Empowering Prosperity: How Innovation and Inclusion Will Fuel Canada’s Future

In a compelling fireside chat on August 7, Jason Maghanoy, publisher of Maclean’s magazine, was joined by two prominent business leaders who shared their insights on the intersection of innovation, inclusion and economic growth in Canada. The conversation featured Mastercard, Canada president Sasha Krstic, and Fatima Zaidi, founder and CEO of Quill and CoHost, both of whom brought unique perspectives on the challenges and opportunities facing the country.

Kicking off the discussion, Maghanoy addressed some of the topline themes in shaping Canada’s economic future such as innovation, inclusion and trust. "These themes are crucial for guiding the nation’s productivity and prosperity," he noted. Krstic and Zaidi echoed this sentiment by offering their views on how each value plays out in their respective fields.

"Mastercard’s commitment to these values is not just a moral imperative but also a business one," shared Krstic. "Fostering both innovation and inclusion are key to driving economic growth," she added, highlighting that 74 per cent of Canadians believe diversity, equity and inclusion are essential for achieving an ideal vision for the country. She discussed Mastercard’s efforts to empower individuals and businesses, such as the launch of True Name, a product allowing transgender and non-binary individuals to use their chosen names on payment cards. Krstic noted this initiative exemplifies how personal empowerment can enhance overall productivity and innovation.

Zaidi shared her journey as a female founder in the Canadian business landscape—speaking candidly about the unique challenges she faces as a woman of colour in a predominantly male industry. "Being a female founder has brought a unique set of challenges," she said. "For me, preparation equates to confidence. I’ve always felt this pressure that the margin of error is very thin." Despite these challenges, Zaidi has successfully built Quill and CoHost into thriving businesses, largely by embracing innovation and a high-performing, inclusive culture. She pointed out that while diversity is often viewed as a box to be checked, it has been a significant driver of success for her companies.

The discussion also touched on the role of technology in fostering economic growth and inclusion. Krstic highlighted Mastercard’s partnerships and innovations that support small businesses, such as digital payment options and cybersecurity tools. "Technology helps businesses grow, digitize, stay safe and efficiently manage operations," she explained, noting that small businesses are the backbone of Canada’s economy, making up 98 per cent of all businesses.

Zaidi also emphasized the importance of innovation in staying competitive. She shared how her company has leveraged AI and other technologies to scale without external capital, despite facing larger, VC-funded competitors. "Innovation allows us to stay relevant and competitive within our sectors," Zaidi remarked, stressing the need for Canadian businesses to adopt a more aggressive, forward-thinking approach.

In closing, both speakers agreed on a need for greater collaboration between businesses, government and educational institutions to drive Canada’s future prosperity. Krstic summed it up well: "We need to do it through a partnership and collaborative focus... this will ultimately benefit Canadians and small businesses, the foundation of our country."

The chat didn’t shy away from addressing vacancies of innovation, inclusion and collaboration in today’s national economy. It left the audience with a clear message: The path to economic growth is paved with diversity, technology and a commitment to empowering every individual.

Watch the Maclean’s Innovator in Residence fireside chat.