next level,” says Randy
Thompson, CEO of VentureAlberta and Chief Boot Camp Facilitator. “There’s no
such thing at these events as a dumb idea.” With less than two dozen attendees
and plenty of one-on-one coaching, the boot camp’s objective is to help owners
see potential problems and opportunities ahead for their business.
“Even our speakers are specially screened,” he says. “You have to have built
a company, sold one and blown one up. Otherwise, you’re just a consultant.
So, our speakers know what to do when things go wrong.”
That aggressive approach to the quality of coaching and training is greatly
appreciated by participants such as Jodi McDonald, President of Edmonton-
based Keystone Labs Inc., an eight-person company providing contract
testing services to international and Canadian pharmaceutical ?rms.
“It hit home for me in that I had grown my business to one level and now I
needed to take that next step,” she says. “It is hard to ?nd good advice on
that. At boot camp, you learn you’re not alone and I was able to connect
with women at similar stages in the growth of their businesses. It was really
inspiring and they had a great panel of people with challenging ideas.”
The boot camp actually helped McDonald rethink her company’s direction
and she thanks AWE for its efforts to bring these resources to women
entrepreneurs. “My background is not entrepreneurial at all,” she says. “I had
the idea of providing contract testing services after being in the industry for
many years. After I dreamed the dream for a while, I decided I needed to get
on with it and make it happen. AWE had the resources I was looking for, such
as this boot camp, to make my dream happen.”
Those are appreciated words for Thompson, who ?rmly believes in AWE’s
goal to support women entrepreneurs. “I volunteer with AWE because of its
focus on start-ups and entrepreneurship. Both are passions of mine,” he
says. “I want to give back to people who are changing the world. Any time
you leave your cubicle and a regular paycheck, hire people and bring an idea
to the marketplace — that’s ‘changing the world’ stuff.”
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AWE Networks &
Training Services
Program Partnerships
Access To Experts
Peer-to-Peer Networks
International Market Access
Angel and Other Private Investor
Networks
AWE-Inspiring Facts
Women-owned businesses are the
fastest-growing segment of the
business sector in Canada
Women have ownership in 47%
of Canada’s 1.6 million small and
medium-sized enterprises (SMEs)
16% of Canadian SMEs are
majority-owned by women
Over 80% of Canadian SMEs
owned by women are service
industries, compared with 59%
owned by men
Year-Round Workshops & Networking Events
In addition to its recent boot camp event, AWE hosts a series of other training and networking
events, including:
Building on Success Series: Interactive workshops in Calgary and Edmonton led by entrepreneurial
individuals with expertise in areas such as human resource development, sales, marketing, ?nancial
management and technology.
Roadmap for Success Workshops: These three hour programs, often led by AWE business advisors,
educate entrepreneurs on business basics.
Breakfast & Luncheon Events: Throughout the year in Calgary and Edmonton, AWE features
successful business owners and industry experts.
Student Events: Hoping to inspire the next crop of entrepreneurs, AWE participates in student programs
at several major universities and business schools.
Annual Conference: Each year, over 150 people attend AWE’s showcase of leading experts and
successful entrepreneurs.
For many of these events, AWE actively recruits and promotes women business owners as speakers, and has
engaged over 40 community partners and high-pro?le organizations to promote events and awareness of AWE.
AWE also had the unique opportunity in 2010 to network with like-minded organizations and experts at the
Diana International Conference on Women’s Entrepreneurship Research, held in Banff. Convened
every two years, this global event brings together researchers committed to advancing knowledge about
women’s entrepreneurship and high-growth ventures. CEO Tracey Scarlett had the opportunity to highlight
AWE’s successful track record in supporting women entrepreneurs and to learn of new ways AWE can move
women’s entrepreneurship forward in Alberta and across Canada.
Women approach
business, I think,
with more passion
and more discipline
in terms of focus.
The process of
learning is a
life-long process.
W. Brett Wilson
“Dragon” on CBC’s Dragons’ Den,
Serial Entrepreneur and Philanthropist
AWE 2010 Annual Conference
“
”
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TAKING GROWTH TO THE NEXT LEVEL
AWE is leveraging a variety of innovative programs
and services to have an even greater impact on both
women-owned businesses and Alberta’s economy.
AWE is not only assisting women entrepreneurs
launch new businesses, it is also helping women-
owned businesses identify new markets abroad,
gain access to more government and Fortune
500/1000 contracts, and encourage youth,
minority and Aboriginal group members to
consider entrepreneurship.
