< PreviousCAPITAL AS A FORCE FOR GOOD Indigenous Peoples contribute over $ 30 billion annually to Canada’s GDP. The Canadian Council for Aboriginal Business estimates this to increase to by 2024. 1 $ 100 billion Raven Indigenous Capital Partners, North America’s only Indigenous- led and -owned venture capital intermediary, launched Raven Fund II with an initial close of $ 75 million. 2 and a target size of $ 46 million 1 Canadian Council for Aboriginal Business 2 Raven Indigenous Capital Partners 30 MAKE THE WORLD BETTER MAGAZINEFACTS FEB 2023 • ISSUE 04 31Tell us about your organization's mission. Foresight is Canada’s cleantech accelerator. Our auda- cious goal is to see Canada become the fi rst G7 nation to achieve net-zero. Our programs and initiatives are focused on three strategic priorities: Acceleration, Adoption, and Ecosystem Development. Foresight’s fl agship Acceleration programs help entrepreneurs commercialize their clean technologies, and prepare for adoption and export. Th rough men- torship, education programs, investor introductions, and networking events, we help cleantech ventures get to market faster. Our programs have helped more than 870 companies validate, commercialize, and scale their cleantech solutions. Th ose companies have gone on to create more than 7,040 green jobs for Canadians, equalling more than $2 billion in economic impact for Canada. We also run Innovation Challenges that connect industry or governments facing sustainability hurdles with market-ready cleantech solution providers. So far, we have successfully run 52 Innovation Challenges which have resulted in the removal of nearly 69 Mt of greenhouse gas (GHG) emissions from the atmosphere. Th rough all of our activities, we are focused on growing a comprehensive Canadian cleantech ecosys- tem. Tackling climate change requires teamwork and collaboration across sectors, and Foresight is committed to bringing together a national network of changemak- ers that will accelerate Canada’s path to net-zero. What inspired your co-founders to start your organization? Foresight was founded in 2013 by a group of passionate cleantech professionals who recognized the increasing challenges climate change would pose to Canada and the rest of the world. I initially joined as an Executive in Residence in 2015, directly working with ventures to support their growth. Since then, I have been consistently inspired by the many innovators and entrepreneurs who have utilized Foresight’s programs and initiatives to develop solutions to mitigate the eff ects of climate change. Now, I and the team at Foresight are driven by the vision that Canada will be a global leader in deploying climate solutions, inspiring other nations to follow our path to net-zero. What were some of the challenges your founders encountered? As a non-profi t, the biggest challenge we face is the volume of demand for our programs and services, while trying to work within the means of our budget. Th e team at Foresight works on many projects “off the side of their desks,” all of which we consider to be critical to Canada’s net-zero transition. We are a passionate group, entrepreneurially-minded, and strive to go the extra mile to drive Canada towards a greener future. Within Canadian cleantech, there is both a need for capital support and for programming that drives do- mestic demand. At Foresight, we’re working to address these challenges through investor-related programming, FORESIGHT CANADA ACCELERATING CANADA’S CLEANTECH ECOSYSTEM TO WIN THE NET ZERO RACE Climate change is a global issue that requires major collaboration. Finding strong teammates to help cleantech companies scale and enact the solutions that will accelerate our way to a cleaner world is no small task. Foresight Canada is committed to sparking change by championing the commercialization and adoption of Canadian cleantech innovation. We spoke with Jeanette Jackson, CEO, about this organization’s bold goals and extensive efforts to accelerate climate innovation and propel Canada to the forefront of the global cleantech stage. 32 MAKE THE WORLD BETTER MAGAZINEJeanette Jackson, CEO of Foresight Canada FEB 2023 • ISSUE 04 33such as Investor Readiness workshops, investor matchmaking, and curated pitch events. But to reach our auda- cious goal, more capital and support needs to be injected into Canada’s cleantech ecosystem. Th is could come in the form of additional project fund- ing, other non-equity based capital structures, or streamlined procedures to propel the cleantech sector forward. From our experience working directly with growing cleantech ventures, this type of support could go a long way in mitigating the chal- lenges we, and the greater Canadian cleantech ecosystem, continue to face. What do you consider your organization's biggest success? In June 2022, Foresight-supported cleantech ventures collectively reached unicorn status, raising over $1 billion in capital. Not only is this a major achievement for Foresight, but it also shows the strength of Canada’s cleantech sector and the opportu- nity for Canadian leadership on a global cleantech stage. Shortly after we reached this