Entrepreneurship is a key path to job creation and economic growth in the modern economy, yet women and minorities remain underrepresented. Research to date has documented some “supply side” factors showing that women and/or minorities are less likely to enter entrepreneurship and some “demand side” factors highlighting the struggle these entrepreneurs face in getting funding and other resources. This report underscores a number of debates and controversies in the entrepreneurship literature which are highlighted below along with a roadmap for a future research agenda in gender, race and entrepreneurship

The COVID-19 pandemic has highlighted more than ever the corporate world’s role in addressing social issues. And beyond that, regulators, institutional investors, consumers and workers are intensifying their attention to climate risk, systemic racism, women’s economic inclusion and Indigenous rights, among other challenges of our century. Governance and other reforms to address these challenges are speeding ahead in countries around the world, and Canada risks being left behind.

In the face of climate change, rising economic inequality, systemic racism and the COVID-19 pandemic, it is time for a new set of governance guidelines. We ask now, “Where are the directors in a world in crisis?” The guidelines are based on the principle that companies must account for the interests of all stakeholders that surround them (hence, 360º Governance): (1) Corporate Purpose (2) The Board’s Duty (3) The Definition of Stakeholders (4) The Rights of Indigenous Peoples (5) Reporting on Stakeholder Impact (6) The Formation of a Stakeholder Committee (7) Addressing Stakeholder Conflicts (8) Executive Compensation Policies (9) Board Refreshment (10) Board Diversity (11) Organizational Diversity (12) Climate Change (13) Corporate Activism It also lists a number of resources for anybody looking to upgrade their board governance.

The year 2020 has shown us, perhaps more than ever, the truth of the phrase "if you haven't got your health, you haven't got anything." It's as true for companies as it is for ourselves. But, company health is not just financial. Increasingly, research shows that company resilience in the face of shocks such as the COVID-19 pandemic is as much about trust as anything else: Trust in the eyes of customers, employees, regulators and other stakeholders who are important to a company's success. Trust-building - whether you call it corporate social responsibility or stakeholder management - has always been the smart thing to do, and even more so now.

Economic policy-making has, over the past hundred years or more, stripped out caring from our understanding of what makes the economy tick. Caring – for children, for elders, for the planet – sounds to many like a distraction from the main attraction, especially during the pandemic, when what we need are jobs and robust economic growth. But as the COVID-19 pandemic brought the global economy to a grinding halt, locking down working parents and idling activity in many sectors, it became clear that if we don’t put caring back into the economy, we can’t achieve economic recovery. The pandemic has revealed economic fault lines that must be addressed. We can’t “get back to normal”; we need to create a better normal. And we certainly won’t be able to build back better without making the caring economy a critical component of federal recovery plans.

It is astounding to see so many companies taking stands against racism. But mea culpas will ring hollow if they are not followed by real action. Progress to date has been slow and inconsistent. In 2002, 12 Fortune 500 company CEOs were Black. Today, that number is four, and all of them are men. Many leaders are at a loss about what they can do personally to move the needle on such dismal numbers — not only at the top, but throughout their organizations. They’d like to be what’s sometimes called an “ally.” The problem is that a lot of supposed allyship can just be performative: It sounds nice but impedes real action on racial and gender justice. The answer comes in two parts: stepping aside and stepping in front.

The year 2020 has become the year of rollbacks in gender equality in Canada and around the world. Women, particularly those with children, as well as those who are racialized, Indigenous and/or low-income, are bearing the brunt of the economic fallout from COVID-19. Our local, provincial and federal governments must enact policies to redress this inequity. If not, we stand to lose not only the progress for gender equality that has been made over the last few decades — but also our chance for a resilient pandemic recovery.

In moments of crisis, companies quickly shift their attention to survival. The COVID-19 pandemic is no exception. Under these circumstances, businesses are scrambling to cope with employee safety and enforced shutdowns, among many other challenges. So it may seem misguided to focus on corporate social responsibility (CSR) now. But, in fact, there might be no better time. Resolving these trade-offs can be a source of innovation.

We are in the midst of one of the greatest health and economic crises in more than a century. Policymakers and business leaders are struggling to figure out how we can get the economy back on track while at the same time keeping people safe. While we once had thought that the pandemic would be the great leveler because viruses don't see wealth or gender or race, it turns out that, in fact, COVID-19 has laid bare the economic and social inequalities in our society. In Canada, the people most likely to be affected by both the economic downturn and the threat of illness are those at the bottom of the income ladder, particularly women, Indigenous people and racialized minorities.

In 2019, the Business Roundtable repudiated the primacy of the shareholder and says that corporate leaders should “deliver value” to all stakeholders. So far, though, business schools — the place where many future leaders are trained — are failing to respond meaningfully. Some schools are revamping their ethics courses or adding a social entrepreneurship track in their program. But we would be hard-pressed to find any school really reinventing itself to face up to the social crises and the appropriately increased expectations of leaders.

In Canada, the COVID-19 pandemic has had significant impacts on women, Two-Spirit and gender diverse people, particularly those who are low-income, people with disabilities, are members of the LGBTQ+ communities, belong to Indigenous, Black, or racialized communities or are newcomers, refugees, immigrants and migrants. More than half of COVID-19 cases and deaths in Canada have been experienced by women, yet at the same time women have faced disproportionate job loss, an increase in domestic violence due to lockdowns, and an intensification in unpaid work. YWCA Canada and The Institute for Gender and the Economy at the University of Toronto’s Rotman School of Management have partnered to create a Feminist Economic Recovery Plan for Canada, which proposes a new path forward for Canada’s economy – one that focuses on changing the structures and barriers that have made some groups more vulnerable to the pandemic and its fallout than others. The report highlights 8 pillars for recovery with a focus on supporting the care economy, investing in social infrastructure and supporting women-owned businesses.

Discussion is turning to how we get out of the pandemic-induced recession. We believe the tragic inequities in the impacts of COVID-19 also give us insights into how to achieve a robust recovery. The pandemic has put the care economy in the spotlight, and investing in this crucial aspect of Canada's social infrastructure will be at the core of any response to the crisis. The economy will face an unnecessarily slow recovery if women who have lost their jobs, or have been forced to leave them due to caregiving duties, cannot return to paid work because of the lack of access to safe, affordable, and high-quality care.