Meet the 2022 Fellows

Each year, C100 welcomes the founders of 20 of the most promising early-stage Canadian-led startups to its flagship mentorship program, C100 Fellows. This 8-month long program is dedicated to supporting these founders via curated mentorship, and peer-to-peer support. Fellows also receive a complimentary C100 Membership throughout the course of their program.

2022 was a record year for the Fellows program with over 450 applications from Canadian founders based all around the globe. The resulting cohort is a talented, visionary, and diverse group of Canadian founders. Represented across 9 cities, 60% of the cohort have one or more founders who identify as a visible minority, and 35% with at least 1 female founder, 5 of whom are CEO or President. Instrumental in shaping this year’s cohort is each individual who participated on the Fellows Selection Committee.

A heartfelt thank you to C100’s 2022 Fellows Selection Committee for your time and dedication to supporting Canadian entrepreneurs: Steven Abrams, Trevor Adey, Praveen Arichandran, Rikhil Bajaj, Andrew Batey, Steve Carlin, Cindy Chen, Shuo Chen, Carl Choi, Adrien Côté, Alexandra Cowie, Michael DiPaul, Tony Dong, Andrea Drager, Jonathan Ehrlich, Jon French, Andre Garber, Karim Gillani, Kate Grant, Megh Gupta, Tate Hackert, Morgan Hayduk, Jenny He, Chris Hobbs, Dylan Itzikowitz, Kimberly Kaplan, Mike Kirkup, Ian Klassen, Jamie Knowlton, Alexander Kolicich, Agnes Lan, James Langford, Edlynne Laryea, Jennifer Lee Koss, Dani Lipkin, Aidan Madigan-Curtis, Siavash Mahmoudian, Christiana Manzocco, Nadia Masri, Ron Matten, Joseph Mauceri, Lucas McCarthy, Anthony Mouchantaf, Hamzah Nassif, Marcus New, Michael Nicolls, Thomas Park, Parasvil Patel, Andre Peréy, Rahul Raj, Vivek Ramaswami, Aliya Ramji, Ryan Randall, Tim Regnier, Claudio Rojas, Jamie Rosenblatt, David Rozin, Shez Samji, Ben Sanders, Maximilian Schmeiser, Mike Schmidt, Joanna Lee Shevelenko, Benji Shomair, Emily Smiley, David Steckel, Jeffrey Truong, Marianne Wu, Shahram Yousefi, Lu Zhang, and Youssef Zohny.

“I’m thrilled by the talent and audacity of this year’s group of Fellows. The success of this program owes to the incredible personal contributions of the C100 community to support, inspire, and challenge the Fellows to broaden their horizons and reach new heights. I couldn’t be more grateful for all these efforts. It takes a village!”

— Adam Shevell
Fellows Selection Committee Chair and Partner at Wilson Sonsini Goodrich & Rosati

Meet the 2022 C100 Fellows cohort:

Accord

📍 San Francisco Bay Area, CA
Website | LinkedIn | Twitter
Ross Rich
, Co-Founder & CEO | LinkedIn | Twitter
Ryan Rich, Co-Founder & CPO | LinkedIn

Accord is the world’s first Customer Collaboration Platform. It helps Sales and Success leaders ensure the perfect sales and onboarding process. Close more deals faster, and activate every user. Last February, Accord launched with a $6M USD seed round from Stripe & Y Combinator.

AVIRON

📍 Toronto, ON
Website | LinkedIn | Twitter | IG

Andy Hoang, Founder & CEO | LinkedIn | Twitter
Inessa Karlinsky, CMO | LinkedIn | Twitter

Aviron is a game-led connected rowing machine that combines the increased confidence and resiliency benefits of gaming with low-impact high-intensity workouts that tap into users’ competitive side. In Feb 2022, Aviron announced it raised a $23.6M CAD Series A Led by Stripes, with follow-on by Global Founders Capital, Formic Ventures, Behind Genius Ventures, and 24-Hour Fitness Founder Mark Mastrov.

AXYA

📍 Westmount, QC
Website | LinkedIn | Twitter
Félix Bélisle-Dockrill, Co-Founder & CEO | LinkedIn

Axya partners with Canadian manufacturing businesses to optimize their outsourcing process for their needs in custom metal working parts. From potential supplier identification to quote management, Axya enables users to digitize their projects, manage requests for quotes and follow their projects pipelines.

Axya announced that it closed its second seed round of funding in February 2022, bringing the total amount invested in its platform to $5.4M.

Calico

📍Toronto, ON
Website | LinkedIn | Twitter
Kathleen Chan, Founder & CEO | LinkedIn | Twitter

Calico’s platform is everything eCommerce brands need before their products get on Shopify and Stripe. They are the product development OS that powers the $1.4 trillion eCommerce production market from concept to doorstep. This March, Calico announced that it raised $2.6M in seed funding led by Serena Ventures, Serena Williams’ tech investment firm, with participation from Maple VC, Hyphen Capital, Roach Capital and a number of angel investors.

Float

📍 Toronto, ON
@floatcard | Website | LinkedIn | Twitter
Ruslan Nikolaev , Co-Founder | LinkedIn | Twitter
Rob Zhazzam, Co-Founder & CEO | LinkedIn

Float is an all-in-one corporate card & spend management solution that helps Canadian businesses control their spending. This past November, Float announced its $30M Series A round, led by Tiger Global.

Forma.ai

📍 Toronto, ON
Website | LinkedIn
Nabeil Alazzam, Co-Founder & CEO | LinkedIn

Forma.ai is the first and only incentive compensation platform that drives revenue growth. Our unique, data model-driven approach uses science to help enterprises design, execute, and optimize their sales compensation to produce unparalleled results. In March 2021, Forma.ai announced it closed a $10M Series A, led by Crosslink Capital and supported by Golden Ventures (C100 Partner), Panache Ventures, Uncork Capital, and Xfund.

Jaza

📍 New York, NY
Website | LinkedIn | Twitter
Jeff Schnurr, Co-Founder & CEO | LinkedIn | Twitter

Jaza works to power the 600,000,000 people living in Africa without access to energy. Jaza builds solar-powered Hubs to charge batteries that customers use for residential power. 100% of operations are run by women. In March 2020, Jaza Energy closed its $1.7M USD round in seed funding and was named the 2021 Scale-Up Project of the Year.

Ledn

📍 Toronto, ON
Website | LinkedIn | Twitter | IG
Adam Reeds, Co-Founder & CEO | LinkedIn
Mauricio Di Bartolomo, Co-Founder & CSO | LinkedIn | Twitter

Ledn provides financial products with a mission to help clients across the globe unlock the power of digital assets to build wealth for the long term. With registered clients from over 127 countries, Ledn offers savings, credit and trade products. This past December, Ledn announced that it raised $70M USD in Series B funding in an all-equity round led by 10T Holdings, with participation from Golden Tree Asset Management, Raptor Group, and FJ Labs.

Lydia.ai

📍 Toronto, ON
Website | LinkedIn
Christina Cai, Co-Founder & COO | LinkedIn
Anthony Lee, Co-Founder & CEO | LinkedIn

Lydia AI is a health AI insurtech startup on a mission to insure the next billion people by making insurance personalized, easier to buy and more inclusive through the use of new source of data. This past October, Lydia AI announced the closing of its $10M USD Series A+, led by Information Venture Partners.

Manifest Climate

📍 Toronto, ON
Website | Linkedin | Twitter
Laura Zizzo, Co-Founder & CEO | LinkedIn | Twitter
Jeremy Greven, Co-Founder & President | LinekdIn

Manifest Climate is a climate-focused SaaS company powered by AI and climate expertise, empowering organizations to learn, govern, and disclose climate-related risks and opportunities. Manifest Climate track and benchmarks climate trends and build climate competence internally.

Manifest Climate recently announced $30M CAD in Series A funding, led by BDC Capital Women in Technology Venture Fund and Climate Innovation Capital, with participation from OMERS Ventures, Golden Ventures (C100 Partner), Garage Capital, Active Impact Investments, Klass Capital and Bryker Capital, and influential angel investors.

Penfield.ai

📍 Toronto, ON
Website | LinkedIn | Twitter
Tahseen Shabab, Co-Founder & CEO | LinkedIn

Penfield.AI is the first Human-Machine Intelligence platform in Cybersecurity. Penfield.AI models the skill sets of Analysts and their Processes in real-time, enabling real-time decisions to improve the speed and accuracy of Incident Resolution.

Pine

📍 Toronto, ON
Website | LinkedIn
Justin Herlick, CEO | LinkedIn
Jonathan Shih, Co-Founder & CTO | LinkedIn

Pine is a direct-to-consumer mortgage fintech for the Canadian market.

PurposeMed

📍Calgary, AB
Website | LinkedIn | IG (Freddie) | IG (Frida)
Husein Moloo, Co-Founder & CEO | LinkedIn
Amaan Banwait
, Co-Founder & CCO | LinkedIn  

PurposeMed builds telemedicine companies that deliver complex care to underserved Canadians. Our first vertical, Freddie, provides HIV prevention online. Our second vertical is Frida, which provides mental healthcare online, starting with ADHD.

RockMass Technologies

📍 Vancouver, BC
Website | LinkedIn | Twitter
Shelby Yee, Co-Founder & CEO | LinkedIn | Twitter
Matthew Gubasta, Co-Founder & President | LinkedIn

RockMass is an infrastructure and mining technology startup that enables engineers and geologists to improve the safety and efficiency of major projects through improved access to geological data. In December 2020, RockMass announced it raised$2.5M CAD in seed funding.

Shopthing

📍 Toronto, ON & New York, NY
Website | LinkedIn | IG | TikTok
Maggie Adhami-Boynton, Founder & CEO | LinkedIn

At ShopThing, we’re transforming the way people shop and sell through live video commerce. We’re bringing this $430 billion gig economy to North America with the help of top-tier retail brands and influencers. This March, ShopThing announced it closed a $10M USD Series A round led by Origin Ventures, with participation from Pritzker Group and Interplay.

Spare

📍 Vancouver, BC
Website | LinkedIn
Kristoffer Vik Hansen, Co-Founder & CEO | LinkedIn

Spare is an enterprise SaaS platform and a mobility operating system, and we are on a mission to empower everyone to unlock the potential of transportation. This past November, Spare announced that it raised a $18M Series A round, led by Inovia Capital with participation from Kensington Capital, Link VC, Ramen VC, Ridge Ventures, TransLink Capital and Japan Airlines (as JAL Innovation Fund) and Nicola
Wealth, among others.

Stadium Live

📍 Toronto, ON
Website | LinkedIn | Twitter | TikTok | IG | Discord
Kevin D.H Kim, Co-Founder & CEO | LinkedIn | Twitter

Stadium Live Studios is building a metaverse where Gen Z’s fans can meet, create and play around sports & culture. Stadium Live is backed by USV, KB Partners, Golden Ventures, and the founders of NBA Top Shot, Club Penguin, and Drop.

Twentyeight Health

📍 San Francisco Bay Area, CA
Website | LinkedIn | Twitter
Amy Fan, President, CPO & Co-Founder | LinkedIn | Twitter

Twentyeight Health is a mission-driven women’s health platform providing accessible reproductive and sexual health services to underserved communities through telemedicine & medication delivery and the first digital platform focused on Medicaid.

Venue.live

📍Toronto, ON
Website | LinkedIn | Tiwtter
Jason Goldlist, Co-Founder & CEO | LinkedIn | Twitter

Venue makes large remote meetings more fun by offering an interactive live streaming platform. Companies like Shopify use Venue every day for Town Halls, Kickoffs, AMAs, and more. Venue.live most recently participated in Y Combinator’s Winter 2022 Demo Day.

Wrk Technologies

📍 Montreal, QC
Website | LinkedIn | Twitter | Facebook
Mohannad El-Barachi, Co-Founder & CEO | Twitter
David Li, Co-Founder & COO | LinkedIn | Twitter

Wrk is the world’s first delivery engine. Our platform enables organizations to create digital versions of their internal business processes through a library of pre-built robots called Wrk Actions that deliver their work, at scale, and on-demand.

This February, Wrk announced it closed $55M in cumulative seed, Series A, and debt financing after completing its Series A led by White Star Capital and OMERS Ventures. This included $12.5M previously raised by original seed investors including Real Ventures (C100 Partner) and Desjardin Capital.

The 2022 Fellows program officially kicks off at C100’s flagship event in the Bay Area, 48Hrs, taking place on May 11–12. This event is open to C100 Members, Charter Members, and Partners. Registration opens this Friday! To RSVP, please keep an eye out in your inbox or log into the C100 Member’s Wiki.

THANK YOU TO OUR PARTNERS WHO HELP MAKE THIS PROGRAM POSSIBLE

This program is generously made possible with the help of C100’s Foundational and Corporate Partners. Thank you for your dedication to the Canadian tech ecosystem and for supporting these rising founders.

FOUNDATIONAL PARTNERS

CORPORATE MEMBERS

Not a Member? Learn more about the membership and submit your application to join here!

Have questions about the Fellows program? Contact the C100 team at connect@thec100.org.

Get to Know the Charter Members Who Joined in 2021

Who is a C100 Charter Member you ask? In short, they are some of the most exceptional senior leaders in tech who not only have demonstrated remarkable leadership and accomplishments in their respective fields but who also hail from the Great White North. That’s Canada if that wasn’t obvious.

