INNOVATEwest: Vancouver's latest technology conference hosts discussion on capital gains and local innovation

The first event continues the conversation about Vancouver's status as a global innovation hub.

INNOVATEwest, a new Vancouver-based technology conference from the organizers of SaaS North and TechExit.io, debuted to a packed Vancouver Convention Center on April 16th. The BetaKit Keynote Stage featured speakers from across Canada offering their insights and featured opinions.

Those heated opinions flared up when news of the planned capital gains tax changes outlined in the new federal budget reached conference attendees and speakers.

The controversial proposal would increase the capital gains consolidation rate from one-half to two-thirds for profits over $250,000. Prominent panelists, including Crios Jack Newton and Version One Ventures' Boris Wirtz, joined a chorus of voices from Canada's startup community in condemning the hike. Mike Katchen, his CEO at Wealthsimple, told BetaKit that he was very nervous about the proposed changes.

The 2024 federal budget announced by the Canadian government yesterday is disappointing and needs to be revisited if we want Canada's innovation ecosystem to thrive. 1/13

— Jack Newton (@jack_newton) April 17, 2024

It's not just established members of Canada's tech industry who are complaining. One young founder told BetaKit that the proposed changes are disappointing to say the least.

At INNOVATEwest's Grizzly Pitch, Avoir introduced her startup, a crypto trading app that promises to spy on the rich and famous, said novice entrepreneur Anjali Dhaliwal, whose Canadian founder He said that it seems to be pushing people away from the industry and having a negative impact on innovation.

Dhaliwal, whose six-month-old company is part of the latest group of very early-stage investment firm Antler Canada, said the team will be closed in the coming months, citing a lack of support and incentives to stay. He claimed that he was seriously considering moving to the United States. north of the border.

However, despite widespread concerns about increased inclusivity, a panel titled “Global Scaling Strategies: Overcoming the Unique Challenges of Scaling in Canada” offered a different perspective.

Unfortunately, the Canadian government has completely lost its plan for innovation and entrepreneurship. – Trying to pick winners (e.g. superclusters) – Proposing very strict AI regulations – Dramatically increasing the number of public sector employees – Increasing capital gains rates

— Boris Wertz (@bwertz) April 17, 2024

Hamed Albabi, founder and CEO of VoPay, took a more moderate tone during the panel: There are many great companies that started in Canada and are still growing in the Canadian market. ”

Mastercard's Ramesh Jayakrishnan further fueled this sentiment, highlighting the potential impact immigration could have on the tech community. “We're seeing Canadian companies coming in and leaving…the market is very global…in 2022 we've had about half a million people coming into Canada,” and the vast majority of them. The age range is between 22 and 39, which is the appropriate age to handle new products. ”

The statements came amid concerns that the impact of rising capital gains on employee stock ownership could force top tech talent out.

Vancouver Mayor Ken Sim expressed similar concerns about the policy in a statement to BetaKit.

We are concerned about the impact of increased capital gains taxes on our local startup community and on foreign and domestic investment that is vital to our local economy. We will continue to explore opportunities to grow the city's economy. and maintain its position as a global hub for innovation, he said.

When asked how the capital gains tax would impact the province's innovation ecosystem, British Columbia's Ministry of Finance provided BetaKit with a list of innovation programs already in place, but declined to comment further. I refrained.

vancouver crash

Although the budget couldn't quite beat Vancouver's latest technology conference, INNOVATEwest's host city also made headlines.

Vancouver was in the running to host the Web Summits Collision Conference until Toronto signed a bridge agreement that would keep the conference in Vancouver until 2024. INNOVATEwest, a conference reminiscent of Collision in its layout and structure, has since filled the void for major conferences. Technology conference held in Vancouver. Sources familiar with the process who spoke to BetaKit confirmed that Vancouver was in the running to host Collision from this year onwards, but that the bid was made with Mexico City, which is reportedly the leading host city. The group remains divided on the outlook.

Vancouver is emerging as a global startup capital, but not everyone is convinced that Vancouver is on the fast track to becoming Canada's Silicon Valley. In a panel discussion at INNOVATEwest, FISPAN CEO Lisa Shields predicted that the big bets that funders will make will happen elsewhere. Marcus Frind, founder of Plenty of Fish, added to this, arguing that Vancouver doesn't have the depth of talent that other cities have.

This sentiment belies Vancouver's growth statistics as a technology ecosystem. From 2021 to 2022, Vancouver's technology sector saw an increase of 22,300 jobs, representing an increase of 44.2%. Additionally, this appears to be part of a trend in which the total number of British Columbia technology employees has nearly tripled since 2010.

Mayor Sim says maintaining growth is part of his agenda. He told BetaKit that our city's vibrant startup ecosystem, spanning VR/AR, biotech and film production, is proof of our business-friendly approach. We will continue to explore opportunities to grow our city's economy and maintain our position as a global hub for innovation.

With files from Douglas Soltys. Feature image courtesy of INNOVATEwest.

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