milestone, we saw BC-based cleantech venture, Nexii, become the fastest Canadian venture to reach unicorn status on their own. It’s clear the sector is accelerating rap- idly, and we expect it to grow expo- nentially over the next several years. Foresight is directly supporting this growth through curated investor matchmaking events, regular invest- ment preparedness workshops, inves- tor showcase events like our Foresight 50 initiative, and pitch opportunities like our Demo Day events. Securing investments, especially at the early stage, is a major barrier fac- ing many Canadian cleantech entre- preneurs, and a challenge we need to overcome if we are to position Canada as a long term leader in supplying solutions to the global transition. To see our alumni companies’ economic impact pushed into the billions is indicative that we are on track to do just that. What makes your organization unique? At Foresight, we recognize that inno- vation can’t exist in a vacuum. Th at’s why we’re focused on bringing togeth- er innovators, investors, industry, gov- ernments, and academia (our Helix 5 partners) to build the most effi cient and eff ective path to net-zero. We combine learning programs, world-class matchmaking events, investor introductions, insightful eco- system reports, and industry challeng- es with ongoing alumni support to help Canadian ventures through every stage of their journey, from ideation through commercialization. We have made unprecedented prog- ress in supporting and growing the Canadian cleantech ecosystem. Th e track record of our alumni companies is proof of our ability to validate, commercialize, and scale market-ready solutions and innovations. How do you feel your organization makes the world better? Th rough our acceleration programs, innovation challenges, and ecosystem building, Foresight is playing a crucial role in carving the country’s path to net-zero. Th e 2022 BC Cleantech Awards host- ed by Foresight Canada. In March 2023, Foresight will be hosting BC and Alberta Cleantech Awards events recognizing cleantech innovators in these provinces that are accelerating Canada's net-zero transition. 34 MAKE THE WORLD BETTER MAGAZINESince 2016, our programs have supported ventures to reduce a project- ed 68.9+ Mt of GHG emissions – the equivalent annual emissions of 2,000 jumbo jets. We are very proud to have played a role in the removal of those emissions and to support cleantech ventures that are bringing world-changing innovation to the global stage, but we know we have a long way to go to achieve a net-zero economy. We are confi dent that the ventures we support, through our Innovation Challenges and Acceleration programming, will continue to deploy their climate solu- tions around the world to leave a better future for generations to come. How can capital be used as a force for positive change? Last year, Foresight completed a national survey of cleantech ventures, who identifi ed raising capital as one of the biggest areas of support needed to grow and scale their innovation. In re- sponse, Foresight launched our Investor Readiness workshops to educate our ventures on how to prepare and pitch their solutions to investors. We also ramped up our eff orts to plan and host matchmaking events, like our Foresight 50 initiative, that facilitate connections and often result in partnerships, pilot opportunities, and the deployment of capital. Last year’s Foresight 50 compa- nies went on to collectively raise $593 million in capital support to help pro- pel their cleantech solutions forward. Cleantech investments such as this accelerate the commercialization and scaling of critical technologies. Once these technologies are de- ployed, they can demonstrate value to new investors and clients, creating a cycle of increasing support for the cleantech ecosystem. Th rough increased capital in- vestments into Canadian cleantech innovations, we can reduce emissions around the world with made-in-Cana- da solutions, potentially mitigating the worst eff ects of climate change. Tell us about your organization's goals. When the Group of Seven (G7) an- nounced their collective commitment to reaching net-zero carbon emissions by 2050, Canada might have been perceived as an emissions reduction underdog. But don’t underestimate our determination. Th is bold goal is driving our country’s climate change policies and targets, and it’s inspiring our work at Foresight Canada. Th e climate challenge crisis has come into acute focus over recent years. As outlined in our new annual report, our team has stepped up our commitment to accelerate the commercialization and adoption of Canadian cleantech innovation. We signifi cantly increased our reach and impact on all metrics – helping more cleantech ventures raise more capital, generating more revenue, piloting with more customers, and creating more green jobs. Drawing on this momentum, we will continue to relentlessly drive cleantech adoption through collaboration with our Helix 5 stakeholders. It will take a massive eff ort and a whole lot of teamwork, but we cannot aff ord to step back from the challenge of preserving a livable future for generations