On March 9, Invest Ottawa brought momentum to centre stage at Bayview Yards for The “F” Factor: Fueling Founders, the flagship event to kick off International Women’s Month at Invest Ottawa.

The half-day gathering united women entrepreneurs, business leaders, and ecosystem partners for candid conversations about what it truly takes to grow and lead in today’s innovation economy.

This year’s message was clear. The “F” factor is about more than fearless ambition – it is focus and fortitude, and finding mentorship and community to push forward and drive change.

A Moment of Urgency

Invest Ottawa President and CEO Sonya Shorey grounded the morning in reflection and urgency.

“As Mark Carney called it, we are in a rupture,” she said, referencing Prime Minister Mark Carney’s recent remarks at the World Economic Forum in Davos. “There is a new world order being formed, and what I’m very scared about is, there are not enough women from many intersections of identity and walks of life at tables and in rooms where decisions are being made right now.”

Shorey reflected on 2018, when women founders gathered at Bayview Yards and voiced that they did not see themselves reflected in leadership, investment or opportunity in the community.

That moment led Invest Ottawa’s leadership team to put forward a strategic plan centred on inclusion, and publicly track and share progress.

But as she acknowledged the meaningful progress being made for women in Ottawa and around the world, she cautioned that momentum requires care and intention.

“I see the steps we’re taking, and there is meaningful progress. But it is a journey, and that progress isn’t fast enough, and it is fragile, especially right now,” she said. “Let me be very clear,” she added. “Having women and marginalized founders as part of an economy adds significant economic impact.”

From commitment to measurable progress

Shorey then highlighted tangible gains in participation and representation across Invest Ottawa’s founder programs in ‘Our Journey,’ an annual showcase of data gathered as part of the Invest Ottawa Women Founders & Owners Strategy.

In IO Ignition, one-third of participating companies in recent cohorts included at least one woman founder or co-founder, with more than 85 percent of pitch competition winners in 2025 led by women founders.

Within the IO Accelerator program, one in three firms now includes a woman founder or co-founder. These companies, she noted, represent more than individual success stories. They are part of a long-term strategy for regional economic strength.

“These are the future scaling companies inside Ottawa that are going to take us to more $100 million companies,” she said. “My vision is that we have many $100 million companies here in Ottawa, and many owned and led by women.”

While the successes were met with applause, she also addressed the persistent capital gap facing women entrepreneurs, calling it “unacceptable” that despite efforts to increase access to capital, women founders continue to receive only two to three percent of global venture capital funding.

“The world needs women,” she said. “Our economy will never be as successful, as competitive, as productive, if it is not inclusive and designed for everyone.”

From Founder to Force

Tara Akhavan, CEO of AI4Eyes, joined Rebecca Tessier, Vice President of Data and AI at Wave, in a fireside chat exploring scaling, exits, resilience, and leadership in an increasingly AI-driven landscape.

A proud Iranian Canadian, Akhavan has built and scaled transformative software and AI-focused companies throughout her career, serving in global corporate leadership roles before returning to the startup ecosystem to lead a Canadian health tech company at the intersection of AI and vision science.

Drawing on experience from both sides of the acquisition table, as a founder who exited and as a leader evaluating acquisitions, she offered candid insights into the realities of entrepreneurship.

“Because startups are difficult, the stats are against us, with 80 to 90% risk of failure. It’s the communities that push us through,” she said.

Akhavan emphasized the importance of calculated risk-taking in uncertain times, advocating for a courage-over-comfort mindset if meaningful change is to follow.

Given her expertise in artificial intelligence, Tessier asked about the evolving role of AI for founders, particularly as statistics show women are less likely to adopt AI tools.

“It doesn’t mean everyone needs to be an expert in AI, but we need to understand what can be very efficiently done; otherwise, we’ll lose competitive advantages,” she said, encouraging women to embrace AI as an optimization tool both in entrepreneurship and in daily life.

Together, their discussion underscored a central truth of the morning. Scaling companies requires bold vision, forward momentum grounded in discovery rather than fear, and trusting your gut when it sends you a signal.

Shaping the Future of Talent and Work

The panel discussion, moderated by Human Resources Consultant Kirsi Maharaj, shifted the focus to leadership, culture, mentorship, and career growth.

Bringing together senior HR leaders from technology companies across Ottawa’s innovation ecosystem, Heidi Hauver of Ranovus, Megan Paterson of Kinaxis, and Stefanie McNeil of Field Effect explored the evolving landscape of talent, leadership, and work.

Together, they reflected on navigating senior HR leadership roles, building networks, maintaining balance, and defining success on their own terms.

In discussing career pathways, Hauver stressed the importance of readiness and initiative.

“When the opportunities came around, I said yes,” she said. “I didn’t say, ‘Oh no, someone else could do it.’ I said, ‘Why not me?’ And I just put my hand up.”

“You’ve got to put your hand up,” she added. “You have to show that you’re willing and able to lead, and that you want this. Be ok with that.”

She also encouraged women to embrace situations where they were a little outside of the known and familiar to stretch their horizons on what was possible.

“Leaning into the discomfort,” she said. “It took me a long time to realize butterflies, or however it shows up for you, that’s really where the true growth happens.”

As the panel closed, McNeil offered practical encouragement rooted in patience and self-trust.

“Build one step at a time,” she said. “It’s great to have ambition and goals, but just remember, one step at a time, one role at a time, and you will build that confidence, you will build that competency.”

A special thank you to the sponsors and partners whose contributions helped bring The “F” Factor to life, including Rogers and Syntax Strategic, as well as core contributions from the Government of Canada, the Government of Ontario and the City of Ottawa.

This year, Invest Ottawa is proud to partner with Women United for International Women’s Month 2026. A vital part of United Way East Ontario, Women United is a community of diverse and dedicated changemakers that focuses on transforming the lives of women, girls, and gender-diverse people across our region.

---

International Women’s Month Programming Continues

International Women’s Month programming continues throughout March.

• Explore upcoming events and initiatives during Invest Ottawa’s International Women’s Month: https://www.investottawa.ca/iwm-events/
• Join the next event, Purpose, Resilience & Building a Business with Conviction, on March 23, and continue the conversation on what it takes to lead with clarity, courage and staying power.
• Watch the playback of the “F” Factor on YouTube.