Get to know the seven Charter Members who joined C100 in 2021 David Baga (CEO, Even), Jen Lee Koss (Founding Partner, Springbank Collective), Andrew Lindsay (SVP Corporate and Business Development, HubSpot), Jack Newton (Founder & CEO, Clio), Michele Romanow (Co-Founder & President, Clearco), Joanna Lee Shevelenko (General Partner, f7 Ventures), and Benji Shomair.

David Baga

CEO at Even
San Francisco Bay Area
LinkedIn | Twitter

Originally from:

Surry, B.C.

Favourite Canadian activity:

skiing in any of the BC mountain ranges.

Canadian leadership in one word:
Gracious.

The piece of advice that drastically shifted your perspective: when I learned the idea of mission-driven businesses. You can have a business that is a net positive on society and that also is a great business.

David Baga joined Even as CEO in March 2021. Even is an “on-demand pay” startup that ‘evens’ out paychecks for workers to give them financial stability and flexibility. His career spans enterprise and consumer businesses at all stages, from ideation to billion-dollar run rates all the way through to IPO. Prior to joining Even, David was COO at Lightspeed Venture Partners, which he joined in 2019 as Chief Operating Officer. Before Lightspeed, David was Chief Business Officer at Lyft where he built the strategy and division responsible for winning enterprise customers, strategic partners, and city partnerships which grew to be over a quarter of the overall Lyft business. David was Chief Revenue Officer at RocketLawyer and spent seven years at Oracle where he built sales teams that delivered record-setting results.

What do you feel is the most important element for prospective candidates to evaluate when debating on joining a particular startup? How did you come to join Even, RocketLawyer, or Lyft?

We spend so many of our waking hours at work and sometimes that can come at the expense of other important elements of our lives, especially time with the people we deeply care about. Our time at work simply has to be worth it, and the definition of being ‘worth it’ is different for us all.

For me, it’s about impact. At Rocket Lawyer, our mission was to make legal services more affordable to all Americans, especially small businesses. At Lyft, our mission was to provide people with the world’s best transportation and improve their access to opportunities. At Even, our mission is to help 25 million people get out of the red by 2025. Each of these companies has a mission that is relatable to me. I could empathize with the people in which the mission was trying to serve, whether it was my parents being small business owners and feeling somewhat shut out of the legal system, or at Lyft where I was looking for alternative transportation and opportunities. I have been in the position of living check-to-check, wondering how I was going to fill the tank, get home, then get back to work each day.

We live in an abundant place and time in this world, and I can almost guarantee that there is an interesting company working on a problem you deeply care about and the time has never been better with remote work.

Even is the fourth organization that you have joined, entering at a C-Suite level position to a rising company. When you first join an organization, what are some of the most important first steps that you take for a seamless transition?

When you’re entering a company at any sort of senior level, it’s all about listening and learning. It’s important to create enough time and space to establish trust with people. I take a lot of time to try and understand the things that matter most. Only then do I reevaluate what needs to be added, edited, or removed. For example, if that is culture, there are elements that may be strong and have served the company really well for the phrase that they were at, but how do you add value to that culture moving forward? How do you preserve what is required and what made it special while adding in ingredients that ready the team for the next stage of the journey?

One of the characteristics of the best teams is how fast they go through learnings loops. In order to do that, you begin setting expectations for what you might be considering and what the timing might look like. By making changes that are symbolically large but in actuality are micro-adjustments, you are starting to prepping the team for a larger set of changes. These small signals are like mini down payments on future changes that you’re going to make and that eases the fear, uncertainty, and doubt that teams will naturally have when there is a new leader in the building.

Jen Lee Koss

Founding Partner, Springbank Collective
Norway
LinkedIn | Twitter

Originally from: New Jersey

Favourite Canadian destination or activity: Stoney Lake (where we have a cottage) & playing in a women’s hockey league

Canadian leadership in one word:
Balanced

The piece of advice that drastically shifted your perspective: Be in it for the long game

Jennifer Lee Koss is an entrepreneur and investor, passionate about supporting, uplifting, and making a change in the lives of entrepreneurs and working families. A founding partner of Springbank Collective, an organization that invests in early-stage companies that are re-imagining work, building the care infrastructure, and creating solutions for working families — with a goal of a more inclusive future.

In 2012, Jen co-founded BRIKA, an innovative retail agency focused on creating innovative, curated retail experiences. Previous to BRIKA, she worked in the management consulting, investment banking and private equity. She serves as a board member of both public and private companies in North America and Europe, and in addition, is a Julliard-trained cellist, mother of 4 young children and a graduate of Harvard University, Oxford University, and Harvard Business School.

Springbank collective is focused on “early-stage investments that focus on the infrastructure that supports women and working families”. Can you share with us more about the origin story of Springbank Collective and how this particular vertical came to be the focus of Springbank’s investments?

I have known Courtney [Leimkuhler] since we were 18 years old and played together on the Harvard lacrosse team, and I’ve known Elana [Berkowitz] since our first day at HBS. In 2018, Courtney and I started talking about the fact that despite an increasing focus on gender lens investing and backing female founders, there seemed to be huge untapped white space when it came to investing in the needs of women and working families in the real economy. As she’s prone to do, Courtney of course did a giant strategy paper on the subject and found some compelling research suggesting there was literally trillions of dollars of opportunity being overlooked. We started calling it the infrastructure to close the gender gap. We realized that our infrastructure thesis was deeply rooted in viewing the gender gap not as a women’s issue per se, but as a systems problem that touched so many different areas from work, to care to home and beyond. Elana is the BEST systems thinker I know and so I reached out to her and found that she was also spending a lot of time thinking about how to use her experience in the policy and impact world to mobilize more innovation in the private sector that would benefit women.

We started testing our hypothesis and investing together in mid-2019. In May 2020 we launched an investor collective which has grown to about 100 operator / angels who invest with us via SPVs deal by deal. In total we’ve invested in 24 companies across the infrastructure themes of care, career and consumer.

We are also passionate about the ecosystem building work we are doing around gender parity — which includes, for example, building and maintaining the first and only founder network for nearly 200 young companies building solutions in the category of family technology or FamTech.

What advice do you have for founders (especially women) who are both building great companies while raising a family?

Involve your kids in the madness. I think being really open with your kids about what you are doing is the best way for them to understand the reasons for why you do what you do!

Andrew Lindsay

SVP, Corporate and Business Development at HubSpot
San Francisco Bay Area

LinkedIn

Originally from:
Toronto, ON

Favourite Canadian destination or activity: There’s nothing more exciting than a sporting event that unites the country like the Olympics or the Raptors in the playoffs. I went to Vancouver for the 2010 Olympics when Canada was facing the US in the hockey final and it was an incredible moment of national pride. Similarly, I returned to Toronto when the Raptors were facing the Warriors in the NBA finals in 2019 and it was a week to remember!

Canadian leadership in one word: Conscientious

The piece of advice that drastically shifted your perspective: “The best time to plant a tree was 20 years ago. The second best time is now.” It resonates as both a call for urgency and as an admonishment against dwelling on regrets.

Andrew Lindsay serves as HubSpot’s SVP of Corporate and Business Development and is responsible for the company’s acquisitions, investments, and strategic partnerships. He leads HubSpot Ventures, the company’s venture capital organization. Prior to joining HubSpot, Andrew was the VP of Corporate Development at Jawbone. He was previously a consultant with McKinsey & Company and an investment banker with Merrill Lynch.

Andrew is based in San Francisco, CA, chairs the city’s TechSF workforce investment group, and is a Board Member of Asana. He is the Founding Chair of the Center for Digital Business at Howard University. He graduated from Harvard Law School and Harvard Business School with a JD and an MBA and completed an undergraduate BS degree at Howard University.

Last year, you launched the $100M HubSpot Venture CRM Platform Fund, an extension of the HubSpot Ventures Fund launched in 2018. Can you share with us more about this fund and how it came to be?

It was immediately clear to me when I joined HubSpot in 2018 that venture investing is a natural extension of our mission of helping millions of businesses grow better. Helping scaling companies grow is at the very core of everything we do at HubSpot, starting with our CRM Platform. We launched the first venture fund in 2018 to do equity investments across all stages in customer-focused B2B startups that share this commitment and participate in our ecosystem. That fund was a major success and we doubled-down last year by launching this second fund to increase our size and pace of investments. We invested in sixteen exceptional companies last year that range from seed to pre-IPO and I’m immensely proud of the impact they and all the companies in our portfolio are having on our shared customers’ success.

Last year, you were appointed to the Board of Directors at Asana. What advice do you have for those who are considering joining a BoD, especially for the first time?

Joining a public company Board is a major commitment and anyone considering it should do deep diligence first. First, ensure that the company shares your view of the future and your values. You’ll inevitably disagree on some issues with the executive team and with other directors — robust and respectful debate is essential — but you’ll be most effective if you’re all excited about a shared vision for the business and the culture being developed. Second, consider what value you would bring to the Board. Will you bring a new expertise or perspective that’s otherwise absent? Third, have clarity about what you will gain from joining.

Joining the Board of a public company is a major investment of energy and time and comes with potential liability, so you should make sure you’re comfortable with the benefits in return. It can be immensely rewarding.

Jack Newton

Founder & CEO, Clio
Vancouver, B.C.
LinkedIn | Twitter

Originally from:
Toronto, ON

Favourite Canadian destination:
Tofino

Canadian leadership in one word: Humble

The piece of advice that drastically shifted your perspective:
Steven Blank’s “Four Steps to the Epiphany” and the concept of shifting from a product development perspective to a customer development perspective was truly transformational for me in the early days of Clio.

As the CEO and Co-founder of Clio and a pioneer in cloud-based legal technology, Jack Newton has spearheaded efforts to educate the legal community on the security, ethics, privacy considerations, and benefits of running a law firm from the cloud. Under his leadership, Clio is bettering the lives and businesses of lawyers while making legal services more accessible and equitable for all through cloud-based and client-centered technology. Jack is also the author of The Client-Centered Law Firm, a #1 bestseller that’s helping law firms thrive in today’s experience-driven era.

Jack is also the host of Daily Matters, a podcast dedicated to hearing from legal professionals, industry leaders, and subject matter experts about the future of law. In Daily Matters, he explores where the legal industry is headed, how legal practice is changing, and what legal professionals can do to position themselves for success.

When you become one of Canada’s tech darlings (following Clio’s $1B valuation last April), what do you turn your focus to next? How does the game change for you as a Founder & CEO?

I have always had my sights set on building a 100 year, enduring company in Clio. The recognition of being one of Canada’s leading tech companies is a rewarding and humbling acknowledgements of progress we’re making on that path, but we have such a long way to go. One of the most energizing things for me is that my job is changing and evolving every day, so even though I’ve been running Clio for 13 years, I feel like I’ve got a constantly evolving set of challenges and opportunities ahead of me.

Love that your bio says Juggling four startups: Clio, Ian, Patrick and Isla. It’s a safe guess to say that you are a family man — how do you balance personal/family life with a rapidly growing company with big ambitions?

I had my first child, Ian, the same year I founded Clio, so raising kids has felt like an inextricable part of my journey of growing Clio. I had a lot of hesitation around having kids at the same time as embarking on the very risky venture of launching a startup, and thought the energy required by both would be all-consuming, and therefore incompatible. However, my amazing wife, Tonia, asked a question that helped settle the matter, which was “if not now, when?” So we went ahead and had Ian, and not long after Patrick and then Isla, and I’ve always found that I get so much energy and renewal from them. I wouldn’t do it any other way.

Michele Romanow

Co-Founder & President, Clearco
Toronto, ON
LinkedIn | Twitter

Originally from:
Calgary, A.B.

Favourite Canadian activity:
skiing in Whistler

Canadian leadership in one word: underestimated

The piece of advice that drastically shifted your perspective:
You’re the only one who can find your superpower combination of what you’re good at, what the world needs, and what people will pay for. And finding your superpower allows you to find great opportunities where you’ll thrive.

Tech titan Michele Romanow is an engineer and a serial entrepreneur who started five companies before her 33rd birthday. A “Dragon” on CBC’s hit show Dragons’ Den, Michele is the co-founder of Clearco, which gave entrepreneurs more than $100M in funding this year.

She previously co-founded SnapSaves, which was acquired by Groupon. Michele was also the co-Founder of Buytopia.ca, which acquired ten competitors including Shop.ca and WagJag. She’s ranked in WXN’s “100 Most Powerful in Canada” and is the only Canadian on Forbes’ “Millennial on a Mission” list. Michele is a prolific angel investor and the winner of Angel Investor of the Year award. Michele is a director for Vail Resorts, Freshii, League of Innovators, Queen’s Business School and Shad Valley.

2021 was quite the year for the Clearco team, from being the first Canadian deal from Softbank’s Vision Fund to a rebrand that was a testament to the widening product offering beyond capital. With this type of traction, what are you most looking forward to in 2022?

We’re excited to meet more founders as we continue to expand across Europe and expand our reach internationally.

You have been quite vocal about encouraging entrepreneurs to just go for it — there is never the right time to start a business. That said, what do you feel is one of the biggest hurdles as to why people don’t start that business and what can they do to overcome that?

We all have a fear of failure that holds us back. But the quicker you start, the quicker you fail and that’s where your biggest learnings come from. We have to stop thinking failure and success are polar opposites. I have yet to meet an entrepreneur who has not failed. Failure is a by-product of success.

