We Listened. Here's What Canadian Female Founders Are Really Experiencing.
Athena Collective was built by two co-founders — Sarah Bundy and Mikayla Stewart — who come from different backgrounds, different industries, and different chapters of their entrepreneurial journeys. But when they sat down and compared notes, what struck them wasn't how different their paths had been. It was how much they had in common.
The isolation. The moments of doubt. The experience of navigating systems that weren't built with women in mind. The quiet exhaustion of carrying more than anyone around them could see.
Two different stories. The same obstacles.
And they kept meeting women with the same look in their eyes. The look that says: I'm figuring this out alone, and I'm exhausted by it. Women who were talented, driven, and building real businesses. Women who were being overlooked, underfunded, and underestimated by systems that weren't designed with them in mind.
That's why Athena Collective exists. And it's exactly why we created this report with The Elleiance Network.
The Access Gap Is Real — and It's Costing Us All
At Athena Collective, we've always said it clearly: this isn't a talent problem. It's an access gap.
Women founders aren't struggling because they lack the drive, the ideas, or the ability to execute. They are building serious businesses every single day — often with less capital, less support, and fewer people in their corner who truly understand what the journey feels like. The systems they're forced to operate within — funding models, financial institutions, business ecosystems — were largely built without them in mind. And despite how much the world has changed, many of those systems haven't kept pace.
That needs to change. And it starts with understanding what's actually happening beneath the surface.
Why We Partnered on This Research
We partnered with Erin Sisko at The Elleiance Network because we needed the real data from female founders. The kind of data and stories that show up in patterns across hundreds of women, at different stages, in different industries, across Canada.
Within the first few minutes of talking to Erin it was clear we were wired the same way: deep belief in what women are capable of, deep frustration with the gaps in their support, and a shared conviction that listening, really listening, had to come before anything else.
Erin has spent years building a trusted community rooted in advocacy, education, and genuine support for women in business. Athena brings operational, growth, and ecosystem expertise across every stage of the founder journey. Together, we could do something neither of us could do alone: gather the insights, find the patterns, and surface the truths that female founders are living.
This report is the result of that collaboration. And it's bigger than just a data report — it's a call to action.
What We Hope It Does
Our hope is that these findings land with everyone who has the power to make things more equitable: investors, community partners, financial institutions, policymakers, ecosystem leaders, and fellow founders alike.
Because here's what we know to be true: when women are properly resourced, supported, and connected, the impact extends far beyond any one business. It strengthens communities. It fuels innovation. It creates jobs, solves meaningful problems, and contributes to a stronger economy for everyone. That’s our mission, but we can’t do it alone.
Supporting female founders isn't a niche cause. It's an economic imperative.
And for the founders reading this who recognize themselves in these pages — you are not alone, and you are not behind. You're doing something most people will never attempt. You're building. And you deserve an ecosystem that's actually built for you.
Read the Report. Then Come Build With Us.
The Funding the Unfundable Report is available now. Read it. Share it with someone who needs to see it — whether that's a fellow founder, an investor, or a policymaker in your network. These conversations are how change starts.
And if you're a woman founder who's tired of piecing it together alone, Athena Collective is here. From your first $100K to your exit and what comes next, we've built the platform, the community, and the ecosystem you deserve. A place to grow, evolve, and find joy in the entrepreneurial journey — not just survive it.
Because the only thing harder than building a company is building one alone. And with Athena, you don't have to.