Keith Ippel, the founder & Co-CEO of Spring, has raised over $47 million in early-stage capital for impact investing. Immigrants play a crucial role in the North American economy, with Canada having 20% of its population made up of immigrants and the U.S. with almost 15% of its population born in another country. Many immigrants come to North America with an entrepreneurial mindset, seeking the frameworks and funding opportunities available for starting a business.
Entrepreneurship has been a way for immigrants to overcome barriers to traditional employment, such as having qualifications that may not align with North American standards. One-third of entrepreneurs in Canada are immigrants, with immigrant-owned businesses often growing faster and creating more jobs. However, immigrant founders are often underserved and underfunded in the current investment ecosystem, which is a missed opportunity considering the potential impact they could have if given support.
To support immigrant founders, it is important to understand the challenges they face in accessing capital. Immigrants often need to learn what it means to become capital-ready, understand the capital landscape, speak the language of finance and investment, and connect with the right capital at the right time. North American investors can help immigrant founders by providing training, education, and community support, as well as by offering mentorship and creating matchmaking opportunities with investors.
Building a community that is receptive to newcomer entrepreneurs and providing training on becoming investment-ready are crucial steps in setting immigrant founders up for success. Investors can also help by acknowledging the potential of immigrant-founded businesses, acting as mentors and advisors, and creating opportunities for immigrant founders to pitch their ideas to the right investors. Immigrant entrepreneurs represent an untapped opportunity for both financial returns and impact on the local economy, with potential for great returns on investment.
Investors have the responsibility to look past surface differences and give immigrant founders the grace and patience they need to succeed in the competitive funding landscape. By offering support, guidance, and mentorship, investors can help immigrant founders navigate the challenges of accessing capital and growing their businesses. Immigrant entrepreneurs represent a significant portion of the economy in North America, and empowering them to succeed can have a positive impact on the overall business landscape and create opportunities for financial growth and social impact.
