The UCeed Cenovus EDI Accelerator’s Impact on Diverse Founders

Social Innovation
General UCeed

In the past year, the UCeed Cenovus EDI Accelerator program has made significant strides in supporting underrepresented founders, catalyzing innovation, and fostering inclusivity in Calgary’s entrepreneurial ecosystem. Under the guidance of Raissa Espiritu, Executive-in-Residence, the program has exceeded expectations by expanding its reach and multiplying the impact of its initial investments.

From April 2023 to the present, one of the program’s most notable achievements has been its ability to support more founders than initially anticipated. While budget allocations projected assistance for six founders, the program extended financial and strategic support to over 10. This expansion translated into tangible outcomes. Through strategic use of financial awards, founders leveraged additional grants, securing up to five times more funding. For every dollar provided by the program, recipients accessed up to five dollars in additional non-dilutive capital.

A cornerstone of this success has been the program’s one-on-one mentorship approach. Espiritu’s direct engagement with founders—reviewing grant applications, coordinating with mentors and accelerator programs, and holding discussions with funding bodies like Alberta Innovates—has created a comprehensive support network. “This personalized support has been a key factor in helping leverage funding and advancing their work,” said Espiritu.

Espiritu’s collaboration with a range of partner organizations has significantly amplified the program’s support network. By working closely with groups like Alberta Female Founders, Funders, and Fortifiers (ABF4), Movement51, Migr8, C-Tribe, Platform Calgary, and other organizations supporting immigrant entrepreneurs, the program has created an extensive web of resources to empower founders.

An achievement that stands out this year is the journey of a women-led venture called LEWK, a fashion service website that uses artificial intelligence to help provide a personal stylist for customers. LEWK is currently raising its first round of funding—a milestone reflecting the program’s mission to empower diverse leadership. This outcome is not just a success for the venture but a testament to the program’s role in nurturing startups to achieve significant financial milestones.

What might surprise donors, and the community is the program’s commitment to systemic change. Beyond direct funding and mentorship, the program invested in anti-bias training for the UCeed team and is conducting a gaps analysis through surveys sent to portfolio companies. This proactive approach aims to identify potential biases in investment processes—a rare initiative in the venture capital world.

The next 12 months will build on this foundation. “We’re committed to ongoing adaptation and learning to understand the barriers faced by founders,” said Espiritu. She added that there are plans to deepen data analysis of the program’s impact, explore partnerships for mental health support tailored to founders, and continue creating opportunities that address systemic challenges.

Through dedication, partnerships, and a focus on equitable growth, the UCeed Cenovus EDI Accelerator program stands as a beacon of how targeted investment and comprehensive support can drive meaningful change in the entrepreneurial landscape.