Joanna Lee Shevelenko

General Partner, f7 Ventures
San FRANCISCO BAy Area, CA
LinkedIn

Originally from:
Mississauga, ON

Favourite Canadian activity:
I went dogsledding last time I was home which was pretty fun! Although I have to say that favourite is really going home to my family.

Canadian leadership in one word: Honour

The piece of advice that drastically shifted your perspective: spend time on strengths (for yourself and bringing it out in others).

Joanna Lee Shevelenko is currently Founder and General Partner at f7 Ventures, a venture capital firm focused on driving outsized returns by investing in underrepresented founders.

Joanna has over 15 years of experience in the technology sector. She is an experienced Silicon Valley COO (Atrium Legal Technology Services and Premise Data) and one of the first 100 employees at Facebook. There, she built multiple teams from the ground up including user insights, site integrity and content moderation. She also started the Facebook India office and worked on the company’s first e-commerce efforts, growth strategies, and partnerships. After her time at Facebook, she became the Chief Operating Officer of Premise Data (Series C) and later of Atrium (Series B). Joanna also serves on the Board of Directors for MPharma, a health tech company based in Ghana focused on improving access to medicine.

The seven women management team at F7 has collectively grown revenue from $0 to $15B+ throughout their careers; how did this dream team come together to form F7 Ventures?

The 7 of us have had long operating careers and met when we worked together at Facebook. Each of us have either been in investing roles or had started angel investing on our own when it was clear that a) there weren’t many women on the funding side, and b) there were many lessons in our operating careers that could and should be shared with the next generation of builders. We decided that we could accelerate our impact by coming together and combining our skillset to form f7.

You have extensive experience in building teams from the ground up. What should be kept top of mind for leaders when building out a team that is often overlooked?

The thing I always keep top of mind is to be endlessly curious. There isn’t a perspective that should be overlooked or dismissed.” If you are curious enough about why someone might have that perspective you either learn something new or you better understand someone on your team. New ideas, better communication, and better products are built out of curiosity.

Benji Shomair

Vice President, Commerce Business and Go-To-Market, Facebook
San FRANCISCO BAY Area, CA
LinkedIn

Originally from:
Toronto, ON

Favourite Canadian destination or activity:
canoe trips in Algonquin Park

Canadian leadership in one word: Inclusive

The piece of advice that drastically shifted your perspective: “Your life will be defined no only by the opportunities you pursue but also by the opportunities you turn down to prioritize what really matters to you”

Benji Shomair leads the Go-To-Market teams for Commerce across Meta, including Facebook, Messenger, WhatsApp, and Instagram. Previously, he scaled the advertising business, leading teams globally across business operations, global partnerships, product monetization and marketing. ‍Formerly a Principal at Bain & Company, serving clients in Technology, Media and Telecom (TMT), Consumer/Retail and Private Equity

A lot of changes have happened over 11 years at Meta, especially with new products being rolled out into the market. Are there 1–2 highlights that serve as a standout memory during your tenure at the technology giant?

I’ve had the opportunity to help build 3 businesses at Meta/Facebook — first the Ads business, then the Messaging business and currently the Commerce business. As someone who loves building, my highlights have been scaling organizations that didn’t exist before and creating new products — that proved to be valuable to people and businesses. Helping manage the transition to mobile ads as Facebook’s user base shifted from desktop to mobile and initiating the Facebook Marketing Partner/Ads API programs were both early experiences I had that taught for me how much fun it is to build things (especially at a global scale).

What “Canadian qualities” do you feel have benefited you throughout your career?

I’ve spent more than half my career in the US in global roles and in most places, people will assume I’m American. Of course, I am actually a foreigner. I’ve found the ability to be both “North American” and “International” at the same time and bridge between these two worldviews to be a powerful and unique perspective. It helps me lead in a more inclusive way, consider options that other might not and build for more global audiences. It also helps that everyone likes Canadians.

Interviews & article by Lauren Howe, Marketing & Communications manager at C100. Please direct any questions to lhowe@thec100.org.

Meet C100’s New Co-Chair: Janet Bannister

A force in her own right, this is a particularly special announcement for the C100 Community as Bannister becomes the first C100 Co-Chair to be based in Canada (Toronto) and, for that matter, the first anywhere outside of the Bay Area. Bannister will take the reins fromCo-Chair Shari Hatch Jones and will co-lead the C100 Board of Directors alongside Co-Chair Andre Charoo. Previously, Janet served as a beloved C100Board Member, Charter Member and is recognized as an outspoken champion and advocate in the Canadian tech ecosystem.

“Janet is a titan in the Canadian technology community. She is adored by our Members, and has been a long-time supporter of C100. She is the perfect person to lead our Board, alongside Andre Charoo, in partnership with me and our team to carry the C100 through its next phase of impact.” — Laura Buhler, CEO of C100

Currently, Janet is the Managing Director of Real Ventures, which she joined in2014, where she became the first woman to lead one of Canada’s largest and most active early-stage venture funds. Janet’s career has many highlights, including founding and launching Kijiji.ca and growing it to become one of Canada’s most visited websites. She has held roles at eBay in Silicon Valley, Procter &Gamble, and McKinsey & Co. At Real Ventures, in addition to leading theFirm, she works actively with over a dozen companies, helping the founders to accelerate growth and create meaningful impact.

While we could have an article solely dedicated to Janet’s accomplishments and her impact on the Canadian tech ecosystem, it’s best to hear it directly from her! So, to mark the announcement of Janet’s new post, we sat down with her to learn more about her career and vision for C100.

VISION FOR C100’S FUTURE

How did you first become connected to C100 and what “clicked” for you to get involved on a deeper level?

I heard about C100 shortly after joining Real Ventures in 2014. Having lived in Silicon Valley and being familiar with that environment and the community there as well as understanding the Canadian tech community, I immediately understood why the mission and vision and C100 was so powerful and how it could help accelerate growth of great Canadian companies.

In addition, I have travelled and worked around the world and have consistently found that when I meet other Canadians, there is an instant bond and connection. I think this is driven by our shared Canadian values and love for Canada. C100 is founded on this bond and Canadians’ desire to support one another.

What do you hope to accomplish during your time as C100’s co-chair?

My vision is to shift C100 from an organization that is focused on “bringing the best of Silicon Valley to Canada” to being the preeminent global network of Canadians in tech. This means building the C100membership globally and developing the platform to enable Canadians around the world to connect to one another at scale.

What does it mean to you being C100’s first Co-Chair in Canada / based outside of Silicon Valley?

I think this represents a shift in the organization, away from “bringing the best of Silicon Valley to Canadian tech companies” to laying the foundation for a global tech community. And I think that shift is a direct result of the maturation of the Canadian tech ecosystem.

ON RETURNING HOME TO CANADA AFTER YEARS LIVING ABROAD

“As a proud Canadian, I am incredibly excited about what the next ten years will look like for the Canadian tech sector.” — Janet Bannister

Having had quite the global career, why did you return back home to Canada? What were you most looking forward to with you’re repatriation?

Yes, my husband (who is also Canadian) and I were living in Silicon Valley. We were loving our exciting careers, the easy access to incredible nature, and our great new friends. But I am a Canadian at heart and I wanted to return to Canada to have our family in Canada and to build our lives here. I am incredibly grateful for the years I spent living and working in Silicon Valley; it was a wonderful experience, I learnt a ton, and I still keep in touch with many of my eBay colleagues. But Canada is a unique country and Canadians are special people; this is where I wanted to build my career and family for the long term.

Some say Canadian tech is having a moment (but we like to say having a movement). Where do you see the future of Canadian tech going at this moment?

The Canadian tech ecosystem is just getting started.

This year is likely to be a record year for Canadian VC funding; already, three of the top five venture capital financings have happened in the first six months of 2021.

This Canadian growth is partially driven by a global boom in venture capital, which is propelled by significant amount of capital available for funding, a recognition that tech companies will transform every industry and therefore the potential exit valuations of the highest potential tech companies is incredibly high, and an ability to do investments faster as investors have become comfortable investing based on zoom calls.

In addition, beyond these global trends, Canada is benefiting from three Canadian-specific forces: i) deep pool of tech and entrepreneurial talent, thanks to world-class universities and an immigrant-friendly country; ii) easy access to global markets, enablingCanadian companies to sell globally from day one; and iii) flywheel of Canadian success in which the network effects of a successful start-up ecosystem have taken hold and are accelerating.

As a proud Canadian, I am incredibly excited about what the next ten years will look like for the Canadian tech sector.

ON LEADERSHIP LESSONS LEARNED

At eBay, you witnessed quite the meteoric rise of the company, growing from 2,500 people to 25,000 during your time there. Playing akey role in the organization during this time, what were some key lessons learned on managing periods of rapid growth.

I loved my time at eBay and am very grateful to have spent those years in Silicon Valley as a senior member of the company as it was more than doubling in revenues every year. One of the things I learnt was the importance of keeping your values and mission consistent while continually iterating on your strategy and operating plan. eBay grew very quickly because the company kept true to its core values and its mission of being an independent marketplace and creating economic democracy while simultaneously and continually testing, iterating, and expanding the core offering by launching new categories, adding new ways to buy and sell, and entering new markets.

I also learnt about the critical importance of having the right people on the team who can thrive in a rapidly changing business environment. This requires people who care deeply about the company’s mission and who can grow their own skills as quickly as the company is scaling. In those early years at eBay, the company was rapidly expanding in every dimension and as a result, the organizational structure frequently changed as the needs of the business changed and new business opportunities emerged. In an environment like that, success is largely dependent upon people willing to go outside their comfort zone and move into different roles with new responsibilities.

You managed to not only launch and build the wildly successful Kijiji business in Canada, but also to launch it in the United States, Belgium, Switzerland, and Austria. What is your number one piece of advice for tech leaders looking to break into new markets?

The key is to understand what elements of your proven playbook can you reapply in new markets, and what needs to change because of the unique nature of each market. This requires a deep understanding of the local customers, competitors, and market dynamics. For instance, with Kijiji, the buy & sell category was very similar across countries but the dynamics and practices of renting apartments changed significantly by country, so we needed to change the way the real estate category worked in each country. Canadians are particularly good at recognizing and appreciating the unique characteristics of a culture and this gives them an advantage when launching businesses in new countries.

What are you most proud of as a venture capitalist?

It is incredibly rewarding to work with ambitious, mission-driven founders and be part of their journey as they evolve from founders to leaders and as their companies grow from local start-ups to international, industry-defining companies. Their determination and personal growth inspires me every day.

In terms of Real Ventures, the success I am most proud of is the tremendous impact that Real has had on the growth of Canada’s tech sector. We are firm believers in “a rising tide lifts all boats” and our commitment to growing the Canadian tech ecosystem has been a core value since the Firm was founded. Real has invested in 250+ Canadian-based companies and 750+ Canadian founders over the past 14 years. We launched – and continue to run – FounderFuel, Canada’s longest running accelerator, that has launched many of Canada’s most promising tech companies including Sonder, Mejuri, BenchSci, Unsplash, Paper, and others. We also helped to bring TechStars to Canada, in both Toronto and Montreal. In 2017, we launched Front Row Ventures, a university-based venture fund run by 50+ students across 20+ campuses in Ontario and Quebec. This fund has invested in 25+ student-led companies, many of which have gone on to raise significant follow-on rounds from top tier investors. And more recently, Real supported the launch of Rep Matters, an initiative to raise the profile of Canadian Black entrepreneurs and investors.

A warm, Canadian (& C100 welcome) Janet!

Find her on Twitter & LinkedIn.

This article was written by Lauren Howe, Marketing & Communications Manager at C100. Please provide feedback to lhowe@thec100.org.

Chris Albinson Announced as Communitech’s CEO

Chris Albinson, C100’s Co-Founder, will take the reins as CEO at Waterloo-based Communitech starting May 17th. We are thrilled to see the leadership that Chris will bring to Communitech and how he will continue to help Canada “Own the Podium” in the world’s innovation economy. Congratulations Chris!

“There is no question. Communitech and the Waterloo Region are the cornerstone of the Canadian innovation community and the perfect place to create a new Own The Podium plan — one tailored to support Canada in becoming the dominant player in global innovation”, shared Albinson in his latest post discussing the announcement.

Albinson sat down with the C100 to discuss what this opportunity means to him.

What does repatriating back to Canada mean to you?

It’s been something I’m thinking about for a long time. During the pandemic, I returned home to Ontario. Being back home for as long as we were sheltering in place during the pandemic, proved to be a reminder of all the things we loved about Canada. I thought long and hard about what I wanted to do, where I wanted to be.

Two years ago, I wrote about Canada having an opportunity to be a global hub for innovation. Silicon Valley isn’t a “fixed” thing. We saw a mass exodus of the tech center move from Boston to Silicon Valley in the early 1990s and now, it’s moving again. The question is, where is it moving to? I believe Canada is set up to be the next global tech hub.

This pandemic proved that barriers we used to think about are not as big as we thought they were, especially in terms of geographic location and building companies from the Yukon, to Saskatoon to St. John’s. I think Canadians want to build companies not only that can be globally successful but also are tech for good.

It was exciting for me to mentor Harley [Finkelstein] and Tobi [Lütke] (President, and CEO of Shopify, respectively) in the early days. Being a champion and supporter of founders is very exciting to me and success would be about finding ways to build the next 15 Shopifys in Canada.

What are you most looking forward to in this new chapter as CEO at Communitech?

