Immigrant entrepreneurs play a significant role in Canada’s economy. Approximately 33% of business owners in Canada are immigrants supporting more than $3.7 billion in generated revenue and more than 31,000 jobs.
However, immigrant entrepreneurs frequently face obstacles when it comes to gaining access to investment funding and leveraging available support resources, primarily due to limited connections, insufficient credit history, and a lack of market knowledge.
Calgary’s Migr8 has officially launched a new initiative that will empower immigrant entrepreneurs.
Migr8 sets up newly arrived entrepreneurs for success to advance their startups by eliminating barriers to access early stage investment, creating opportunities for faster connections in the business community, and offering holistic wrap-around supports.
“The story of Migr8Hub is the tale of immigrant entrepreneurs who have arrived in Canada with dreams and ambitions,” says Dipo Alli, Co-Founder of Migr8 Hub.
“We recognize the unique obstacles and vast potential of these dynamic entrepreneurs, and our objective is to offer more than just a platform. We are establishing a community that provides support for aspirations and opportunities for visions to be realized.”
The Migr8 initiative comprises two distinct entities.
Migr8 Capital is a venture capital fund in Alberta focusing on investing in startups led by immigrants during their pre-seed and seed stages.
Migr8+ is a non-profit organization with a support platform that provides tailored services designed to empower immigrant entrepreneurs and help them succeed in their business endeavors.
“In Calgary it shouldn’t matter where you come from or what your starting point is, the opportunity to build an amazing company that creates jobs and grows the economy should be available to anyone,” says Terry Rock, President & CEO of Platform Calgary.
“By working with partners like Migr8 we are able to increase access to funding supports that will make it possible for anyone to start and grow a tech business.”
Migr8 has established a partnership with Platform Calgary through the National Bank Investor Hub program, aimed at enhancing connections between investors and technology startups in Calgary.
According to Platform Calgary data, more than 7% of founders in their early-stage programming are newcomers with more than 20% identifying as visible minorities. Migr8’s dedication to empowering immigrant entrepreneurs seamlessly aligns with the overarching mission of fostering economic growth, diversity, and inclusivity within the community.