Canada's tech gender pay gap triples

Additionally, OpenText will lay off 1,200 employees as part of its restructuring plans.

The issue of gender equality in Canada's tech industry is an ongoing topic of discussion at BetaKit. We've seen women in tech build organizations and networks to uplift their peers in a male-dominated industry. But a sobering data point shows there's still work to be done: between 2016 and 2021, the gender pay gap in Canada's tech workforce nearly tripled, from $7,200 to $20,000.

These figures come from a new report from The Dais, which highlights data and practices that people I spoke to called disheartening and especially outrageously stupid.

Toast co-founders April Hicke and Marissa McNeeland perhaps summed it up best: “The Canadian tech industry is marginalized for women,” they said in a statement to Betakit. The Dice report noted that the situation is even worse for Indigenous women and women of other ethnic backgrounds.

What happens when women aren't given equal pay, mentorship and opportunities? Companies become less innovative. Because investors are predominantly male, there's a lack of gender equality in portfolio companies, and less than 2% of funding goes to female founders.

“It's a systemic issue, and right now the current system seems to work against women, not for them,” said Hicke and McNeelands, who estimate that closing the wage gap could increase earnings for women in the sector by $5 billion, translating to an overall economic impact of $7.5 billion per year.

But to realize those gains, we also need to value women in tech. Are we ready for that?

Thank you for reading and I'll see you next week.

Bianca Bertie

Newsletter Editor

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Top stories of the week You can find everything about Startupfest 2024 afterparty here

The team that put together a community-submitted list of all the events surrounding this year's Collision conference in Toronto is back this week to round up attendees for Startupfest in Montreal.

The list features a variety of activities related to Startupfest, including parties, networking opportunities, mixers, workshops, etc. Some of the events on the list are completely free, while others require ticket purchase or are invitation-only.

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Tall Grass Ventures closes $32M VC fund for early-stage Canadian agtech startups

Calgary's Tall Grass Ventures has secured a total of C$32 million for its inaugural fund to support early-stage AgTech and FoodTech startups in Canada's Prairie region and beyond.

In an exclusive interview with Betakit, Wilson Acton, co-founder and managing partner at TGV, said there are many opportunities and significant room for growth for the venture capital firm, which is looking to invest in companies innovating across the agri-food supply chain.

“We look at every corner of the agriculture and food ecosystem and supply chain,” Acton said, noting that TGV is investing from fork to farm and everything in between.

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Montral Selected to Host 2024 Kauffman Fellows Summit Bringing Canada's Top Technology Leaders Together

As a global network of venture capital investors, Kauffman Fellows members gather each year for a summit in a new country to build relationships in new VC ecosystems. Previous summits have taken place in countries such as Kenya, Mexico and Japan.

This year, Kauffman Fellows are partnering with the Business Development Bank of Canada to bring the summit to Canada, with Montreal hosting an invitation-only regional tour from September 15-18, 2024.

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ISED Invests $120 Million in CMC Microsystems Semiconductor Network Buildout

Canada's Minister of Innovation, Science and Economic Development, François-Philippe Champagne, announced this week that the country will invest $120 million in CMC Microsystems to build a network to support Canada's semiconductor industry.

The investment, made through the Strategic Innovation Fund, will support the build-out of CMC's Manufacturing of Integrated Components for the Internet Edge (FABrIC) network.

Working in conjunction with CMC’s partners across Canada, FABrIC aims to bring together stakeholders who can support the design, manufacturing and commercialization of semiconductor and intelligent sensor technologies.

(read more)

OpenText lays off 1,200 employees as part of restructuring plan

Kitchener-Waterloo-based Open Text, a provider of enterprise information management solutions, plans to lay off 1,200 employees as part of a business optimization plan.

Chief Executive Officer Marc Barrenetxea announced the cuts in a blog post on Wednesday as part of the unveiling of “OpenText 3.0,” a three-year strategic plan that outlines how the company is realigning its business priorities.

The blog further stated that OpenText plans to reinvest the savings from the 1,200 job cuts into creating 800 new positions across sales, professional services and engineering. It is unclear which business units are facing job cuts.

(read more)

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Funding, Acquisitions, and Layoffs

AB – Federal government invests $8.5M in 7 cleantech projectsAB – PrairiesCan invests $21M in 14 projectsON – FedDev invests $8.5M in 6 businessesTOR – OMERS sells LifeLabs to Quest Diagnostics for $1.35BTOR – Trader Corporation acquires Collateral Management SolutionsTOR – Argo Digital Gold secures strategic investmentNY – Canadian incorporated Clay secures $63M CADQC – Freelance.ca acquires Workhoppers

BetaKit Podcast: Why Gen X and Z Want Keyboards on Their Smartphones

“When we announced our company and product to the world, we hoped people would be excited about it. Or maybe we were completely wrong.”

Can a ragtag team of ex-BlackBerry employees and fanboys bring back the mobile keyboard at Clicks? Join Clicks' Kevin Michaluk (CrackBerry) and Jeff Gadway (BlackBerry) to explain what inspired them to develop an iPhone keyboard in 2024. The answer may surprise you as much as the gadget's target customer.

Teladoc Health Canada released survey results showing that more than 78 per cent of Canadians find it difficult to access mental health support in the health care system.

Teladoc Health Canada, a leading provider of virtual healthcare services, recently partnered with Modus Research to survey more than 1,600 Canadians to uncover Canadians’ mental health needs and the persistent challenges they face when accessing support.

Key highlights:

71% are more likely to stay with an employer that fully supports their mental health needs.

More than 78% of people who received mental health support reported that navigating the health system to find this support was somewhat difficult or very difficult.

53% found it difficult to find a professional who could help them effectively, and of those who had received treatment, only 28% had a high degree of confidence in their diagnosis.

For more information, visit https://www.teladochealth.ca/expert-care/mental-health/

Feature image courtesy of The Dais.

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