Iain Klugman built an amazing organization and the foundation of the house is incredibly strong; the culture, mission, ethos, and passion for helping Canadian founders. I was asked recently, ‘what are you going to come in and shake up?’, but the answer is: nothing. It’s a great organization in a great place (Waterloo being, in my opinion, the fountainhead of innovation for Canada) and I’m looking to accelerate what they’ve built.

Role of global Canadians in Canada’s innovation economy?

When Own the Podium was put together for Canada to win more gold medals than any other country, half the hockey players happened to have been working in the United States and it wasn’t a problem for any of us. Half of the other athletes competing in other events were amateur athletes at Universities and Colleges around the world, but they came together to prove that Canada belongs at the top of the podium.

That is what it will take for our collective success as a country. Bringing together the best of the best, no matter where they are, and we will all be better for that. Let’s find the Luc Levesques, and pull them out of Facebook to come to Shopify [story reference]. Does it matter where they are living? No. Does it matter that Andrew MacDonald (SVP, Mobility and Business Operations at Uber) and Nilam Ganenthiran (President at Instacart) run global businesses from Toronto? No. It matters that there is a strong team and culture behind a company. What matters is that global leaders are working together to make success happen.

Stay up to date on the latest from Chris and Communitech by following them on Twitter @chrisalbinson and @Communitech.

Article written by Lauren Howe, C100. Please provide any feedback to lhowe@thec100.org.

C100’s Founding Executive Director, Atlee Clark, Launches Backbone Angels


Meet Atlee Clark

Toronto-born Atlee Clark is the Director of Operations for Shop, Shopify’s shopping assistant app and newest product, which connects the world’s shoppers and merchants. She has spent the last seven years at Shopify, building and scaling partnerships and products for the developer ecosystem. Prior to Shopify, Atlee served as the founding Executive Director of the C100.

About Backbone Angels

Backbone Angels is a collective of active angel investors focussed on accelerating diverse, ambitious, product and customer-centric founders. These investors have come together to invest in women and non-binary founders with a focus on investments in Black, Indigenous, and Women of Colour-led companies.

While the fund is founded in Canada, its ambitions are global.

Can you share with us more about the collective’s origin story?

We found each other at work. Over the last 6 years, we have all worked alongside each other building and scaling Shopify with a common mission to support more entrepreneurs. Our mission is to back diverse, ambitious, product and customer-centric founders and to see more women, specifically women of colour, on cap tables.

What types of founders and investments will Backbone Angels be targeting?

We invest in women and non-binary founders and prioritize investments in Black, Indigenous, and Women of Colour-led companies to support them in building the companies and economic prosperity of the future.

Who is involved in the fund?

The collective is made up of ten founding partners with diverse technical and operational backgrounds; Lynsey Thorton, Brittany Forsyth, Konval Matin, Erin Zipes, Anna Lambert, Solmaz Shahalizadeh, Arati Sharma, Marcie Murray, Alexandra Clark and myself.

Visit the Backbone Angels website for more information and how to get involved.

Article written by Lauren Howe, C100. Please provide any feedback to lhowe@thec100.org.

Canadians You Should Know: Three Canadian Expats Making an Impact on Black Representation in the Tech Industry

In the United States, 7.4% of tech workers are Black (compared with 14.4% in the broader private sector). And in Canada, Black representation in the industry is even lower at just 2.6%. The same 2016 study by the Brookfield Institute found that Black employees were also the lowest paid. Less than 1% of venture-backed startups are led by Black founders.

Andre Charoo, C100’s Co-Chair and Founder & Managing Partner at Maple VC, sat down with three exceptional Black Canadian tech leaders living in the United States to share their personal and professional experiences on both sides of the border and how they are helping raise participation rates for Black talent in tech.

We’re also shedding light on a few Canadian-led programs that are working to raise these numbers and create generational impact on Black entrepreneurship and representation in tech.

Andrew Lindsay

SVP, Corporate and Business Development at HubSpot

From: Toronto, ON
Now: San Francisco Bay Area, CA

Meet Andrew: Oversees HubSpot’s acquisitions, investments and strategic partnerships, where he has built HubSpot’s partnerships function into one of the SaaS industry’s most active and successful business development groups. Prior to joining HubSpot, he held posts at Jawbone, McKinsey & Co, and Merrill Lynch. Andrew also chairs the TechSF workforce investment group, a workforce initiative providing access and educational experiences to job seekers in the Bay Area. Listen to Lindsay’s story and experiences at Howard University, an elite Historically Black University (HBCU) in Washington, D.C., here.

Alma Mater: Harvard Law School, Harvard Business School, and undergrad at Howard University.

Andrew spearheaded the creation and launch of Howard University’s Center for Digital Business, created in partnership with HubSpot.

The Center for Digital Business at Howard University, an elite Historically Black University (HBCU) in Washington, D.C., aims to educate, invest in job readiness, and recruiting efforts by creating linkages between talent and businesses.

“The Center for Digital Business is this edifice that we now have on campus is dedicated to digital business opportunities for the next generation of Black leaders.” Lindsay, being a Howard Alumnus himself, shares the motivation behind this new Center and how HubSpot could play a part in creating opportunities to amplify the impact in the Black community in America.

Lindsay’s View on Canadian Exceptionalism

“In Canada, there’s still this view of the collective whole. If my brother or sister succeeds, I succeed. It actually leads to the rising of the social safety net. That is something that Canada has maintained a belief in, despite this incredible diversity of people. That’s a place where Canada should share some of its exceptionalism with the rest of the world.”

Explaining Black History Month to his Daughters

When asked how he celebrates Black History Month, Lindsay shared that he feels a little conflicted about it.

“The push is to ensure that Black History is incorporated as a part of broader history, but to have 28 days to discuss Black history alone, often leads institutions to push all Black history into one month. I have two daughters right now and I’m not teaching them Black History Month, because the inevitable next question is, ‘what is every other month?’”.

Justina Omokhua

SVP, Brand Marketing at Endeavor and Former Global Head of Content & Lifestyle at Apple

From: Toronto, ON
Now: Beverley Hills, CA

Meet Justina: Born and raised in Toronto and daughter to Nigerian immigrants, Justina Omokhua plays a vital role in driving marketing efforts across Endeavor’s portfolio that spans across sports (UFC, Euroleague), media production, and distribution, top talent agencies (WME, IMG), and more. Previously, Omokhua served as the Global Head of Content Strategy & Lifestyle Marketing at Apple and has worked for brands like Pepsi, Nokia and L’Oréal . Omokhua has also served as a delegate to the United Nations Social Impact Summit and currently serves on the advisory boards for I.D.E.A Labs and Power Strides Career & Executive Coaching. Hear how Omokhua navigated through her exciting professional journey.

Alma Mater: York University and Rutgers University

PSA for companies: reflect internally and listen to your teams

With plenty of companies who have spoken out about their commitments to support Black talent, Omokhua shares that, while this is important, organizations should spend more energy ensuring that change is actually implemented.

“I want you to take the time to reflect internally. Ask the question of the people who actually work there. How do they feel? What do they need? That is way more important than what me, as an outsider who doesn’t work at your company, sees. If the people who work there don’t see it and feel it, then it doesn’t matter.”

“I’ve never felt more Canadian, than being in the United States”

Omokhua shares how her national pride has deepened since having moved to the United States, the warm reception Canadians receive around the world and her pride for Canada’s educational system

“It’s the idea of access — Canadians have access to learn and once you have that, it can’t be taken away from you.”

How the Black Experience Shapes One’s Professional Journey

Reflecting on her professional experiences on both sides of the border, Omokhua highlights her encounters with systemic racism, from being taught at the age of 9 that she’d likely have to work harder than her peers to being the only Black Woman in the boardroom. She also discusses the particular challenge of communicating the experience of navigating a world that doesn’t like you, to someone that doesn’t look like you.

Sean Green

Founder & CEO, ARTERNAL

From: Toronto, ON

Now: Los Angeles, CA

Meet Sean: Born in Jamaica and raised in Toronto, Sean is a serial entrepreneur blending his computer science background with an entrepreneurial spirit modelled by his mother who ran a maid-service business. Sean is the Founder and CEO of ARTERNAL, a CRM designed to help art dealers and sales directors better streamline sales processes and nurture key relationships.
Hear Green’s story on growing up in Canada and his entrepreneurial journey.

Alma Mater: B.A.Sc. York University (Computer Science) and Western University (Computer Software Engineering)

Creating opportunities for Early-Stage Black Founders through the Transparent Collective and a new venture fund focused on Black-led businesses.

You may have seen this statistic before: just 1% of VC-backed founders are Black. Sean serves as a Mentor and Advisor at the Transparent Collective, a non-profit aimed at supporting
early-stage minority founders through mentorship, coaching and introductions. Sean teamed up with Transparent Collective’s Co-Founder, James Norman, to form a powerhouse team of investors focused on helping Black founders cross the chasm from
seed to Series A.

“If you look like us, our goal is to cut you a check if you map to the same DNA that we map to — hard work, determination, grit, and hustle. You have a product and you have traction. That’s where we want to play… helping black founders cross the chasm
of seed to Series A.”

Green aims to relay that same energy to fellow Canucks, too, especially to Black founders back home.

“If you’re a founder who has grown up in Toronto, Montreal, Ottawa, Waterloo, Vancouver — wherever you are, and you look like me, I’m going to give you a pipeline to the Valley.”

Maintaining the Momentum for Black Talent in Tech

When Andre asked Green about whether or not the gap is closing “between talk and action” to support the Black Community, Green stressed the importance of the near future, “I am seeing a lot of talk, but what will materialize? That’s key. If we’re
putting in our voices, let’s also put in that muscle to shift the needle.”

Initiatives to know about in Canada

C100 is proud to partner with organizations that are actively working to raise participation rates for Black Canadians in tech. Two of these organizations include Ryerson DMZ and Real Ventures.

DMZ’s Black Innovation Programs (BIP)

The Black Innovation Programs (BIP) a first-of-its-kind program in Canada providing support to startups led by Black founders. In 2019, Isaac Olowolafe Jr., Founder and General Partner at Dream
Maker Ventures, came to the DMZ with the idea to create an environment where founders could thrive and find high-caliber mentors and the right connections to industry and capital. “Until recently, there haven’t been many programs in Canada created
to help early-stage Black tech founders overcome the unique barriers they experience”, shares Abdullah Snobar, Executive Director of the DMZ.

“Creating that early access to entrepreneurial education for young Black innovators is critical and plays a huge role in developing a diverse tech ecosystem. If we can inspire Black youth to engage in entrepreneurship early on and give them the tools
needed to succeed in business, we can foster a healthy pipeline of tech and startup talent that will go on to be a part of the next biggest made-in-Canada tech ventures.

Representation matters, and we certainly still have a long way to go to achieve it in the tech ecosystem. At the DMZ, we are of the mindset that there is always more that we can do, and more that we can learn. We will continue building on the
success of the Black Innovation Programs for years to come.”

— Abdullah Snobar, Executive Director, DMZ.

To date, the DMZ’s BIP has supported 12 Black-founded companies through the Black Innovation Fellowship, 76 founders across three cohorts of the BI Bootcamp, and over 400 aspiring entrepreneurs through the BI Launchpad. To fuel its continued success,
DMZ announced a $1 million program expansion in June 2020 and $1.2 million from the Ontario Government in February 2021.

Rep Matters, supported by Real Ventures

Rep Matters is an interview series dedicated to providing space for leaders to discuss the Black experience within the Canadian startup community and serve as a catalyst to increase Black participation in tech and VC. In this series, Phil G. Joseph,
a Black Montreal-based changemaker, dives deep with Canadian leaders across the tech industry, from VC fund managers like Andre Charoo and Isaac Olowolafe Jr. to startup founders like Brent Ho-Young and Janelle Hinds. Check out Rep Matters here.

Real Ventures is an early-stage venture capital firm that backs entrepreneurs and builds the ecosystems in which they thrive. Supporting game-changing Canadian startups, Real believes that VCs should play a role in accelerating the creation of world-class
tech ecosystems by providing support beyond the companies for whom it writes cheques. Real’s portfolio includes the likes of Mejuri, RenoRun and MindBridge (all 48Hrs Alumni).

Interviews conducted by Andre Charoo, Co-Chair at the C100 and Founder at Maple VC. Editor: Lauren Howe, C100. For feedback, please contact us at lhowe@thec100.org.

The Importance of Mentorship

As the iconic African proverb goes, “if you want to go fast, go alone. If you want to go far, go together”. While it can be universally agreed upon that mentorship plays a vital role in one’s development, it means something slightly different to everyone. Mentorship lies at the heart of the C100 Fellows program (formerly 48Hrs in the Valley). We asked four alumni, who have gone on to build multi-million dollar companies and are active mentors themselves, to share their words of wisdom on how to make the most out of your own mentorship experiences.

Ali Asaria

Founder & CEO, Tulip Retail
48Hrs Alumnus (2010)

Founded in 2013, Kitchener-based Tulip is a global leader in providing SaaS-based mobile retail solutions. Through simple-to-use applications, Tulip helps empower retailers to be better connected with their customers and sales associates. Tulip was recently listed on the Globe and Mail’s list of Canada’s top growing companies. Ali started his career at Research in Motion (RIM) and previously founded and led Well.ca, Canada’s largest online health, beauty, and baby store.