to come. Are there any upcoming initiatives or projects you'd like to share? In spring 2023, we are hosting our 3rd annual BC Cleantech Awards, recogniz- ing the Canadian innovators, educa- tors, associations, and companies that have the biggest impact on our growing net-zero economy in these provinces. Th is year, we are excited to be expand- ing the recognition event series to Alberta, hosting our inaugural Alberta Cleantech Awards in late Spring 2023. Celebrating and gathering regional- ly allows us to connect our Helix 5 stakeholders to increased exposure and collaboration within the Canadian cleantech ecosystem. At a time when climate concerns are reaching all-time highs around the globe, it’s never been more important to recognize and celebrate the Canadian cleantech ventures that are moving the needle towards net-zero. Calls for nom- inations will open in early 2023. What do you most want people to know about your organization? Climate change is an urgent problem that can’t be solved by a single solution. Overcoming this challenge will require unprecedented international collabo- ration between innovators, industry, investors, government, and academia. Recognizing this early on, Foresight endeavoured to become so much more than an accelerator. We are strategizers, ecosystem mappers, and partnership builders enabling Canada to win the net-zero race. And, we will be the cata- lyst for the critical collaboration needed to drive Canada to net-zero. How can people help or contribute to your organization's mission? As ecosystem connectors, we’re always looking for new collaborators and community members to move Canada on the path to net-zero. Join our dedi- cated Community of Innovators Slack channel, follow us on LinkedIn and Twitter, and visit foresightcac.com for more information. We are strategizers ecosystem mappers and partnership builders enabling Canada to win the net-zero race info@foresightcac.com foresightcac.com facebook.com/ForesightCAC instagram.com/foresightcac linkedin.com/company/foresightcac twitter.com/ForesightCAC FEB 2023 • ISSUE 04 35Tell us about your organization's mission. DM: Th e Black Opportunity Fund (BOF) is a communi- ty-led registered Canadian charitable organization, whose mandate is to help dismantle the impacts of anti-Black racism by establishing a sustainable pool of capital to fund Black-led businesses and Black-led not-for-profi ts and charities, in order to improve the social and economic well-being of Canada’s Black communities. What inspired you and your fellow co-founders to start your organization? DM: Th e project fi rst began as a conversation among Black professionals about how best to serve the communi- ty, but in the wake of the killing of George Floyd, Ahmaud Arbery, and Breonna Taylor, organizing eff orts accelerated. Th e BOF is supported by a growing number of infl uen- tial members within the Black Canadian business com- munity from industries including technology, banking, BLACK OPPORTUNITY FUND DISMANTLING THE IMPACTS OF ANTI BLACK RACISM Coming together as a community is an important and necessary step to ending systemic racism. The Black Opportunity Fund takes collective action a step further by improving the lives of Black communities through game-changing grants, partnerships, and financial support of Black-led businesses. We spoke with one of Black Opportunity Fund’s founders and member of the Board of Directors, Dennis Mitchell, and Executive Director, Craig Wellington, about how this Canadian charitable organization is leveraging capital to dismantle racism and disrupt ineffective funding practices. 1. Dennis Mitchell: Black Opportunity Fund Board Member, and CEO & CIO Starlight Capital; 2. Craig Wellington: Executive Director, Black Opportunity Fund; 3. Al Ramsay: VP, and Head 2SLGBTQ+ & Black Customer Segments, TD Bank; 4. Camesha Cox: CEO, Th e Reading Partnership (recipient of fund- ing from Black Opportunity Fund); 5. Dr. Isaac Odame: Hematology Division Director, SickKids Hospital; 6. Donna Walwyn: Black Opportunity Fund Vice Chair and Managing Director, Th e Fairway Group; 7. Ray Williams: Black Opportunity Fund Board Chair, and Vice Chairman & Managing Director, Financial Markets, National Bank Financial; 8. Viola Labi, Founder & CEO, Woven Worldwide (recipient of funding from Black Opportunity Fund) 7. 8. 4.5.6. 1.2.3. 36 MAKE THE WORLD BETTER MAGAZINEcapital markets, life sciences, marketing, and human resources. Th e BOF contin- ues to form alliances across the country with like-minded professionals and philanthropists. What were some of the challenges you and your fellow co-founders encountered? DM: Th e usual challenges that come with an initiative such as this – awareness and skepticism at fi rst, quickly followed by an almost suff ocating enthusiasm that threatened to dilute and divert our strategic focus. Th e biggest challenge for us has been marshalling volunteers and potential partners into BOF initiatives that strate- gically and sustainably address the needs and concerns of the Black community. What do you consider your organization's biggest success? DM: We don’t have one biggest success – the BOF