Connecting to Contracts Program
An example of one high-impact AWE initiative is its Connecting
to Contracts (C2C) Program, conducted in partnership with the
Women’s Enterprise Initiative and supported ?nancially by Western
Economic Diversi?cation Canada. C2C is an exciting way for
women business owners to access domestic and international
supply chains. It includes WEConnect Canada certi?cation, which
guarantees businesses are majority-owned and managed by
women. To date, 149 Canadian businesses have been certi?ed
or are close to certi?cation, including 45 businesses in Western
Canada. Since the program began, the Western Canadian
businesses have secured contracts valued at more than $850,000.
“The certi?cation is very important to our business growth,” says Jodee
Prouse, CEO of Sylvan Lake-based Happy Hippo Bath Co. and Lollipop
Beauty Bar, which makes unique bath and body products. “Most Fortune
500 companies in the U.S. and more Canadian companies are requiring
supplier diversity programs, which give smaller businesses opportunities to
participate in major tenders.”
Certi?ed last year after a thorough review process by WEConnect Canada,
Prouse has already seen results after a recent trip to U.S.-based Women’s
Business Enterprise National Council (WBENC), national conference in
Las Vegas. “The Canadian government helped us arrange a meeting with one
of the major hoteliers, MGM Grand, and within two weeks we had a contract
to supply products,” she says. “The reality is that these large companies
don’t take random solicitations. Our certi?cation meant everything, in terms
of getting us in the door.”
It has been a similar story for Christina Forth-Matthews, CFO and
co-founder of Leduc-based freight forwarder AOG International Inc.
Thanks to an informational seminar on Connecting to Contracts, her
company received certi?cation recently. “It has already opened doors,”
she says. “Certi?cation has been a perfect ?t for our growth plans.”
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Our Government recognizes that small-and medium-sized
businesses create jobs and generate wealth in communities
throughout the West. By utilizing AWE’s programs and services,
women entrepreneurs can position themselves to compete and
succeed in local, national and international markets.
Honourable Lynne Yelich,
Minister of State for Western Economic Diversi?cation
“
”
TAKING GROWTH TO THE NEXT LEVEL
AWE’s “business case” for the bene?ts of promoting more
women-owned business activity is irrefutable. In addition to the
$18 billion women entrepreneurs contribute to the economy
annually, according to research at the University of Ottawa’s Telfer
School of Management, an additional 20% increase in women-
owned businesses would contribute $2 billion to Canada’s economy.
“Research consistently suggests women-focused small business
training leads to incremental job creation at a rate that compares
to or exceeds all other types of market interventions, such as loan
guarantee schemes,” adds Barbara J. Orser, Telfer’s Deloitte Chair in
the Management of Growth Enterprises. In other words, the training
and advisory work by organizations such as AWE can have a greater
impact on business success than money alone.
AWE-Inspiring Facts
In the 20 years between 1981
and 2001, the number of women
entrepreneurs in Canada increased
208%, compared to a 38% increase
for men
Active Canadian women exporters
generate close to 40% of their
sales in foreign markets
Women-owned ?rms that export
do business with Canada’s most
important trading partners,
including the U.S. (74% of women-
owned business export there), Asia
(60%) and Europe (58%)
30% of women exporters began
to export at business start-up and
55% made their ?rst foreign sale
within two years of launching
Seeing Beyond a “Job”
AWE is not only expanding the physical horizons of women-owned businesses by helping to
identify new markets and opportunities, it is also expanding the mental horizons of women
belonging to groups that might not normally consider starting a business.
AWE works closely with a variety of groups, such as the Canadian Youth Business Foundation and
organizations dealing with new immigrants, to encourage their members to think about entrepreneurship.
One of AWE’s most successful working relationships is with the Alberta government and their funding of
the NextStep to Success program which helps Aboriginal women participate in the economic
growth of their communities.
“Whether a woman is starting or expanding a business, AWE’s NextStep to Success helps
Aboriginal women ?nd entrepreneurial training, mentorship and coaching opportunities,”
says Darina Falsnes, Alberta Employment and Immigration’s Manager of Strategic Initiatives,
Aboriginal Development Branch, Delivery Services Division.
NextStep to Success has helped Aboriginal women in Alberta start a variety of businesses,
ranging from video production to Aboriginal craft supplies. “Through AWE’s NextStep to Success,
these women are also forming their own circles of support,” says Falsnes.