You have gotten involved as a mentor through several programs, including C100’s 48Hrs, NEXT Canada, and Techstars, just to name a few. What do you feel differentiates a good mentor/mentee relationship from a great one?

The best CEO mentors put the emotional and mental well-being of the leadership and team before everything else. Second, they operate from a strict and transparent ethical framework. Most importantly, they have extensive experience riding the very high highs, and the very low lows that come with leadership. It’s not just about having the experience of seeing growth, but also about experience navigating the complex and political power struggles that happen across a company and board as it sees peaks and valleys. In the end, startups are messy and you want a mentor that has dealt with that before: someone that can stand on the sidelines to help remind you of the bigger picture when you’re in the thick of the fog.

What advice have you received from a mentor that has stuck with you over the years?

“Strive to build a company that you’re excited to work at for the rest of your life.” When you think that long term, it forces you to be much more thoughtful around the key decisions you make along the way.

Eva Wong

Co-Founder & COO, Borrowell
48Hrs Alumna (2015)

Borrowell is a Toronto-based fintech company that offers free credit scores, report monitoring, bill tracking, and AI-driven financial product recommendations. With well over one million members, Borrowell is one of the largest consumer fintech companies in Canada. Borrowell has won numerous awards, including being named one of the top 100 fintech companies in the world by KPMG, ranking 4th on the Deloitte Technology Fast 50™ list of fastest-growing companies in Canada, and making App Annie’s list of Breakout Finance Apps for 2019.

Why is it important for early-stage entrepreneurs to have mentorship?

Sometimes, a half-hour conversation can save you 6 months of painful learning. Being able to learn from the experience of other founders has been invaluable for me. Speed is so important for early-stage companies, so the faster you can learn, and the more mistakes you can avoid, the more likely you’ll be successful.

What’s a piece of advice you can share with early-stage founders?

The word “mentor” can seem really fraught and weighty — in my experience, you don’t have to have just one person in a formal mentor role you go-to for everything or feel like you’re missing out because you don’t have a Mentor (with a capital M). I feel very fortunate to be able to reach out and get advice from a wide range of people who I may only chat with once a year, or even just via email. And many of these people are younger or have less experience than me, but have different experiences I can learn from, so don’t overlook your peers as a source of wisdom and advice.

Sam Pillar

Co-Founder & CEO, Jobber
48Hrs Alumnus (2015)

In 2011, Sam and Co-Founder Forrest Zeisler launched Edmonton-based Jobber. Jobber provides software that handles scheduling and accounting for home-service small businesses like plumbers and landscapers. Since its inception, Jobber has serviced more than 10 million people, across 47 countries and 50 service segments, and the business expects to hire 200 more employees in 2021. The company has been named one of Canada’s top growing companies 2020 by the Globe and Mail and Sam has his sights set on building Edmonton’s first $1-billion tech company.

Jobber’s most recent US$60-million raise, just days ago, made Edmonton history as the largest technology growth-equity financing in the city’s history. How do you see the role of Edmonton, and Alberta, as a part of the future Canadian tech ecosystem?

Places like Edmonton have flown under the tech radar for a long time, and there are fewer and fewer reasons for that to be the case. It’s certainly true that certain companies need to be located in the Bay Area, or New York, but for others — like Jobber — there are actually a lot of benefits to building off-the-beaten-path. It’s possible today to build a big venture-backed, market-leading company in secondary markets like Edmonton. I suspect we’ll see more companies discover the benefits of these markets and find success in them in the years to come.

Why is it important for early-stage entrepreneurs to have mentorship?

< blockquote>I think mentorship is important at all stages of entrepreneurship, but especially early on. Starting a company is crazy. It’s not a particularly “rational” thing to do, but entrepreneurs cast aside just enough doubt to give it a try. Having mentors you trust to help you work through the doubt that remains, wrestle with challenges you can’t discuss with others, provide guidance and help assure you that “yes, what you’re doing is really hard but if you really grind you can probably make it work” is an immensely helpful x-factor.

Noura Sakkijha

Co-Founder & CEO, Mejuri
48Hrs Alumna (2017)

Noura Sakkijha (Co-Founder and CEO of Mejuri) is the third generation in a family of jewelers, exposing her to traditional production techniques and the complexity of fine jewelry design at an early age. She took a detour from her family roots to study Industrial Engineering which led her to work in consulting at one of the top financial institutions in Toronto before starting Mejuri. Tired of the narrative that fine jewelry is an occasional purchase typically marketed to men, Noura leveraged her learnings from the industry to create the next-generation category-defining jewelry brand. With $32M in fundraising to date, Sakkijha and her team are redefining the way people purchase fine jewelry — for themselves.

Seeing as Mejuri was your first entrepreneurial venture, how did mentorship play a part in your startup journey?

As a first-time entrepreneur, you are a student and are constantly learning, and I truly believe the best way to learn is by spending time with people who have been there and done it. I found seeking knowledge from peers or people who have achieved the very thing you are trying to build extremely valuable. It provides you space to ask questions and the comfort of knowing that often the challenges you are experiencing are not unique to your business. Having said that, it is important to remember that you are the one who knows your business the most, so you have to determine what kind of mentorship makes the most sense for you and will be the most beneficial, but seeing different perspectives and having a sounding board is extremely important and helpful.

What’s a piece of advice you can share with early-stage founders?

Surrounding yourself with a community of like-minded people is really important. Being able to cultivate and maintain those relationships provides you with a support system to lean on, especially when you may be facing challenges as your company grows.

It is also important to ensure that as the business grows, you are hiring for your blind spots. As a founder, take the time to consider what gives you energy and where you can contribute the most, versus what is super technical and requires learning that may not be the most productive for the business. This is when you should be hiring subject matter experts so that you have the time and energy to focus on where you are most impactful, which will ultimately be the most beneficial for the business. I would also encourage founders to not shy away from the things that give them energy and that they enjoy, no matter how granular- and hold onto it.

Visit our website to learn more about C100 Fellows, a 10-month mentorship program dedicated to early-stage entrepreneurs.

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Article written by Lauren Howe, C100. Please provide any feedback to lhowe@thec100.org.

Welcoming C100’s Newest Charter Members

C100 Charter Membership is a by-invitation community of influential global Canadians united in their motivation to positively impact Canada and to champion the next generation of brilliant Canadian technology leaders. They have led distinguished careers as impact-driven senior leaders, outstanding entrepreneurs, and sought-after investors.

In a year like 2020, there is a critical element of leadership that makes good leaders, great leaders; how they lead in a time of crisis.

We are excited that this year we welcomed 10 new C100 Charter Members: Allen Lau, Anar Simpson, Andrew D’Souza, Brian Hale, Erik Blachford, Kirstine Stewart, Michael Hershfield, Michael Scissons, Mike Wessinger and Patrick Spence.

Meet Erik Blachford, Partner at Narrative.Fund

Former Expedia and IAC CEO, Board Director, and playwright.

Based in San Francisco, Erik serves on boards including Peloton, Zillow Group, Siteminder, TourRadar, Liftopia, Varsity Tutors, and Busbud. Previously, he has served as CEO of Expedia, Inc. and IAC Travel (including Expedia, Hotels.com, and Hotwire), Butterfield & Robinson, and Terrapass, and as Executive Chairman at Couchsurfing. As President and SVP of Marketing at Expedia, he led the team that built the Expedia brand. Non-profit boards include Cutting Ball Theater and World Wildlife Fund (U.S. National Council). As an independent film and theater producer and executive producer, he has mounted shows at the San Francisco Fringe Festival and helped finance several independent feature films.

You have said before that, for you, “good marketing is storytelling”. What makes a brand’s story stand out among the rest? Examples?

Great consumer brands let their customers in on a secret. That’s the essence of storytelling. When Peloton says you can be your best self, and you think, “YES”, you feel like you are part of a group that understands something special, that your personal story aligns with that brand story. It’s the same when Apple says you can Think Different, or when Norway says you can be an adventure traveler, or when Zillow says that you’re ready for a new home. We all want to be seen, and we all want to feel like we’re part of something bigger than ourselves. Brands that merge our stories into their stories, those are the brands that inspire devotion.

You are a true renaissance man, Erik. Besides your years in leadership in technology companies, and now technology investing, what other pursuits do you spend your energy on and why do you make time for each?

I write a lot, plays, fiction, and poetry. One of my life dreams was to get an MFA in Creative Writing, which I finished, at San Francisco State. I can’t wait for Covid to be in the rear view mirror, so I can start writing and directing fringe theater plays again. I don’t pretend to be on the same level as Cutting Ball Theater (where I was on the board for years), but I’ll never stop trying. I invest in indie film here and there as well, the latest being The Nomads, which is about a rugby club being formed in inner city Philadelphia, based on a true story.

What does “Canadian leadership” mean to you?

I think being Canadian is about thinking we’re all in this together, but also being willing to pull your jersey over your head if that’s what’s required (and we all know what I mean by that).

How would you describe the Canadian tech scene to someone unfamiliar with what is going on at home?

I can only speak to the Montreal and Toronto ecosystems, but it’s no exaggeration to say they are both on fire. The latent in both markets rivals anything we see in most US cities. My hometown, Montreal, in particular feels ready to establish itself as a world class tech center.Meet Allen Lau, Co-Founder and CEO at Wattpad

Meet Andrew D’Souza Co-Founder and CEO at Clearbanc

A fintech entrepreneur helping founders win by democratizing fast and affordable access to capital.

Andrew is the CEO and Co-Founder of Clearbanc, a Toronto-based fintech platform that is now the biggest e-commerce investor in the world. Co-founded by Michele Romanow, Clearbanc has already invested $1 Billion into 2,200+ e-commerce and software companies, using data science to identify high-growth funding opportunities in less than 24 hours. He is currently an advisor and investor at Wealthsimple, Properly and Tulip Retail. Prior to Clearbanc, Andrew was the President of Nymi, a wearable platform focused on identity and security and the COO of education startup, TopHat.

You recently told Business Insider that moving back to Toronto from the Bay Area has accelerated your Career. Can you share more of why you are so excited to be back in Canada?

To say you work for a Canadian company is a point of pride. A lot of people are disenfranchised with where society is going. For example, you look at America and how divisive society is, how divided this election has been and how the country currently is as a whole. Then, you look at Canada. If you think of most talented individuals in the world, they’d rather contribute their talents to a company that is Canadian or that operates with Canadian values. One that is focused on equality and diversity of both talent and thought.

The talent pool has become global. I could go to the smartest people in Nigeria, Indonesia or Germany and say “You can join Clearbanc, or a great Canadian company today, and you can stay where you are. However, if you decide to move yourself and your family to Canada, we can help make that happen. You will meet people that look like you, embrace you, eat food like you and you will feel at home”. That value proposition is one Canadian companies can lean into.

We’re going to have to reinvent our economy to drive our GDP. One of our biggest advantages is that we are an egalitarian, welcoming society that people are excited to move to and support.

How have ‘Canadian values’ played a part in your journey to Clearbanc?

The reason we started Clearbanc is driven by the same fundamental Canadian value that is of equal access to opportunity. What I learned in Silicon Valley is that it’s about who you know. Those are the founders who are funded and in the press, but they’re not different from people in the middle of the country or back in Waterloo or Newfoundland with the same level of talent and ambition, but not the same level of access. Clearbanc set out to provide capital, advice, networks and opportunities at scale without the restriction of who you know of where you grew up. We’re proud that Clearbanc has already funded eight times more women than the venture capital industry average. Also, a vast majority of our team are first and second generation Canadians. When looking at improving diversity on teams, a large part isn’t what someone looks like, but rather their experience. Everyone comes from a different life experience.

Meet Michael Hershfield, Senior Vice President of Sales at WeWork

Michael is a founder, operator, investor, and global executive who has built a career scaling consumer marketplaces.

Michael is a cross-functional executive and entrepreneur, whose expertise spans across marketing, sales and operations, and has a keen eye for knowing what it takes to grow an organization. He initially joined WeWork as the Global Head of Growth for the Medium and Large Business Segment, he has skyrocketed in less than three years to SVP of Sales. Previously, Michael served as COO at Kitchensurfing and Nucleus Intercom. He is currently a Venture Advisor for Silas Capital and angel investor for Clay.run, Brighthire.ai and Tealhq.com. Michael is a valued Board Member of Israel Policy Forum and C100.

Looking forward, every company is adapting to new ways we work. What trends do you see staying and leaving for the workplace in 2021 and beyond?

The extreme version of our work experience today will not survive post-pandemic, but the lessons we have learned around valuing our time with family and experiencing the value of personal time, those will stay with us in a post COVID-19 world. What will remain, is the office experience. It will adjust and adapt because our realization of what matters in life will stay with us for a long time. Companies have to adapt. We have to be sensitive to the lessons we have learned about what is most important and what we most value when together with coworkers.

In addition to being a new C100 Charter Member, you are also a new Board Director for the organization. What motivated you to contribute your time, energy and network to the C100 mission in such a big way?

I’ve been in the US for 10 years and hit my 10-year anniversary during the pandemic. More than ever, being Canadian, being proud to be Canadian and engaging with Canadians matters to me. The C100 represents the best way for a proud expat like me to engage with the country, its citizens and to be helpful in the best way.

I live in New York City. The C100 has an emerging presence here and will play a critical role in the near future. Canadians will also play a critical role in the return of this city, in technology, in the arts and in finance. Being united as a diaspora is something Canadians will play an important role in and the C100 is uniquely positioned to play a part in that.

