What is Canada’s position in an economy driven by ideas, innovation and technology? As a nation, we are crazy about the ability to compete and prosper in a world full of larger competitors.
We graduate from talented engineers, conduct world-class research, come up with innovative products and launch viable technology companies. Canada’s ecosystem is growing exponentially, with venture capital investments increasing by 500% over the past decade and employing 85% since 2014.
But we still need more startups and young companies to fully commercialize their ideas and scale up to become Canada’s global leader and driver of wealth and job creation. .. Several companies, such as Nortel, Research in Motion, OpenText, and Shopify, have reached these peaks, while others are on track. But imagine what dozens of companies like these can do to secure our future prosperity.
How do you build them? What are the most successful people doing and what do the rest need to overcome the humps? These are the questions that initiated a thousand studies and reports. There is no easy answer. To help Canadian companies scale up, they need a comprehensive solution that brings together everything they have already learned.
Talent is one of the important pieces of the puzzle. Canada has always built a resource-centric economy. In the digital economy, our most valuable resource is intellectual capacity. Canada has recently created a restrictive US immigration policy virtue by making it easier for engineers to work here. Promote cross-border recruitment of member companies. This will enhance the Global Talent Stream program launched by the federal government that has attracted more than 40,000 technical workers since it launched two years ago.
It’s also important to make the most of the intellectual property we develop hard. Ontario has announced plans to implement an IP recommendation advocated by a panel headed by the Canada Innovator Council and led by RIM’s former co-CEO Jim Balsillier. “Too often, the valuable intellectual property developed here in Ontario has been acquired by major US and international companies,” acknowledged Doug Ford as he announced his efforts.
Also, the government and ecosystem infrastructure is essential as we were all aware of the collaborative efforts to support the Canadian entrepreneurial and startup ecosystem during the COVID-19 pandemic.
The MaRS Discovery district in Toronto supports 1,300 start-ups and recently integrated services to 53 high-growth companies under the momentum portfolio.
Momentum’s goal is to connect the leaders of these future star companies with the executives who have been there and have done so.
Canadians are full of ideas, but the size of this country leaves us with a limited roster of people who have grown to expand technology companies. Our engineering talent, academic talent, and entrepreneurship fund many companies for Series A funding, but they need the fuel to go the rest of the way.
These founders have built great products and companies. Currently, they seek peer-to-peer learning and advice from experienced leaders, as well as access to markets, data, and qualitative guidance, making the right decisions regarding expansion, finance, recruitment, accountability, and more. Help to do. Canada’s future economy depends in part on these young companies driving productivity gains, accounting for about 12% of GDP and supplying advanced industries that employ about 2 million people. ..
It’s important to remember that not all scaling companies need to fill the same gap. Opus One, Joshua Wong’s company, sought Momentum for the right infrastructure for international expansion and the right advice for globally expanding its enterprise software. Another venture needed a rethink of intellectual property before it could sell to a large US company. This process uncovered a gap in the patented approach that could not grow at the same pace as other companies. The third company shifted its revenue strategy from growth to sustainability after a peer-to-peer conversation on COVID-19. By temporarily curtailing their ambitions, they solidified their customer base and maintained their overall income streams, which puts them in a better position as they resume their economy. It was
These are decisions that keep the promising start-ups growing toward scale and commercial scale that benefits the country as well as the enterprise. If we stop worrying about our position in the world and intend to help these companies become Canadian economic champions, we need to support them with the right infrastructure and the right advice.
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Christa Jones is a founding executive of Momentum at Mars Discovery District. Joshua Wong is CEO of Opus One Solutions, a software clean technology that helps energy companies manage smart grids.
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