Bene?ts Beyond Dollars
Whether expanding on mental or physical horizons, “AWE has a vital role to play”, says Orser,
who has devoted over 20 years to studying women entrepreneurs. “AWE can give any woman
entrepreneur the con?dence to take their business to the next level.”
And, the time for entrepreneurship has never been better. “Alberta, right now, is such a hotbed of activity,” adds
VentureAlberta’s Randy Thompson. “With about 20% of available angel money spent in Alberta alone, according
to Industry Canada, it’s a good time to be a business owner in Alberta and a lot of women have some great ideas.”
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Unrestricted Externally Internally 2011 Total
Restricted Restricted
Statement of Operations – Year ended March 31, 2011
Revenue
Contributions from WED $ 975,000 $ 569,137 - $ 1,544,137
Other Contributions 218,244 - - 218,244
Program Income 91,185 - - 91,185
Interest Income - 131,361 - 131,361
Recovery of Bad Debt - 3,750 - 3,750
Amortization of Deferred Capital Contributions 32,831 - - 32,831
$ 1,317,260 $ 704,248 - $ 2,021,508
Expenses
Salaries & Bene?ts $ 744,472 - - $ 744,472
Loss on Loan receivable - 226,491 - 226,491
Rent 91,946 - - 91,946
Marketing 90,058 - - 90,058
Travel 88,046 - - 88,046
Events 68,237 - - 68,237
Special Projects Expenses 59,170 - - 59,170
Professional Fees 59,080 - - 59,080
Of?ce 42,223 - - 42,223
Amortization of Property & Equipment 32,831 - - 32,831
Training & Board Expenses 16,193 - - 16,193
Insurance 10,314 - - 10,314
Bank Charges & Interest 5,037 - - 5,037
Repairs & Maintenance 4,778 - - 4,778
Other Loan Fees 4,031 - - 4,031
Gain on disposal of Property & Equipment (4,380) - - (4,380)
$ 1,312,036 $ 226,491 - $ 1,538,527
Excess of Revenues over Expenses $ 5,224 $ 477,757 - $ 482,981
Statement of Changes in Net Assets – Year ended March 31, 2011
Net Assets, Beginning of Year - $ 4,226,087 $ 410,057 $ 4,636,144
Excess of Revenues over Expenses 5,224 477,757 - 482,981
Net Assets, End of Year $ 5,224 $ 4,703,844 $ 410,057 $ 5,119,125
Statement of Financial Position – As at March 31, 2011
Assets
Current Assets $ 143,226 $ 1,588,927 $ 410,057 $ 2,142,210
Current Portion of Loans Receivable - 993,149 - 993,149
Long Term Loans Receivable - 2,121,768 - 2,121,768
Property & Equipment 85,111 - - 85,111
$ 228,337 $ 4,703,844 $ 410,057 $ 5,342,238
Liabilities
Current Liabilities $ 131,132 - - $ 131,132
Deferred Operating Contributions 47,485 - - 47,485
Deferred Capital Contributions 44,496 - - 44,496
$ 223,113 - - $ 223,113
Net Assets
Externally Restricted - $ 4,703,844 - $ 4,703,844
Internally Restricted - - $ 410,057 $ 410,057
Unrestricted $ 5,224 - - 5,224
5,224 $ 4,703,844 $ 410,057 $ 5,119,125
$ 228,337 $ 4,703,844 $ 410,057 $ 5,342,238
FINANCIAL STATEMENTS
The complete set of financial statements were audited by Grant Thornton LLP
and can be provided by Alberta Women Entrepreneurs upon request.
Our Funders
AWE’s programs and services would not be possible without
the generous support of Western Economic Diversi?cation
Canada and our project funders: Alberta Employment and
Immigration and Alberta Aboriginal Relations – NextStep to
Success Program, and Western Economic Diversi?cation
Canada – Connecting to Contracts Program.
Our Major Sponsors
Thanks to our sponsors, AWE and women entrepreneurs
received a generous amount of ?nancial and in-kind support,
speci?cally:
OUR SUPPORTERS
Our Partners
Settlement Investment
Corporation
Our Volunteers
We sincerely thank our many volunteers, including
speakers and other contributors, who provided an
estimated 588 hours worth of their valuable time.