is not that type of organization. Th e BOF’s goal is to eliminate the impact of anti-Black racism, which is the denial of opportunity to Black Canadians. Recent successes include partnerships with SickKids, Facebook, TD, BMO, CIBC, NBF, DoorDash, UBC, and oth- ers to bring needed funding to the Black community. We have had a positive impact on Black entrepreneurs and in the areas of Black healthcare, education, and with Black students. Th is is what we are here for. CW: I believe that being able to deliver grants to Black-led businesses and Black community organizations so early in our organization's history and to hear from the recipients about the impacts they are able to have in advancing their organi- zations and improving socio-economic outcomes in their communities, was truly inspiring and fi lled all of the BOF family with immense pride. What makes your organization unique? CW: BOF’s guiding principle, “for the community, by the community,” is rooted in the understanding that investments made into our communities, especially at scale, have not historically been Black-led and are rarely implement- ed with adequate consideration to the unique challenges of Black communities. BOF represents a new and world-leading paradigm in the fi ght to end anti-Black systemic racism in Canada. With a vast ecosystem of partners, extensive connections to Black commu- nities, and unparalleled organizational expertise in growing and leveraging capital, BOF is uniquely positioned to support Black-led charities and non- profi ts that serve Canada’s diverse Black communities and scale Black businesses. How do you feel your organization makes the world better? CW: BOF believes that Canada's Black communities are a powerful investment, who provide a priceless return: we see our children and our children’s children thriving in a Canada that recognizes them for their incredible potential and awards them with the opportunities they deserve. And, by ensuring equitable ac- cess to opportunity for Black Canadians, we help to increase socio-economic outcomes for Canada as a whole. How can capital be used as a force for positive change? CW: Th ere has been long standing un- derinvestment in Black communities. We address this by delivering sustainable and needs-informed capital streams, managed by Black people for the benefi t of Black organizations, which disrupt ineff ective and disempowering contemporary fund- ing practices. Tell us about your organization's goals. CW: To develop a truly community driv- en, Black-centred approach to disman- tling systemic barriers to accessing capital faced by Black Canadians, so that Black communities across Canada are prosper- ous, healthy, and thriving. Are there any upcoming initiatives or projects you'd like to share? CW: Th e BOF just launched the Black Business Loan Program for Black entrepreneurs who have been unable to secure funding to-date through Canadian fi nancial institutions. Black entrepre- neurs may be eligible to apply for loans in the range of $10,000 to $50,000. Th is new initiative is part of a $10 million, fi ve-year commitment from TD Bank Group announced in September 2021, which is the largest contribution ever in Canada to a Black-focused, Black- led, and Black-serving organization. BOF also recently partnered with SickKids Hospital and Walmart Canada to improve health outcomes for Black Canadian children aff ected by sickle cell disease. Th rough this partnership, the Black Opportunity Fund established a Sickle Cell Disease Patient Amenities Fund at SickKids, to help Sickle Cell Disease patients and their families with costs not covered by the government. Th e grant also supports easier and safer access to at-home medication via a SickKids-developed technology called a “capsule shredder,” which will be dis- tributed free of charge to children being treated for Sickle Cell Disease through all 13 children’s hospitals across Canada over the next fi ve years. What do you most want people to know about your organization? BOF is community led, community focused, and committed to helping dismantle the impacts of anti-Black systemic racism. How can people help or contribute to your organization's mission? Visit the Black Opportunity Fund web- site and go to “donate.” Organizations seeking to develop partnerships with BOF can reach out to the Black Opportunity Fund through our contact information. blackopportunityfund.ca facebook.com/BlackOpportunityFund instagram.com/BlkOpportunity twitter.com/BlkOpportunity linkedin.com/company/ black-opportunity-fund FEB 2023 • ISSUE 04 37CAPITAL AS A FORCE FOR GOOD 52 % of women would rather invest in companies that have a positive social or environmental impact. CNBC 38 MAKE THE WORLD BETTER MAGAZINEFACTS Women and Gender Equality Canada and the Social Sciences and Humanities Research Council will invest up to $ 2.5 million and up to $ 1 million respectively over four years to co-fund research projects that address gender-based violence. 1 Black Opportunity Fund aims to raise $ 1.5 billion in 10 years to fund Black-led initiatives across Canada. 2 1 Government of Canada 2 Black Opportunity Fund FEB 2023 • ISSUE 04 39Next >