Meet Allen Lau, Co-founder & CEO at Wattpad

Changing the way we tell stories, Allen Lau is a serial entrepreneur, investor and champion of the Canadian startup ecosystem.

Since its founding Wattpad in 2006, Wattpad has grown into a global, multi-platform company shaking up the entertainment industry, with over 40 million monthly users and over 150 million original story uploads.. Stories born on Wattpad have become blockbuster movies, hit television series and bestselling books. Prior to Wattpad, Allen co-founded FeedM8, a mobile advertising company that was later acquired, and co-founded Tira Wireless, helping leading brands optimize content for mobile delivery. He is an admired leader in Canada’s technology ecosystem and is an advocate for Canadian entrepreneurs. He is also a Co-Founder of early-stage venture fund, Two Small Fish Ventures.

In December 2019, Wattpad made the announcement to open a second headquarters in Halifax, planned to be as big as the Toronto HQ. What drove this decision?

This expansion is a major milestone in a year of incredible milestones for Wattpad. We’re a global company, with teams and partners across time zones and on nearly every continent, so a second HQ will allow us to supercharge our business as we continue to grow. Halifax is a city and community that is unmatched in Canada, with a thriving tech scene, world-class talent, and a business-friendly environment. We’re thrilled to make Halifax home to our second headquarters.

Having navigated four crises as a leader- the dot-com bubble, SARS, the 2008 financial crisis and now COVID-19- what advice do you offer for business leaders navigating their first crisis?

The pandemic is a huge disruption that causes so many systemic changes. We have to simultaneously play both offence (i.e. seize the new opportunities) and defence (i.e. conserve cash). With time, the negative impact of COVID-19 is becoming better understood. Therefore, one should focus on seizing the opportunities. There are plenty!

Originally from Hong Kong, attended university in Canada and was recently recognized as one of the University of Toronto’s Engineering Alumni Network Award recipients. Where do you believe Canadian educational programs stand on the global stage, particularly in attracting and retaining international talent?

Canada has numerous world-class universities and colleges. I believe Canada has done an excellent job in attracting international talents. That said, we are not doing a good enough job in retaining talent. Many students leave Canada after graduation. We should provide financial and other incentives for these top talents to stay in Canada.

Meet Michael Scissons, CEO and Founder at the Careerlist

A serial internet entrepreneur and investor.

Michael Scissons is a Canadian internet entrepreneur based in New York where he is CEO at Careerlist, a company he founded in 2018. Careerlist is building the first modern talent platform, pairing the industry’s top recruiters with technology that transforms the job search experience for candidates. Michael’s previous company, Flashstock, where he was co-founder and chairman, grew into the global leader in Content as a Service and was acquired by Shutterstock in 2017. Previously, Michael was the Head of eCommerce at AB InBev where he led the global eCommerce businesses, launching and acquiring operations in 10+ countries. Michael also sits on the Growth Board of Directors for ZX Ventures, the venture capital group of Anheuser-Busch InBev.

Careerlist finds itself at the intersection of technology and recruitment to revolutionize how companies find and access top talent. What was the inspiration behind Careerlist and where you see the future of recruitment?

I have always had an unusual interest in recruitment. I think it’s because my father was in the business as a PhD psychologist and a big part of growing up was spent around it. Careerlist is exciting for me as I can combine that early interest with my knowledge in building a scalable software company.

Recruitment is about people and it will always be about people. We will see technology play a great role in finding great people, seeing how they fit, sending them offers, etc., but at the end of the day I think the future of recruiting is human.

What is the number one piece of advice you wish you knew early in your career?

Always work in a jet stream. You want the natural pressure of the industry to carry you forward and give you the space to make mistakes and learn. If you start your career in an older industry with lots of incumbents, you will have more barriers ahead for your growth and you might progress slower. If you end up working in an area that is growing rapidly, the winds will carry you forward. Find the right jet stream and find the right tribe of coworkers. Stick with them.

Meet Anar Simpson, Board Director and Global Ambassador at Technovation

A key influencer for digital inclusion of women and girls in technology.

Anar is the Global Ambassador for Technovation — which equips young girls with technology and entrepreneurship skills which readies them for tech careers — and has grown the program to over 100 countries. In addition, she has been instrumental in initiatives at Mozilla, the United Nations High Level Panel on Women’s Economic Empowerment, and the US State Department’s TechWomen initiative.

Why is it important to engage in programs and develop policies that help foster a community of young women and girls in technology?

All technologies are shaped by those who develop them (this is why early social media attempts tended to advance, not hinder, misogyny). This influence is even more apparent in digital technologies as they consume so much data and propagate so quickly. It’s important for diverse viewpoints to go into the earliest stages of these products so that they have a better chance of being used positively for everyone. Women and girls are an essential part of that. This is also why our program at Technovation is designed to educate girls on the use of technology as much as on the “how” of technology. We equip the girls with skills to be tech entrepreneurs who are thoughtful about how they can change the world.

Women have been disproportionately affected by unemployment during the past few months due to COVID-19. What initiatives do you feel could play a vital role in offsetting these numbers?

There are two areas contributing to womens’ recent unemployment: 1) The burden of care work — by some reports more than four times as many women have left the workforce than men because they have to care for their children, their parents, or their relatives; 2) The nature of their work and their seniority — more women have been let go because they generally have less seniority and tend to fill more marginal, low-authority positions and have shorter tenures.

Initiatives to address these two factors, would be to properly compensate people for care work and re-skill workers for better jobs — yet another reason to have more women in technology-centric jobs that are more recession- and “future-proof”. There are some positive signs such as Canada’s Finance Minister putting a line item for Care Work into the 2021 budget. However, this is a large structural problem and needs more dedicated initiatives from governments worldwide. This was the focus of our work on the UN Women’s Economic Empowerment report. While these recommendations will not be enough, they are a starting point. Ultimately, there needs to be a shift away from only measuring GDP.

Meet Patrick Spence, CEO and Board Director at Sonos

Admired leader with a long career of scaling iconic consumer electronics brands.

Patrick Spence is the Chief Executive Officer and serves on the Board of Directors for Sonos. Patrick joined Sonos as Chief Commercial Officer in 2012. He has played a central role in the development and launch of some of the company’s most successful products and expansions into new countries. Prior to joining Sonos, Patrick spent over 14 years at RIM/BlackBerry in a variety of roles, including overseeing sales channels and country marketing operations in various regions, ultimately becoming the Executive Vice President of Sales & Marketing. During Patrick’s time at RIM/Blackberry, the company grew from $50 million in revenue to more than $20 billion, and from 150 people to more than 17,000. In 2007, Patrick was named one of Canada’s Top 40 under 40.

To say you have a breadth of global experience would be an understatement. In light of international successes, how has your opinion on Canada and Canadian leadership shifted, if at all?

Before leaving Canada I wondered if there was something that other countries were doing or had (particularly the U.S.) that made them different/ better than Canada/ Canadians in terms of starting a movement or building a business. My twenty years have led me to the conclusion that the only thing in the way of Canada/ Canadians being more successful on the global stage is Canada/ Canadians. Our society serves us well in preparing us to be the kind of entrepreneurs and leaders the world needs more of, we just have to realize it. There’s nothing in the way of Canada/ Canadians playing a bigger role on the global stage but ourselves.

What does “Canadian leadership” mean to you?

While it’s a broad generalization, I think Canadian leadership is humble, inclusive, & sustainable. Humble because we mostly let actions speak louder than words (maybe to our detriment at times). Inclusive because we know what it’s like to be on the outside looking in living next door to the world’s superpower — as people awaken to the importance of diversity & inclusion in building a successful company, I think it’s a natural Canadian strength. Sustainable because we build things to last vs. to flip or growth at all costs.

Meet Kirstine Stewart, Head of the Future of Media, Sport and Entertainment, World Economic Forum

A media powerhouse, Kirstine has helped lead some of the most significant shifts in media, from the CBC to Twitter North America.

With a board of governors including CEOs and Chairs from major global media companies including Google, Facebook, Alibaba and more, Kirstine works with the media and tech industry to keep was VP Media for Twitter North America after successfully launching and building the first Canadian Twitter office in Toronto. Before moving to Twitter, Kirstine was the Head of Canada’s national broadcaster the CBC. She is credited with reviving the public broadcaster by introducing such hit shows as Dragons’ Den, Little Mosque on the Prairie, Murdoch Mysteries expanding CBC’s reach across TV and Radio and taking the Corp through a major digital transformation marked by the 2014 Olympics and the launch of CBCMusic’s multi channel online offer. Kirstine is an outspoken advocate for and focuses on showcasing diverse talent and is the author of the bestselling leadership book published by Random House “Our Turn”.

Having spent time in both the traditional and digital areas of entertainment, where do you see the future of media, sport and entertainment?

Especially though pandemic, we’ve seen acceleration of change for the future of media. There has never a time where we are more dependent on content. People have mostly been stuck at home, streaming Netflix, missing sports (for a period of time) and not physically getting together. As content creators look for new ways to reach audiences, this pandemic has forced people to look at things in an innovative way as it has shifted our reality. Demand is up and resources are down. Whether it is the challenge of physically getting together or securing funding (we saw many advertisers pull out of media systems), there was a surge in demand with little resources available. Media is still valued, but how we get it to them, became the challenge.

We’re seeing a lot of interesting moves. For example in Sports, how do broadcasted games engage with audiences who would typically be in the stadium, when they are no longer there? The NBA really rose to this challenge not only by providing a safe environment for their players in the middle of a pandemic, but also by using innovative technology to bring fans virtually into the stands. This is just one example of what we needed to do in order to get content in the hands of people who wanted to consume it and create it themselves. It is a challenge when we have a spike in demand, but are looking for new ways of how to fund and create the content. Yet, it is also a huge opportunity, because we already know how many people rely and depend on entertainment and information.

You have been a vocal advocate for female leadership for seizing opportunities, as touched on in your book “Our Turn”. What reflections have had in the 5 years since releasing your book?

At the time of releasing the book, I thought I was speaking about a new kind of leadership that was overdue and that the window for embracing that kind of leadership would be short. What I was hopeful for, was that the new wave of creative success in business was a demand for a new kind of leader. However, what we have seen is that when demands shift, they don’t shift on a straight path. We see that access and diversity initiatives can roll backwards. We’ve seen this in the pandemic disproportionately affecting diverse workers. We’re seeing women leaving the workforce at higher numbers than before. The ground made in the last couple of decades, in terms of pay equity and presence in the workforce, that people worked hard to achieve, has rolled back in a matter of months. This is deeply concerning.

I thought the book would be obsolete in 5 years and the subject would be in the rear view mirror. I’ve been asked to speak more on this topic lately, as people are concerned about the state we find ourselves in. We’ve seen unrest in the US especially and attention to voices we don’t typically hear at the table. It takes leadership to make change. Coming back and placing focus on diversity and leadership of colour, of gender and of different backgrounds, is at the forefront again. There is a new awareness of how easily progress can be lost and people won’t take no for an answer.

Meet Mike Wessinger, Founder and CEO at PointClickCare

A natural born leader, Mike has been named one of Canada’s top CEOs, while leading an organization at the forefront of healthcare technology.

Mike Wessinger is the Founder and Chief Executive Officer of PointClickCare Technologies. A rare Canadian unicorn and Canada’s largest private software company, PointClickCare is the leader in cloud-based software technology for the long-term post-acute care (LTPAC) market. Mike introduced the first cloud-based electronic health record (EHR) platform in the LTPAC industry in 2000 by leveraging a Software-as-a-Service (SaaS) model, the industry’s standard software delivery model today. His focus on building a strong corporate culture has resulted in PointClickCare being recognized as one of Canada’s Best Places to Work and Mike himself has been recognized as one of Canada’s #2 CEO in Canada (Glassdoor), Entrepreneur of The Year (EY) and Most Admired CEO (Waterstone Human Capital).

In a 2019 interview with The Globe and Mail, you expressed that you were happy you didn’t take PointClickCare public in 2015. More specifically, stating that “private is the new public”. How has your decision to remain private benefited the organization? Do you feel there are circumstances and industries where going public plays an advantage?

I believe remaining private allows us to continue to focus on and invest in the long term vs chasing a quarterly number. The PE firms we have been working with share our long term view and don’t get distracted if we optimize for the long term success vs short term earnings or growth. Also, they have been very flexible in providing liquidity to early shareholder and employee option holders. The bottom line is we get everything we need from a growth capital or liquidity perspective without the cost or burden of being public. For many other companies I feel like getting public may be their only option with all of the complexities of their cap table. In our case it’s very clean. Founder-controlled and one class of shares.

What advice do you have for business leaders on developing and fostering an authentic company culture?

We take culture very seriously. In fact we see it as our key competitive advantage. Our competitors can recruit from the same schools, pursue the same customers, copy our strategy etc. We believe that our culture helps us get the very best people allowing them to do their best work. That’s a huge advantage. A few recommendations:

– Be deliberate

– Define the culture you aspire to become

– Don’t borrow someone else’s culture. Make it your own and don’t outsource it.

– Find ways to institutionalize it (I.e. culture orientation sessions, recruit and reward systems etc)

What is the number one piece of advice you wish you knew early in your career?

Surround yourself with people that have a high Grit Quotient (GQ).