FINANCIAL STATEMENTS
awebusiness.com
Calgary Of?ce
370, 1202 Centre Street SE
Calgary, AB T2G 5A5
Edmonton Of?ce
308, 10310 Jasper Avenue
Edmonton, AB T5J 2W4
Supported by:
Toll Free (Alberta): 1-800-713-3558
doc_457730853.pdf
Within this brief file in regard to our government supports the important work of the alberta women entrepreneurs.
awebusiness.com
REALIZING SUCCESS
April 1, 2010 to March 31, 2011
Alberta Women Entrepreneurs
Annual Report
Our Staff
Tracey Scarlett Chief Executive Of?cer
Marcela Mandeville Chief Operating Of?cer
Sheila Shand Business Advisor
Cindy Wahl Braun Client Services Coordinator
Merlina Almendra Loan Services Administrator
Jennifer Hughes Marketing Coordinator
Majeda Fyith Programs Coordinator
Kathleen McCloskey Business Advisor
Directors
Jennifer McNeill Oracle Corporation, Chair of the Board
Julianna Cantwell JUNA Consulting
Karen MacKenzie MacKintosh Consulting
Sherri Wawrow Design Group Staf?ng Inc.
Judy Harcourt Harcourt Recruiting Specialists
Maureen Liviniuk Liviniuk Group Professional Corporation
Joanne Rowe Peters’ Drive-In Ltd.
OUR BOARD OF DIRECTORS AND STAFF
Our government supports the important work
of the Alberta Women Entrepreneurs in
promoting greater inclusion of women-owned
businesses in the global economy, particularly as
we seek to expand Canada’s trading relationships.
“
”
Honourable Ed Fast,
Minister of International Trade and Minister for the Asia-Paci?c Gateway
About AWE
Since 1995, not-for-pro?t Alberta Women Entrepreneurs (AWE) has helped hundreds of women-owned businesses realize success with
start-up loans, expansion ?nancing and, just as important, networking opportunities and guidance to take their venture and ideas to the
next level — a win-win for the province and its women entrepreneurs.
“AWE has a tremendous impact not only on women’s lives, but also on the economy of entire
communities,” says Jennifer McNeill, AWE’s Board Chair and a senior executive with Oracle Corporation.
“We have women who received loans from AWE who started in their basement, and now
have revenues of $3 million to $4 million a year and 20-30 people on the payroll.”
While anyone starting and running a business has challenges, she says, one secret of AWE’s success
is giving women the con?dence to succeed, adding: “It’s not about gender; it’s about being
successful without limitations.”
Helping Women Entrepreneurs Connect
Another secret to AWE’s success is its ability to act as an information hub for women at all stages
of entrepreneurship. From networking events and “boot camps” to seminars on new
markets and online resources, “we’re a connector,” says AWE CEO Tracey Scarlett.
“Wherever a business is in its lifecycle, we want to be a connection point
for the resources it needs.”
Many women entrepreneurs, she says, don’t simply want to create a job for
themselves. “They’re looking at building a strong, economically viable
venture that can compete locally, nationally and internationally.”
And, Alberta is proving to be fertile ground for these entrepreneurs. “Alberta is a
great location to launch a business,” adds McNeill, who has launched and
sold four software companies in her 30-year career. “I have built successful
companies in the United States and across Canada, and Alberta is
by far the best place to do business.”
Women entrepreneurs are signi?cant
contributors to the economies of Alberta and Canada.
How signi?cant? Industry Canada estimates women-
owned businesses contribute over $18 billion to the
national economy annually.
IN ALBERTA
alone, there are more than 110,700
women-owned enterprises and over
900,000 women nationwide run their
own business. With four out of every ?ve
new businesses today started by women,
the need has never been greater for
advisory and ?nancing-related programs
and services supporting women-
owned businesses.
SUCCESS WITHOUT LIMITS
1
u
INVESTING WITH IMPACT
Over the past four years alone, AWE’s loan program for women-owned businesses
has helped create almost 400 new jobs for Albertans. That only begins to explain
the economic impact of AWE’s ?nancial support of women entrepreneurs.
For every $1 AWE lends out, there is a $30 return to the economy.
With a total of $15 million loaned to women entrepreneurs by AWE since
1995, that’s an estimated $450 million impact on Canada’s economy.
In 2005, Barbara McLean-Stollery saw the opportunity of a
lifetime when her employer announced he was retiring and
selling his full-service aircraft detailing company. In business
since 1980, the company had a robust roster of clients with private,
commercial and corporate jets in need of regular cleaning.
