Capital at the Crossroads: Bold Leadership for Canada’s Future

Monday, October 27, 2025

Ray Williams
Co-founder & Chair,
Black Opportunity Fund

Narinder Dhami
Founder,
New Power Labs

Narinder Dhami sat down with Ray Williams for a candid conversation about capital, backlash, and the choices facing Canadian leaders today, exploring what bold leadership looks like in this moment and how we can continue unlocking capital to fuel inclusive growth across Canada’s economy.

The conversation surfaced a clear message: this is a defining moment for Canada’s leaders. Progress is possible - but only if we stay principled, data-driven, and courageous enough to hold the line when it matters most.

1. Backlash can be a signal of progress, so push forward, not back.

This is the moment of the “paradox of progress”: the current pushback is showing up precisely because new pipelines and programs began to work after 2020. A Bay Street law firm paused a highly successful inclusion program despite strong results, signalling that U.S. culture-war narratives are bleeding into Canadian decision-making. 

That’s when leaders must double down. Executive sponsors need to lock in budgets, timelines, and targets so progress can’t be quietly unwound. Structural change sticks when CEOs and senior teams own it, resource it, and embed it. Build cross-sector coalitions, measure throughput (not just pledges), and keep tying equity to core business performance.

2. Equity and productivity are two sides of the same coin.

Inclusive capital isn’t charity, it’s a productivity strategy. When Indigenous, Black, newcomer, and other underfunded entrepreneurs face systemic barriers to capital, Canada leaves GDP and competitiveness on the table. Small and mid-sized enterprises drive our economy; unlocking underused talent grows the pie for everyone.

The growth case is as strong as the moral one. Funders and investors can seed and scale innovation - as the Black Opportunity Fund and BOF Capital demonstrate through double- and triple-bottom-line models. Enterprises can embed inclusion structurally, not symbolically. Governments can shift from “sprinkling” dollars to catalytic, throughput-focused investments tied to national productivity goals.

3. Measuring what matters with disaggregated data and shared KPIs is essential to prove impact and scale what works.

To prove impact and scale what works, Canada needs stronger evidence. Current data is often too aggregated to reveal who benefits, what grows, and where gaps persist. Disaggregated data - gathered through Statistics Canada and sector partnerships - is essential. Funders, investors, and community partners should co-create shared KPIs from the start, tracking outcomes such as revenue growth, gross margin improvement, quality jobs at living wages, follow-on capital raised, supplier contracts won, and founder wealth building. Once the data is in hand, it must be shared - paired with powerful stories through media, industry networks, and policy channels. Tight feedback loops between data, investment, and government action can then turn isolated wins into investable playbooks for inclusive growth.

A Preview of What’s Ahead: Capital Unlocked Summit 2025

This New Power Talk sets the stage for the Capital Unlocked Summit 2025 next week, a gathering of investors, funders, policymakers, ecosystem players and builders shaping the future of inclusive capital in Canada.

From November 12–13 at Toronto’s Steam Whistle Brewing, leaders will come together to explore how bold leadership can move beyond statements and toward action, through catalytic partnerships, shared data, and new models of capital flow.

Expect rapid-fire panels, creative exchanges, and practical playbooks that challenge convention and inspire courage. Because unlocking capital isn’t just about moving money; it’s about reshaping who gets trusted to build Canada’s future.