Visit our website to learn more about all the C100 Charter Member and how you can join. Follow C100 on Twitter, LinkedIn, Facebook, Instagram, YouTube, and right here to learn more about Canadian entrepreneurship.

Article written by Lauren Howe, C100. Please provide any feedback to lhowe@thec100.org. Last updated: Dec 8, 2020.

This Is Why It’s Important that We Gather for 48Hrs in the Valley in a Pandemic

Co-authored by Megan Bacigalupi (C100’s Program Manager) & Joshua Goodfield (C100’s Partnerships Manager)

Over the past ten years, C100’s flagship by-nomination program, 48Hrs in the Valley, has introduced the founders of Canada’s most promising early-stage startups to Silicon Valley through intensive mentorship, high-calibre networking, venture guidance, and unparalleled access to C100’s extensive network.

This year, however, the program looks very different, as will our culminating “48-hour” event. What the community will lose in “serendipitous” run-ins, it will gain in intentional impact and access. For example, this 48Hrs features participation from more geographies than ever before at a C100 event — we have Canucks joining from St. John’s, Los Angeles, Whitehorse, Hong Kong, London, Victoria, New York, San Francisco, just to name a few! And we’ll all be under one “roof” to engage, connect, and support Canadian entrepreneurship.

So, who are these 26 founders C100 is proud to support in 2020? And how do they highlight their unique perspectives, their roles as leaders and problems they are hoping to solve.

The founders built their businesses out of a sense of frustration with the status quo

Nearly our entire cohort felt they were uniquely positioned to solve an age-old industry problem first-hand that inspired their initial business idea — whether a lapse in technology availability, fragmented or poor solutions, or an inefficiency they felt compelled to fix. Several of the founders have years of experience in the traditional industry their company is disrupting. The one commonality in our cohort is a passion (or perhaps obsession) with wanting to solve big problems, fast.

“We got started because my co-founder and I visited some multi-billion dollar skyscraper offices and were blown away by the lack of technology in them. We knew right away it was a big opportunity in a very green field.” — Clint Robinson of Lane who is building a communication platform for landlords and tenants

“GoFor was founded to solve my biggest problem as an owner of a construction company, that is how do I get materials to a job site in a quick and efficient manner. No matter how you look at the problem there was no solution that was either quick or cost effective.” Brad Rollo of GoFor who is making the construction customer experience fast, friendly, and predictable

“I opened a multi-disciplinary health clinic in 2011 and was looking for online booking and electronic charting that would suit a variety of disciplines. A year later, I joined up with my co-founder to build out this original concept into a complete practice management system which we could license to other clinics.” — Ali Taylor of Jane Software who is building an online platform for health and wellness

“I met my co-founder 10 years ago while we were both working in financial services IT, we started Cinchy after realizing that the only way to have a material impact in simplifying how enterprise tech is developed was to change the dynamic between applications and their data. We left our careers in banking tech and now count several of our former employers as valued customers!”Dan DeMers of Cinchy who is building an Autonomous Data Fabric to eliminate integration and double a user’s IT capacity

The best aspect of leading a company are the rewards that come from leading fast- scaling teams on a unified mission to change the world

In the case of many of this year’s cohort, when their business succeeds it drives real-world positive change which leaves the founders and their team motivated to keep pushing the limits of what is possible.

“A conversation at the right time with a patient or healthcare professional has the power to impact treatment and healthcare outcomes. As a quickly growing digital health company, I appreciate the impact of being part of a solution to empower patients to stay on track of their medications and provide physicians critical medical information 24/7.” Lexi Kaplin of conversationHEALTH who is empowering healthcare companies and brands to quickly and efficiently bring their business into the conversational age

The entrepreneurs in our cohort took so much pride in their team’s commitment to the company and the various missions they so strongly champion.

“The thing I love most about my job is that I get to zoom out on big company goals and zoom in with purpose, and with a team that is not only talented but thoughtful, supportive and ambitious at every level. Especially through this period of working from home, I am reminded of how important it is to work with people who inspire me every single day.” — Nadia Tatlow of Shift who is building the new browser for efficient users

Another common response amongst founders was engaging with their customers and obtaining feedback. These moments were cited as so fundamental to the growth of the business as the team jointly recognizes that they are on the cusp of something great in a burgeoning market.

“I love hearing from customers and seeing the real-world applications of our digital tools: an example use case is our platform being used to identify the potential land to bring more affordable housing to market.” Monika Jaroszonek of RATIO.CITY who is building a tool to transform cities

Entrepreneurs carry lots of burden, especially throughout this challenging moment in history, and yet they persevere and remain resilient

“I was born in Iran, where my family is Baha’i, a religious minority banned from higher education in the country. Being an outcast in Iran did not mean that the rest of the world accepted you. Without the open door policies of Canadian immigration, I would have never been able to move to Canada, pursue my dream of higher education, and ultimately start Spocket.” Saba Mohebpour of Spocket who is revolutionizing the dropshipping market to help online retailers

A big challenge, letting go and trusting their growing teams to take on more responsibility.

“The greatest challenge has been forgiving myself for the mistakes I’ve made and moving on. I started with a real business relatively early, around the age of 21, and have made a litany of mistakes that stemmed both from my inexperience and a significant amount of self-doubt. I’ve begun coming back from that and thankfully our business has continued to find success in the process.” Robert Kirstiuk of Freshline who is paving new paths for local suppliers and consumers to connect

Many entrepreneurs spoke candidly about the recent challenges stemming from the COVID-19 pandemic. It became a forcing mechanism for many to create a more agile organization to continue growing and re-evaluate every pre-existing assumption they had about the business.

“After receiving multiple term sheets, we were about to close our Series A — we were weeks away from completion when the pandemic hit. My leadership team and I went into crisis-mode. We were seeing companies all around us lay-off huge portions of their staff, lose business, or even close completely. Although it has been an incredibly difficult time, I am so proud of how we navigated it and how we have come out as a stronger team and company. Throughout it all, we managed to close our round and sign new clients.” Ian Jeffrey of Breathe Life who is building a solution for life insurance carriers pursuing a digital transformation strategy

Don’t forget to celebrate big milestones along the way!

Our cohort leaders spoke of major milestones that they take immense pride in. Many celebrated the workplace culture they worked feverishly hard to build and sustain through growth. A couple founders spoke on their steadfast approach to achieving a diverse and gender balanced team in industries that have historically felt very exclusionary to some. According to one entrepreneur in the cohort, the proudest moment continues to be proving doubters wrong!

“Our first and best customer is a top ten largest retailer. They want us to be in-flight across the entire organization in 2021, which was a great start!” Tim Regnier of Smart Access who is pushing the bounds of workforce productivity

“There are three: 1. Closing our seed round (after which we realized we actually had to build a business; 2. Deploying our platform to our first enterprise client; 3. Announcing our collaboration with a respected F100 company.” Sheldon Fernandez of DarwinAI who is accelerating deep learning development with explainable AI

“I am extremely proud of our ISO Laboratory where we process and store cell samples. We have made quality our biggest priority in every aspect of our process. This has allowed us to create a service that uniquely combines viability assessments, redundant samples, and security for our clients.” Drew Taylor of Acorn Biolabs who is enabling users to freeze the clock on their cells to unlock the future of personalized healthcare tomorrow

48Hrs in the Valley is symbolic of a new chapter of growth as the entrepreneurs refocus their attention to the global stage

48Hrs is built knowing that founders learn so much from their peers, especially those a few steps ahead of them. The power of community in tandem with a well networked group can be game-changing for these entrepreneurs.

“I was motivated by the opportunity to connect and feed off founders in a similar place as me. The best advice I generally receive is from fellow founders.”Jeremy Lermitte of RedCircle who is helping podcasters get paid through support advertising, subscriptions, and donation models

There are other reasons some of our founders expressed their enthusiasm to partake in the 48Hrs Class of 2020. Founders indicated they have their eyes on growing in the U.S. market and this program could be the stepping stone to such initiatives.

“We are from a practically unknown region in Canada, so 48Hrs in the Valley has really helped us raise our profile in other ecosystems.”Wally Haas of Avalon Holographics who is building next-gen holographic displays

Additionally, some founders cited their direct hope to join our member network and accomplished list of alumni founders over the past ten years who want to mentor future generations of entrepreneurs.

“I’ve previously helped launch two Y-Combinator backed companies in the Valley with fellow Canadians and wanted to build this company in Canada so 48Hrs in the Valley seemed like a great way to reconnect with the Valley. Ultimately the network and community are invaluable.”Ben Sanders of Proof who is helping governments to complete approvals faster

What is the best advice you’ve been given by a fellow founder? Leading through all the noise, the importance of finding key people or practices to keep founders focused.

“One piece of advice from a fellow founder that really resonated with me was the importance of surrounding yourself with people who can mentor you. The first 12 months after starting BOOQED was challenging. I was fortunate to have a few core mentors to act as a sounding board and get honest, experienced, feedback.”David Wong of BOOQED who is building a platform for flexible business space

“One of the biggest pieces of advice that I was told early on was that everything can be seen as “just a setback”. If you move away from seeing things from a point of failure, and see them as a slight delay in what you want to achieve, you can never really fail.” Braden Parker of Casca who is building a footwear brand focused on sustainability and longevity

Founders cited specific benefits to building in Canada. Why Canada? Much more than why not.

The bottom line here is the “Canadian spirit” — a willingness to help and connect with each other and support fellow founders through their wins and losses and . A culture of politeness and collective effort for the greater good of our societies. A a tight-knit ecosystem whose constituents root for each other.

“The diversity of talent, culture and experience makes Canada an incredible place to grow a company. We have a growing ecosystem of startups and support systems and there are good government programs available to help companies grow.” — Aly Dhalla of Finaeo who is redefining the future of insurance

Many founders praised the support of Canadian government programs and policies to grow the country’s innovation economy. Also cited as fundamental to founders were the high-calibre accelerator and incubator programs in Canada, such as the DMZ at Ryerson University and Velocity at Waterloo which helped validate their initial business and gain early traction until they “left the nest.”

“Canada has more non-dilutive funding and mentorship initiatives to help startups than any other market I’ve ever seen. Canada has tremendous technical talent, a driven workforce, funding initiatives, and tremendous tax credits which help Canadian companies thrive.” — Andrew Batey of Beatdapp who is tracking media streaming play counts in real time

Canada’s diversity is a boon to entrepreneurs. One founder said Canada’s multilingual, multicultural demographics inherently force her company to see issues with a “global lens.” One founder said that Canada is comprised of modest people willing to learn and offers a more equitable environment for exceptional individuals regardless of race, gender, or sexuality.

Canada’s proximity to the U.S. and other major markets in the world could just be its secret sauce.

“We are in Montréal, which is the middle point between California and the European Union, which means we are just a short plane ride away from both our American and E.U. customers.” — Marc-Andre Forgetof Ossiaco who is delivering clean energy for people without compromise

This cohort is thinking big — they have a deep desire to improve life for people and the planet. And for many, 48Hrs in the Valley is the beginning of their expansion journey

“If we are wildly successful, we could see a huge shift from gas-powered cars to electric vehicles. With ultra-fast electric vehicle battery charging we can increase the adoption rate of electric vehicles by individuals; reduce the emissions caused by internal combustion engine vehicles used by businesses; and make electric fleets economically feasible sooner as opposed to over the life of the vehicle.” — Kostya Khomutov of G Batteries who is transforming the car buying process to be more digital and accessible

“Our mission is to take every painful experience in the homeownership journey, flip them around and make them great. We envision a future where everyone has access to a personalized home concierge who takes care of all the domestic tasks and who arranges and manages trusted home service providers so people can focus on doing more of what they love.” — Casey Kuchar of Virtuo who is making home buying and moving stress free

Canada Transformed Itself as a Global Tech Player Over the Past Decade. How Can Canadians Everywhere Help Sustain Momentum Now?

Co-authored by: Laura Buhler & Joshua Goodfield of the C100, with contributions from Thomas Park (VP, Operations & Strategy, BDC Capital), Charles Lespérance (AVP, Ecosystem Development, BDC Capital), John Stackhouse (SVP, Office of the CEO, RBC), Marianne Bulger (Founder & CEO, Prospect), Craig Wright (Chief Economist, RBC), David Rozin (VP & Head, Technology and Innovation Banking, Scotiabank), Martin Philipp (Senior Manager, Operations Support VC, BDC Capital), Win Bear (Head of BD Canada, Silicon Valley Bank), and Paul McKinlay (Managing Director, CIBC Innovation Banking).

Since C100’s founding 10 years ago, our community has had the honour of both cheering on and participating in the remarkable transformation of Canada’s technology industry. If the last few years are any indication, Canada is poised to one day assume its place as the top destination globally for talent and for entrepreneurship.

Together with some of C100’s key partners, we have summarized the rapid evolution of Canada’s dynamic innovation economy here. It is not exhaustive, but does cover the reasons why our community has so passionately pursued the mission to support, inspire, and connect Canadian entrepreneurs to capital, talent, and ideas in our home base of Silicon Valley.

The momentum is motivating. We’re proud to be part of the story. And we hope global Canadians everywhere are proud to help share Canada’s story with us.

But as we reflect on the progress of the past decade, we also find ourselves in a time of great uncertainty, rife with risks and challenges business leaders and policymakers are only just beginning to understand. With the gains made the last decade and the engagement of our whole ecosystem — industry, entrepreneurs, academia, government, and the force of Canadian talent including our “unofficial ambassadors,” those Canadians living abroad — the next decade should be one of unprecedented leadership for Canadian technology on the world stage.

