Diversify or Decline: The Case for Backing Black Entrepreneurs

Source: Black Entrepreneurship Knowledge Hub, 2025, "Black Entrepreneurship in Canada: Results and Insights from the 2024 BEKH National Survey | Entrepreneuriat des communautés noires au Canada: Résultats et perspectives de l'étude nationale du CSEN de 2024", https://doi.org/10.5683/SP3/UMZTVG, Borealis, V1

‍Over the past few months, two truths have become undeniable: diversification is security, and Canada urgently needs new trade partners. This Canada Day arrives under the shadow of a turbulent trade relationship with our largest partner, the United States. Recent tariff threats and protectionist moves have exposed the risks of over-reliance on a single market. With the U.S. absorbing about 75% of Canada’s exports, the need for trade diversification has never been more evident.

Fortunately, Canada already has the people and networks it needs to make this happen. The largest and most current study on Black entrepreneurship, conducted by the Black Entrepreneurship Knowledge Hub (BEKH), revealed a sector brimming with intelligence, youth, energy, optimism, and, more critically, diversity, global ties, and untapped potential. Black entrepreneurs in Canada represent more than 60 birth countries, with the majority tracing their roots to Africa and the Caribbean. Many are already building business relationships beyond our borders, particularly in these fast-growing regions. 

At a time when Canada must build new trade links, these entrepreneurs could serve as natural bridges to emerging markets. Analyses from CIBC Capital Markets and the Institute for Competitiveness & Prosperity point out that Canada’s underexposure to high-growth economies in Africa, Asia, and Latin America has contributed to our declining share in global trade. And yet, within our own borders lies a community uniquely positioned to help Canada diversify, if we choose to invest in it.

The BEKH study highlights that while Black businesses are increasingly digitally connected and optimistic about the future, they remain underfinanced and under-supported. Many are unaware of existing government programs or face barriers in accessing capital. These barriers limit their ability to scale, innovate, and expand internationally at the pace they could.

If Canada is serious about reducing its dependence on the U.S. and strengthening ties with emerging markets, supporting Black entrepreneurs must be part of the strategy. These business owners already possess the cultural fluency, networks, and market knowledge that can help Canada establish and grow trade relationships where we need them most.

A prime opportunity is right in front of us. Canada’s trade future can be more resilient, innovative, and globally connected, but only if we fully leverage the talent and potential of our entrepreneurial community. The path forward is clear: invest in Black entrepreneurs, remove the barriers they face, and partner with them to build the trade bridges Canada so urgently needs.

Published: July 1, 2025