Tech leaders, City of Toronto answer call to raise $1M for Black Innovation Fellowship

The Black Innovation Fellowship (BIF) at Toronto Metropolitan University’s DMZ is growing. The program, dedicated to providing Black tech founders with more equitable entrepreneurial opportunities, recently announced a $1 million expansion, including support from prominent tech leaders such as Christina Kramer, senior executive vice-president and group head, technology, infrastructure and innovation at CIBC, and Jordan Banks, president of Rogers Sports and Media, and his wife, Faith Banks, a certified hospice and palliative care veterinarian. Mayor John Tory also recently announced a commitment of $250,000 over the next five years from the City of Toronto.

Kramer, a 1990 graduate of Toronto Metropolitan University’s Business Management program, believes “BIF can play a critical role for startups led by Black entrepreneurs as it helps level the playing field and opens up opportunities, support and networks to them.” She notes that “this kind of incubator can make a significant difference to help break down some of the barriers encountered when starting and growing a business, and it puts measurable investment and action behind words and sentiments.” 

Banks agrees. “Black founders often encounter steep challenges when starting and growing a business — from accessing seed capital to having fewer publicly recognized Black entrepreneurs and advisors to turn to,” he says. “To try to address the issue, Faith and I have watched a terrific group of partners come together to launch BIF with a mandate of providing exceptional support to a number of companies that are owned by Black entrepreneurs,” he adds. “BIF has also spurred important conversations about representation and involvement from corporate Canada, and will continue to do so as the program evolves.”

“The response has been overwhelming and very rewarding,” says Isaac Olowolafe, founder of Dream Maker Ventures Inc. and inaugural founding partner of BIF in 2019 along with founding partners Shopify and BMO. “We started this initiative with three main goals,” he adds. “We wanted to create a platform for Black entrepreneurs to get access to key mentors, networks, resources, and client networks; increase the chances for the Black community to grow economically; and increase the representation of future mentors, employers and internship opportunities in the Black community.” 

Since launching in 2019, 10 Black-founded companies, including five woman founders, have been accepted into the program. 

“In the midst of a global health crisis that has disproportionately affected racialized communities, and with the greater issue of systemic, anti-Black racism very much in front of us, it has never been more important to support Toronto’s Black communities, and in this case, Black entrepreneurs,” Mayor Tory says in a video announcement about support for the BIF from the City of Toronto.

“The impact will be very positive in regards to the economic impact and ripple effect these companies will have in the community as a whole,“ says Olowolafe. “It also shows the amazing things that can happen with collaboration.”