For $180,000, the company could be hers, but “I had dif?culty getting
?nancing from traditional banks, even though the business had been in
operation for 25 years,” she recalls. Fortunately, she came upon AWE
while looking for other sources of ?nancing and today she is president of
Executive Airways Grooming Services, a thriving 25-employee enterprise
with airport facilities in Calgary and Edmonton.
“AWE was very proactive in working with me to create a good business
plan,” she says. “My original plan was weak. They helped me see further
down the road than I was thinking at the time. Most important, they were
willing to look past the fact that I hadn’t started this business.”
AWE loaned her $30,000, and then helped ?nd other ?nancing sources,
notably the Business Development Bank of Canada. AWE’s support didn’t
stop there. “They stick close to you and ensure they’re on top of your
quarterly reports,” says McLean-Stollery. “If they see an issue, they talk to
you about it. Their feedback is very valuable. In ?ve years, we saw more
than 500% growth.”
Understanding both
the business and
entrepreneur
As important, though, was AWE’s con?dence in her.
“They say, if other people are doing it, why can’t you?”
t
2
Nurturing Entrepreneurs
In recent years, AWE has invested an average of $1.75 million per year in Alberta’s women
entrepreneurs. AWE Business Advisor Sheila Shand, based in the Edmonton of?ce, is among
the team members working closely with those interested in securing a loan or seeking other
?nancial advice.
“Many of our clients have an entrepreneurial passion for what they do,” she says. “A lot of individuals have
already worked in the industry where they want to start a business. They’ve gained valuable skills and now they
want to run their own business.”
With AWE for over ?ve years, Shand has seen that passion comes in all forms and it’s her job to ensure passion
meets reality. “A business plan is very important,” she notes. “Some clients think turning to AWE will make it
easier and quicker for them. They think they can open in a month without a plan. We encourage them to do the
market research needed to ?gure out who their customer is and what they will buy.”
AWE isn’t just focused on start-ups, though. Shand notes approximately 2/3 of AWE’s loans are for expansion-
related projects and growth-oriented entrepreneurs taking their business to a higher level.
AWE’s ?nancing process is also widely hailed by participants, such as
Tanya Eagle Speaker. As proprietor of Cardston-based Eagle Spirit
Embroidery, she has turned to AWE for loans on two occasions.
“I was so happy with AWE’s quick approval process,”
she says. “I wasn’t left worrying if I would be approved –
they let me know right away. I felt like they believed in
my business.”
“The majority of our loan clients are successful,” says
Shand. “After they get the loan, we nurture and monitor
them. We ask about business developments, and let them
demonstrate their passion by discussing opportunities they
were able to develop.”
Borrowing Money from AWE
AWE offers repayable loans of up to $150,000 for women-owned, market-ready start-ups,
business expansions and business purchases.
AWE can also help identify lending partnerships to meet larger loan requirements, and has been successful in
securing other public and private ?nancing partners for women entrepreneurs.
AWE Financings
At-A-Glance
2010-2011
Loans Extended: 33
Dollars Lent: $1.8 Million
Jobs Created: 128.5
Business Expansions
Financed: 15
Business Start-Ups
Financed: 11
Business Purchases
Financed: 5
Maintenance Loans: 2
AWE Financing
Inquiries by
Geography
Edmonton: 36%
Calgary: 32%
Other Alberta: 32%
AWE Financing
Inquiries by
Demographic
Women 18-34: 46%
Women 35-50: 44%
Post Secondary Schooling: 65%
Trades/Professional Training: 15%
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CONNECTING AND LEARNING
As important as ?nancing is to any venture, for many women entrepreneurs, access to the right
networks of business contacts and strategic intelligence are critical factors in launching and growing
a successful enterprise. Over 2010-2011, AWE hosted 48 networking and educational events,
involving a total of 1,048 attendees — a 50% increase over the previous year.
Elvie Reinson, founder of Calgary’s Ballast Environmental Consulting Ltd., considers AWE’s networking and training events to be indispensable
opportunities to connect with and learn from other business owners. “I have been to the annual conference every year for three years,” she says.
“I have also gone to several workshops, particularly those focused on business growth and management issues. I just love them! I look forward to
them. For me, it’s a chance to meet women who are just like me.”
Entrepreneur Boot Camp
Among AWE’s most successful events recently was its multi-day
“boot camp,” focusing on preparing women-owned businesses
for growth.
“Our boot camps can really launch companies to the next level,” says Randy
Thompson, CEO of VentureAlberta and Chief Boot Camp Facilitator. “There’s no
such thing at these events as a dumb idea.” With less than two dozen attendees
and plenty of one-on-one coaching, the boot camp’s objective is to help owners
see potential problems and opportunities ahead for their business.
“Even our speakers are specially screened,” he says. “You have to have built
a company, sold one and blown one up. Otherwise, you’re just a consultant.
So, our speakers know what to do when things go wrong.”
That aggressive approach to the quality of coaching and training is greatly
appreciated by participants such as Jodi McDonald, President of Edmonton-
based Keystone Labs Inc., an eight-person company providing contract
testing services to international and Canadian pharmaceutical ?rms.
“It hit home for me in that I had grown my business to one level and now I
needed to take that next step,” she says. “It is hard to ?nd good advice on
that. At boot camp, you learn you’re not alone and I was able to connect
with women at similar stages in the growth of their businesses. It was really
inspiring and they had a great panel of people with challenging ideas.”
The boot camp actually helped McDonald rethink her company’s direction
and she thanks AWE for its efforts to bring these resources to women
entrepreneurs. “My background is not entrepreneurial at all,” she says. “I had
the idea of providing contract testing services after being in the industry for
many years. After I dreamed the dream for a while, I decided I needed to get
on with it and make it happen. AWE had the resources I was looking for, such
as this boot camp, to make my dream happen.”
Those are appreciated words for Thompson, who ?rmly believes in AWE’s
goal to support women entrepreneurs. “I volunteer with AWE because of its
focus on start-ups and entrepreneurship. Both are passions of mine,” he
says. “I want to give back to people who are changing the world. Any time
you leave your cubicle and a regular paycheck, hire people and bring an idea
to the marketplace — that’s ‘changing the world’ stuff.”
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AWE Networks &
Training Services
Program Partnerships
Access To Experts
Peer-to-Peer Networks
International Market Access
Angel and Other Private Investor
Networks
AWE-Inspiring Facts
Women-owned businesses are the
fastest-growing segment of the
business sector in Canada
Women have ownership in 47%
of Canada’s 1.6 million small and
medium-sized enterprises (SMEs)
16% of Canadian SMEs are
majority-owned by women
Over 80% of Canadian SMEs
owned by women are service
industries, compared with 59%
owned by men
Year-Round Workshops & Networking Events
In addition to its recent boot camp event, AWE hosts a series of other training and networking
events, including:
Building on Success Series: Interactive workshops in Calgary and Edmonton led by entrepreneurial
individuals with expertise in areas such as human resource development, sales, marketing, ?nancial
management and technology.
Roadmap for Success Workshops: These three hour programs, often led by AWE business advisors,
educate entrepreneurs on business basics.
Breakfast & Luncheon Events: Throughout the year in Calgary and Edmonton, AWE features
successful business owners and industry experts.
Student Events: Hoping to inspire the next crop of entrepreneurs, AWE participates in student programs
at several major universities and business schools.
Annual Conference: Each year, over 150 people attend AWE’s showcase of leading experts and
successful entrepreneurs.
For many of these events, AWE actively recruits and promotes women business owners as speakers, and has
engaged over 40 community partners and high-pro?le organizations to promote events and awareness of AWE.
AWE also had the unique opportunity in 2010 to network with like-minded organizations and experts at the
Diana International Conference on Women’s Entrepreneurship Research, held in Banff. Convened
every two years, this global event brings together researchers committed to advancing knowledge about
women’s entrepreneurship and high-growth ventures. CEO Tracey Scarlett had the opportunity to highlight
AWE’s successful track record in supporting women entrepreneurs and to learn of new ways AWE can move
women’s entrepreneurship forward in Alberta and across Canada.
Women approach
business, I think,
with more passion
and more discipline
in terms of focus.
The process of
learning is a
life-long process.
W. Brett Wilson
“Dragon” on CBC’s Dragons’ Den,
Serial Entrepreneur and Philanthropist
AWE 2010 Annual Conference
“
”
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TAKING GROWTH TO THE NEXT LEVEL
AWE is leveraging a variety of innovative programs
and services to have an even greater impact on both
women-owned businesses and Alberta’s economy.
AWE is not only assisting women entrepreneurs
launch new businesses, it is also helping women-
owned businesses identify new markets abroad,
gain access to more government and Fortune
500/1000 contracts, and encourage youth,
minority and Aboriginal group members to
consider entrepreneurship.
Connecting to Contracts Program
An example of one high-impact AWE initiative is its Connecting
to Contracts (C2C) Program, conducted in partnership with the
Women’s Enterprise Initiative and supported ?nancially by Western
Economic Diversi?cation Canada. C2C is an exciting way for
women business owners to access domestic and international
supply chains. It includes WEConnect Canada certi?cation, which
guarantees businesses are majority-owned and managed by
women. To date, 149 Canadian businesses have been certi?ed
or are close to certi?cation, including 45 businesses in Western
Canada. Since the program began, the Western Canadian
businesses have secured contracts valued at more than $850,000.
“The certi?cation is very important to our business growth,” says Jodee
Prouse, CEO of Sylvan Lake-based Happy Hippo Bath Co. and Lollipop
Beauty Bar, which makes unique bath and body products. “Most Fortune
500 companies in the U.S. and more Canadian companies are requiring
supplier diversity programs, which give smaller businesses opportunities to
participate in major tenders.”
Certi?ed last year after a thorough review process by WEConnect Canada,
Prouse has already seen results after a recent trip to U.S.-based Women’s
Business Enterprise National Council (WBENC), national conference in
Las Vegas. “The Canadian government helped us arrange a meeting with one
of the major hoteliers, MGM Grand, and within two weeks we had a contract
to supply products,” she says. “The reality is that these large companies
don’t take random solicitations. Our certi?cation meant everything, in terms
of getting us in the door.”
It has been a similar story for Christina Forth-Matthews, CFO and
co-founder of Leduc-based freight forwarder AOG International Inc.
Thanks to an informational seminar on Connecting to Contracts, her
company received certi?cation recently. “It has already opened doors,”
she says. “Certi?cation has been a perfect ?t for our growth plans.”
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Our Government recognizes that small-and medium-sized
businesses create jobs and generate wealth in communities
throughout the West. By utilizing AWE’s programs and services,
women entrepreneurs can position themselves to compete and
succeed in local, national and international markets.
Honourable Lynne Yelich,
Minister of State for Western Economic Diversi?cation
“
”
TAKING GROWTH TO THE NEXT LEVEL
AWE’s “business case” for the bene?ts of promoting more
women-owned business activity is irrefutable. In addition to the
$18 billion women entrepreneurs contribute to the economy
annually, according to research at the University of Ottawa’s Telfer
School of Management, an additional 20% increase in women-
owned businesses would contribute $2 billion to Canada’s economy.
“Research consistently suggests women-focused small business
training leads to incremental job creation at a rate that compares
to or exceeds all other types of market interventions, such as loan
guarantee schemes,” adds Barbara J. Orser, Telfer’s Deloitte Chair in
the Management of Growth Enterprises. In other words, the training
and advisory work by organizations such as AWE can have a greater
impact on business success than money alone.
AWE-Inspiring Facts
In the 20 years between 1981
and 2001, the number of women
entrepreneurs in Canada increased
208%, compared to a 38% increase
for men
Active Canadian women exporters
generate close to 40% of their
sales in foreign markets
Women-owned ?rms that export
do business with Canada’s most
important trading partners,
including the U.S. (74% of women-
owned business export there), Asia
(60%) and Europe (58%)
30% of women exporters began
to export at business start-up and
55% made their ?rst foreign sale
within two years of launching
Seeing Beyond a “Job”
AWE is not only expanding the physical horizons of women-owned businesses by helping to
identify new markets and opportunities, it is also expanding the mental horizons of women
belonging to groups that might not normally consider starting a business.
AWE works closely with a variety of groups, such as the Canadian Youth Business Foundation and
organizations dealing with new immigrants, to encourage their members to think about entrepreneurship.
One of AWE’s most successful working relationships is with the Alberta government and their funding of
the NextStep to Success program which helps Aboriginal women participate in the economic
growth of their communities.
“Whether a woman is starting or expanding a business, AWE’s NextStep to Success helps
Aboriginal women ?nd entrepreneurial training, mentorship and coaching opportunities,”
says Darina Falsnes, Alberta Employment and Immigration’s Manager of Strategic Initiatives,
Aboriginal Development Branch, Delivery Services Division.
NextStep to Success has helped Aboriginal women in Alberta start a variety of businesses,
ranging from video production to Aboriginal craft supplies. “Through AWE’s NextStep to Success,
these women are also forming their own circles of support,” says Falsnes.