I. Canada experienced ten years of unprecedented growth in its technology ecosystem, closed out by a record-shattering 2019

1. Canadians should be highly optimistic about their ability to attract venture capital — a driving force of the tech industry — given the hyper-growth in investment activity

Canada experienced ten years of unprecedented growth in its technology ecosystem, closed out by a record-shattering 2019. The past five years have seen sustained year-over-year growth in venture capital (VC) investment into Canadian technology companies on all metrics: total dollars invested, the number of deals, and average deal size (which has more than doubled). In 2019, the volume of VC invested in Canada had its greatest uptick ever with 40% growth over the previous year.

Figure 1. Total VC investment and deal count in Canada, C$ billions, per annum. Source: CVCA, BDC Capital.

The sector’s growth is also reflected in the number of active Canadian General Partners (GPs) which has doubled over the past five years, driven both by emerging and established funds. The number of new “emerging” GPs (fund 1–3) has increased from 23 to 42, and “established” GPs (fund 4+) from 1 to 9.

Figure 2. Total number of active Canadian GPs with fund sizes exceeding $10M, 2014–2019. Source: BDC Capital.

What’s more: the presence of large funds has also grown significantly. At the end of 2014, there were just 3 funds exceeding $100M, compared to the now 14 funds. Over the past five years, the average size of these funds has grown 52%, from $136M in 2014 to $207M in 2019. Often cited as a cardinal challenge for high-growth companies, access to growth capital for later financing rounds is more accessible today, thanks in part to the presence of larger Canadian funds.

Investments from top-tier U.S. funds are no longer an anomaly in Canada many of the best VC firms like Accel, Bessemer, a16z, GGV in the U.S. (to name a few) and the top corporate VCs have now made Canadian investments and have an appetite for more. And we’re seeing more US-based LPs investing into Canadian VC and growth equity firms. — Win Bear (Head of BD Canada, Silicon Valley Bank)

The Canadian VC sector has emerged as a major global contender. Five- and ten-year investment returns (the measure of performance in the VC asset class) in Canada has seen a dramatic improvement, compared to their American counterparts. Canadian VC ten-year returns crossed the 5% hurdle in 2018, and are closing the gap with U.S. VC. Today, Canada lags only the U.S. and Israel for the relative size of its VC industry, representing 0.16% of Canada’s GDP (compared to 0.55% in the U.S.).

Figure 3. VC returns in Canada and the U.S., 2013–2018 (%). Source: BDC Capital, Cambridge Associates.

2. Canada has emerged as a creator of and destination for global talent

Canada is making itself home for a new wave of ambitious entrepreneurs and technology companies attracted by a diverse, highly-educated talent pool and favourable immigration policies. The success of Ottawa-based e-commerce titan Shopify is heralded as Canada’s current-day quintessential talent magnet and in recent weeks has become Canada’s most valuable company in any sector, at a $121B market capitalization. Coming up from behind Shopify, many of Canada’s most promising technology companies have been founded by Canadians returning home after experiences in Silicon Valley, such as Andrew D’Souza of Clearbanc, Ray Reddy of RITUAL, and Michael Katchen of Wealthsimple, to name a few.

Citing the depth of technical talent and world-class universities, iconic global players are making moves north, and their investments are driving substantial job gains. In Q4 of 2019, Amazon announced its plan to create 10,000 jobs in Vancouver. Google and Apple made similar announcements for 5,000 jobs in cities including Montreal, Kitchener-Waterloo, Hamilton, and Vancouver, while Uber announced an investment of over $200M in Toronto over five years for its new self-driving engineering hub.

Over the past five years, 80,000 new tech jobs have been created in Toronto alone, more than San Francisco, Seattle, and Washington, D.C. combined. Other Canadian cities are emerging hotbeds of talent, too. Of the major cities in North America, Vancouver demonstrated the greatest year-over-year gains with 43% growth in tech jobs. Ottawa is tied with the SF Bay Area to lead North America in tech talent concentration at 10%, three times the Canadian average. The growth is not just concentrated in big cities: Hamilton and Waterloo are two of the fastest-growing “opportunity markets” in North America with 52% and 40% growth respectively in tech job creation.

Canada has been responsive to the needs of the growing tech sector with progressive immigration policy, doubling down every time the U.S. pulls back on immigration. Canada now welcomes five times the number of skilled immigrants as a percentage of its population than does the U.S. The Global Talent Stream visa program launched in 2017 promises easy entry for international technical hires in as little as 10 business days, and the private sector is quick to react. Half of the immigrants admitted into Canada over 2018 held a STEM degree. Notably, 65% of U.S. tech HR professionals surveyed by Envoy view Canada’s immigration policy as more favourable than that of the U.S., and 35% envision sending more of their workforce to Canada and boosting hiring foreign nationals to work there.

Figure 4. Skilled foreign workers as a percentage of the total population, 2013–2018. Sources: Government of Canada, U.S. Department of State, Statistics Canada, U.S. Census Bureau.

In the opposite direction, Canadians abroad may be motivated to learn that Canadian-headquartered companies are aggressively growing their own international presence, particularly into the next-door market. Nearly two-thirds of international hiring by Canadian tech companies in 2019 was in the U.S. There are emerging priority regions: including Europe (20%) and Asia (11%).

Figure 5. Breakdown of Canadian-headquartered startup jobs located in six most common U.S. states, 2019. Source: Prospect.

Unlike domestic hiring which tends to focus on technical roles, the majority of hiring in the U.S. and Europe is in ‘go-to-market’ functions such as marketing, sales and business development and operations. However, the COVID-19 pandemic and associated economic downturn have taken a toll as hiring trends both at home and abroad for Canadian companies plunged by 60% from January to April, 2020. There is still reason to be optimistic — even after a challenging quarter, over 12,000 open job postings remain active at Canadian startups.

II. There are still hurdles that the Canadian tech ecosystem must clear to benchmark against the U.S.

1. Venture-backed businesses in Canada are still less capitalized than U.S. counterparts.

On average, startups in Canada raise less than half as much VC than do American companies, with the median pre-exit capital raised at $6.8M, compared to $15.8M in the U.S.

Lastly, even though larger and later-stage funds are a growing presence in Canada, some late-stage funding gaps persist, showing there is still room for additional late-stage capi

“Given that only a few large exits in a VC portfolio often drive an entire fund’s return, it is critical for Canada to achieve higher exit values. 2019 was a record year for Canadian VC-backed exits and Lightspeed’s IPO earlier this year is proof that Canadian companies can remain in Canada and still reach billion-dollar valuations.” — Thomas Park (Vice-President of Operations and Strategy at BDC Capital)

2. Executive talent is still wooed by higher salaries and bigger exits south of the border

CEOs and founders in Canada share that access to executive “scaling” talent remains a cardinal challenge. Before the COVID-19 pandemic, research conducted by the BDC offers one possible explanation for that challenge: compensation. Canadian tech executives earn on average $87,000 USD less than their colleagues in the U.S. earn. This gap persists at every funding stage and in every sub-sector, and across all senior leadership ranks. We are unsure of how the pandemic will impact compensation going forward, but drawing attention to recent trends may shed light on the opportunity.

Figure 6. Average tech executive compensation in VC-backed firms per position, 2018, $USD. Source: BDC Capital.
Figure 7. Average tech executive compensation in VC-backed firms per funding round, 2018, $USD. Source: BDC Capital.

Despite salary gaps, Canadian companies are actually quite competitive when it comes to equity-based compensation. But, median exit values in Canada significantly lag the U.S., thus it is far from enough to bridge the gap.

Figure 8. Median VC exit value in Canada and the U.S., C$ millions, 2014–2019. Source: BDC Capital.

There are a number of factors likely responsible for the compensation gap:

First, is an issue of supply and demand: Canadian cities are home to more tech workers per firm and more newcomers than major American tech hubs, meaning the labour market in Canada is simply not as tight, thereby pressuring wages upward in the U.S.

Figure 9. Benchmark of available tech workers in major Canadian and U.S. cities, 2018.

Second, U.S. companies boast a greater concentration of talent with advanced tech degrees, even though proportionally Canada produces more STEM graduates. “Pedigree” demands higher salaries.

Lastly, Canada’s talent compensation is still benchmarked regionally, which investors use to set compensation estimates when investing. Locally attractive salaries might not be enough to recruit executive talent out of U.S. hubs, where the most ambitious firms are willing to pay for top talent.

Are Canadians with high earning potential simply choosing other industries? Or are those same workers moving abroad? Whatever the cause, American companies are outcompeting Canadian ones for executive talent, and the lure of opportunity down south has pounded a well-trodden path for Canadians seeking higher earnings and bigger outcomes.

III. Canada’s track record of resilience leaves us destined for new opportunities

Times are undeniably tough right now. The economy is anticipated to shrink at an annualized rate of 25% in the second quarter of 2020 and as many as 2.8M jobs may be lost. Startups are hiring less (job postings have decreased by one-third), and three-quarters of companies report the intention to scale back hiring to accommodate a looming recession. Nearly two-thirds of startups are conducting layoffs, amounting to 5% of Canada’s startup workforce. Anecdotes circulate of executive teams reducing or completely eliminating their own salaries to try to keep teams (and morale) intact.

“Canada’s competitive advantage is our flexible, dynamic and well-educated labour force, consistently ranking among the leaders of the OECD group of countries in terms of education attainment. Moving forward, we are well-positioned to take full advantage of an economy that will tilt to brains over brawn. To take full advantage of these accelerating trends, however, we need businesses and investors to ramp up R&D in the emerging sectors to provide the tools necessary for the workforce of today to be ready for the economy of the future.” — Craig Wright (Chief Economist, RBC)

Investment activity into startups has also slowed down in 2020. VC investment in Q1 of 2020 ended at $834M, the first decline after three successive quarters exceeding $1B. Nearly 70% of startups in Canada reported during the COVID-19 pandemic that their fundraising prospects have been negatively impacted by the crisis, with 40% deciding to postpone fundraising to a later date to better their odds.

The macro-risks facing Canada’s tech ecosystem are no less daunting. One potential risk is that foreign investment into Canada may dwindle as sovereign wealth funds and other institutional investors pull back. In addition to being a major source of capital for Canadian VCs, foreign capital also represents between one-third and one-half of investment in Canadian companies, with the U.S. being the leading source of international investment.

Purchasing activity is also expected to slow down, stalling the growth of our scaling startups. A May 2020 CIBC equity analyst report forecasted a significant decrease in IT spending in 2020 which “runs counter to much of the commentary on Q1 earnings calls from the software providers.” Declines are predicted across most IT segments, but cloud software may see a boon: “As organizations have been forced into embracing remote work, the importance of nimble, accessible infrastructure and a clear digital strategy have been made evident.”

VC returns and liquidity may also suffer, threatening capital availability and thereby the near-term outlook of the industry as a whole. Threats to the VC industry may be amplified by less capital from high net worth (HNW) individuals, family offices and corporate venture capital (CVC), and other sources of alternative capital being injected into the industry. Cash-strapped startups in more hard-hit sectors (such as travel, mobility, hospitality, live entertainment, real estate) may struggle to stay afloat, which will challenge investors with too much exposure in these sectors within their portfolios.

But, we have seen in the past a world of uncertainty can offer outsized opportunities for Canada.

“As the world shifts from “growth at all costs” to “path to profitability” and a focus on metrics, the Canadian companies and entrepreneurs forced to do more with less should easily transform into by-the-numbers’ superior companies. Proximity matters less and less as a result of COVID; Canadian companies should now feel emboldened. To be sure, COVID has caused dislocation and the need to rethink value propositions, but we are still in the early innings of global digitization. It is essential our entrepreneurs continue to tackle difficult problems, think globally and leverage Canada’s powers of attraction as it relates to immigration and culture. We are poised to succeed.” — David Rozin (Vice President and Head, Technology and Innovation Banking, Scotiabank)

As talent becomes more distributed, Canadian companies that thrive in this “new normal” will be better positioned to compete for global talent — whether that talent finds its way into the Canadian borders or not. After the pandemic, the workforce may look very different and Canada may need to accelerate its reskilling of the population to fit the needs of the emerging economy. Our aptitude to do so may very well position Canada as a model globally.

“For the better part of the past century, Canadian expats have been quietly inserting themselves into pretty much every significant movement, from international human rights to global media, usually excelling with those common Canadian — and globally rare — attributes of empathy, balanced thinking and reasonable accommodation. In few sectors is this more evident than technology, where Canadians can be found almost everywhere, with a combination of tech skills and human skills. A divided, distanced world will need these bridge-builders even more. And Canadian foreign policy — challenged anew by a fractured world — can harness them for our country’s strategic advantage.” — John Stackhouse (Senior Vice President, Office of the CEO, RBC), from his upcoming book Planet Canada: How our Expats are Shaping the Future.

Talent-based immigration is a core competency for Canada, and an opportunity to double down its position globally. As the U.S. consistently closes channels to immigration, will Canada continue its pattern of opening up? In an economy where one of five tech workers is foreign-born, Canada may very well be the place the next generation of entrepreneurs and operators choose to make home.

What is the call to action? Canada’s expat community and diaspora network can play a key role in propelling our nation forward: it’s about the power of people and community.

Photo by sebastiaan stam on Unsplash

This piece was built in collaboration with C100’s Foundational Partners: