Innovation and Mentorship: How Mastercard and Monday Girl are Shaping the Future of Entrepreneurship
For today’s young entrepreneurs, access to opportunity is everything. Whether it’s securing funding, navigating economic uncertainty or finding the right mentors, the path to success isn’t always straightforward. That’s where innovation comes in—not just in technology, but in the systems that support career growth, financial empowerment and business creation.
At the Maclean’s Ideas Summit: The Year Ahead, held on February 26 at the Gardiner Museum in Toronto, Mastercard’s interim head in Canada and senior vice-president of market development and digital partnerships, Balinder Ahluwalia, and Monday Girl co-founder Rachel Wong took the stage to discuss how innovation and mentorship are changing the future of entrepreneurship. Their conversation, part of the Mastercard Innovator-in-Residence series, explored the importance of empowering founders, breaking down barriers and ensuring the next generation of leaders has the tools to succeed and prosper.
From the start, Wong’s journey as an entrepreneur has been about rethinking traditional networking and access to opportunities. Monday Girl—a private network for women and non-binary professionals—has helped over 350,000 individuals build career connections. But Wong’s path wasn’t easy. She credits technology and mentorship for creating new pathways for success.
“Your background—where you grow up, where you go to school—can give you 12 times the advantage in terms of opportunities,” Wong said. “That’s what we call the networking gap. We wanted to find a way to close it.”
Ahluwalia emphasized how Mastercard is investing in solutions and partnerships that support early-stage entrepreneurs, particularly those from underrepresented communities. Programs like the Mastercard x Pier Five Small Business Fund, which provides $10,000 grants to 10 women-owned small businesses annually, and Pow Wow Pitch, which supports Indigenous entrepreneurs, are part of the company’s mission to create pathways to prosperity across Canada.
For many young entrepreneurs, the biggest challenge isn’t a lack of ambition—it’s access to the right resources. Traditional financial institutions often overlook early-stage businesses, making it harder for founders to secure capital. That’s why innovation and collaboration are critical—they help create new funding pathways, streamline financial tools and democratize opportunity.
Wong, who bootstrapped Monday Girl into a $2 million ARR business, sees this as a game-changer for entrepreneurs. “When we started, we didn’t realize there was an entire world of venture capital where people could get funding before they even built anything,” Wong explained. “Had we known, we might have approached things very differently.”
Ahluwalia pointed out that Mastercard’s research shows that only 25 per cent of Canadians believe future generations will be more prosperous, reflecting widespread concerns. However, he also highlighted the role of innovative digital solutions in fostering economic growth, as 65 per cent of Canadians believe that technological advancements will improve prosperity.
“At Mastercard, we’re more than a payments company,” Ahluwalia said. “We’re helping build digital economies that allow people to thrive.”
Beyond funding, mentorship and community play a vital role in helping entrepreneurs succeed. Wong built Monday Girl on the idea that who you know can change everything—a belief Mastercard shares in its approach to fostering talent.
Monday Girl and Mastercard are joining forces for Monday Girl’s upcoming summit in Toronto, where Mastercard is presenting the marketplace on site—which will include two of Mastercard’s Fund recipients, Inoki Bathhouse and Barbet.
“Innovation isn’t just about technology,” Ahluwalia said. “It’s about providing access and making sure that the next generation of entrepreneurs has the mentorship, resources and financial tools to succeed.” Mastercard’s investment in AI-powered security, digital banking advancements and financial literacy tools ensures that individuals and businesses can confidently navigate today’s digital economy. These types of innovation are already opening new pathways to career success and economic prosperity.
Women-led businesses don’t just drive economic growth—they reinvest at higher rates into their communities. According to Harvard Kennedy School research, women reinvest up to 90 per cent of their earnings into their families and communities, compared to 30 to 40 per cent of men. Wong’s work with Monday Girl reflects this reality, as the platform has helped thousands of women to build professional networks that have led to long-term success and economic prosperity.
“We know that when women succeed, communities succeed,” Wong said. “That’s why access and mentorship matter so much.”
Through its strategic partnerships and collaborative initiatives, Mastercard actively invests in creating pathways for untapped entrepreneurs to succeed and to build a more resilient and inclusive Canadian economy.
When it comes to the most urgent change needed to support young entrepreneurs, one approach is clear: “Fund more women. Fund more BIPOC entrepreneurs,” said Wong. “In 2023, there were 20,000 fewer entrepreneurs in Canada than 20 years ago, even though our population has grown significantly. That’s not because there aren’t great ideas or talented people—it’s because the infrastructure isn’t set up for them to succeed. We need to change that.”
Ahluwalia echoed the sentiment, emphasizing that long-term prosperity depends on investing in diverse entrepreneurs.
“This isn’t just about supporting one business,” he said. “It’s about creating a ripple effect. One successful founder can lift up an entire network of future leaders and their communities.”
Mastercard’s commitment to powering economies and empowering people extends beyond payments—it’s about ensuring that the future of work is accessible, innovative and inclusive, fostering a digital economy that works for everyone.
The Innovator-in-Residence program in partnership with Maclean’s reflects a broader commitment from Mastercard to re-define and drive prosperity in Canada by powering economies and empowering people. Through cutting-edge technologies, offerings and solutions, Mastercard aims to foster an innovative, secure and inclusive digital economy. Learn more about how Mastercard is driving financial prosperity and supporting the next generation of leaders at mastercard.ca/prosperity.
The Mastercard survey was fielded in the first quarter of 2024. Response data are derived from a representative sample of the Canadian population (N = 1,000) that includes an oversample of small business owners (N= 200). The margin of error for commensurate nationally representative survey responses is ± 3% at the 95% confidence interval. Results shown are weighted using age and gender demographic indicators from the 2021 Canadian Census.