Bene?ts Beyond Dollars
Whether expanding on mental or physical horizons, “AWE has a vital role to play”, says Orser,
who has devoted over 20 years to studying women entrepreneurs. “AWE can give any woman
entrepreneur the con?dence to take their business to the next level.”
And, the time for entrepreneurship has never been better. “Alberta, right now, is such a hotbed of activity,” adds
VentureAlberta’s Randy Thompson. “With about 20% of available angel money spent in Alberta alone, according
to Industry Canada, it’s a good time to be a business owner in Alberta and a lot of women have some great ideas.”
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Unrestricted Externally Internally 2011 Total
Restricted Restricted
Statement of Operations – Year ended March 31, 2011
Revenue
Contributions from WED $ 975,000 $ 569,137 - $ 1,544,137
Other Contributions 218,244 - - 218,244
Program Income 91,185 - - 91,185
Interest Income - 131,361 - 131,361
Recovery of Bad Debt - 3,750 - 3,750
Amortization of Deferred Capital Contributions 32,831 - - 32,831
$ 1,317,260 $ 704,248 - $ 2,021,508
Expenses
Salaries & Bene?ts $ 744,472 - - $ 744,472
Loss on Loan receivable - 226,491 - 226,491
Rent 91,946 - - 91,946
Marketing 90,058 - - 90,058
Travel 88,046 - - 88,046
Events 68,237 - - 68,237
Special Projects Expenses 59,170 - - 59,170
Professional Fees 59,080 - - 59,080
Of?ce 42,223 - - 42,223
Amortization of Property & Equipment 32,831 - - 32,831
Training & Board Expenses 16,193 - - 16,193
Insurance 10,314 - - 10,314
Bank Charges & Interest 5,037 - - 5,037
Repairs & Maintenance 4,778 - - 4,778
Other Loan Fees 4,031 - - 4,031
Gain on disposal of Property & Equipment (4,380) - - (4,380)
$ 1,312,036 $ 226,491 - $ 1,538,527
Excess of Revenues over Expenses $ 5,224 $ 477,757 - $ 482,981
Statement of Changes in Net Assets – Year ended March 31, 2011
Net Assets, Beginning of Year - $ 4,226,087 $ 410,057 $ 4,636,144
Excess of Revenues over Expenses 5,224 477,757 - 482,981
Net Assets, End of Year $ 5,224 $ 4,703,844 $ 410,057 $ 5,119,125
Statement of Financial Position – As at March 31, 2011
Assets
Current Assets $ 143,226 $ 1,588,927 $ 410,057 $ 2,142,210
Current Portion of Loans Receivable - 993,149 - 993,149
Long Term Loans Receivable - 2,121,768 - 2,121,768
Property & Equipment 85,111 - - 85,111
$ 228,337 $ 4,703,844 $ 410,057 $ 5,342,238
Liabilities
Current Liabilities $ 131,132 - - $ 131,132
Deferred Operating Contributions 47,485 - - 47,485
Deferred Capital Contributions 44,496 - - 44,496
$ 223,113 - - $ 223,113
Net Assets
Externally Restricted - $ 4,703,844 - $ 4,703,844
Internally Restricted - - $ 410,057 $ 410,057
Unrestricted $ 5,224 - - 5,224
5,224 $ 4,703,844 $ 410,057 $ 5,119,125
$ 228,337 $ 4,703,844 $ 410,057 $ 5,342,238
FINANCIAL STATEMENTS
The complete set of financial statements were audited by Grant Thornton LLP
and can be provided by Alberta Women Entrepreneurs upon request.
Our Funders
AWE’s programs and services would not be possible without
the generous support of Western Economic Diversi?cation
Canada and our project funders: Alberta Employment and
Immigration and Alberta Aboriginal Relations – NextStep to
Success Program, and Western Economic Diversi?cation
Canada – Connecting to Contracts Program.
Our Major Sponsors
Thanks to our sponsors, AWE and women entrepreneurs
received a generous amount of ?nancial and in-kind support,
speci?cally:
OUR SUPPORTERS
Our Partners
Settlement Investment
Corporation
Our Volunteers
We sincerely thank our many volunteers, including
speakers and other contributors, who provided an
estimated 588 hours worth of their valuable time.
FINANCIAL STATEMENTS
awebusiness.com
Calgary Of?ce
370, 1202 Centre Street SE
Calgary, AB T2G 5A5
Edmonton Of?ce
308, 10310 Jasper Avenue
Edmonton, AB T5J 2W4
Supported by:
Toll Free (Alberta): 1-800-713-3558
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