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Canada’s next big act is training scaleups

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By Jack Derricourt & Chris Hogg

Jack Derricourt is the Managing Editor of Digital Journal and a contributing editor to DX Journal. Chris Hogg is the President of Digital Journal Group.

The Canadian technology landscape is booming.

Canadian companies took in $2.5 billion in funding in the first half of 2018, the strongest first half since 2000. Corporates have announced large-scale investment plans to invest in innovation and digital technology (CAE recently pegged $1 billion for the efforts) and post-secondary institutions are breaking ground to house future generations of talent (the University of Toronto is building a 14-storey building to be completed by 2021).

The Canadian technology landscape is ripening and readying for an influx and growth of more mature, internationally-focused ventures.

While scaleups make up less than five percent of Canadian companies, they create half of all new jobs in the country.

On September 26 in Toronto, Elevate ScaleUp will seek to provide helpful insights into the problems facing scaling companies. Presented by CIBC and Osler, the event features startup veterans sharing their experiences.

DX Journal spoke with Julia Kassam, Managing Director, CIBC Innovation Banking, to find out more about the next big act in Canada’s innovation space.

DX Journal: With innovation ecosystems forming across Canadian cities, what excites you the most for startups in Canada?

Julia Kassam: From coast to coast, we’ve hit our stride as a community. The Canadian startup ecosystem has never been stronger and it is launching Canada into the global spotlight. Success stories about scaling companies of all sizes, in different industries, are generating the attention of investors and aspiring entrepreneurs. We are gaining a reputation for being diverse, collaborative and competitive.

This means that Canada is no longer an occasional destination, but a critical location for international investors to regularly visit, and for global brands to establish roots and drive their own corporate growth.

DX Journal: Canadian policymakers have made strengthening the venture capital sector a priority, with the launch of Venture Capital Action Plan (VCAP) and Venture Capital Catalyst Initiative (VCCI) underway. What does that mean for startups and scaleups?

Kassam: After years of lobbying by the Canadian Venture and Private Equity Association (CVCA), the previous government took our sector’s advice and launched VCAP as an arms-length funding strategy. VCAP worked as designed; venture capital funds benefited from the capital raised and invested in several early-stage companies. The new funds that should be raised under VCCI will capitalize on that success and strengthen the sustainability of Canada’s venture capital ecosystem.

What this means for entrepreneurs is that the federal government recognizes that VCAP was an appropriate initiative, and that to fuel the innovation economy, companies need a robust venture capital ecosystem to move from startup mode to scaleup mode.

It’s a really strategic and exciting initiative because later-stage capital will help accelerate the growth for companies who need to overcome commercialization hurdles, expand into new markets and compete on a global scale.

DX Journal: Many startups struggle to scale because they don’t have the right senior talent. What is your sense of how well positioned Canada is with experienced leaders?

Kassam: Although Canada has established a reputation for developing world-class academics and innovators, we do need to attract experienced executive talent. Everything moves at an accelerated pace in a scaleup, and the business will bend and flex in ways it never has. Canada needs more leaders who know what it takes to grow globally and ensure scaleups are well-equipped to navigate and accelerate growth.

One big benefit Canada has that helps here is as a result of our proactive immigration policy – the ability for Canadian scaleups to attract skilled talent is getting easier; our country realizes that to keep pace with scaleups, concentrated efforts are needed to establish Canada as a global technology powerhouse.

DX Journal: Canada has also been able to attract tech titans such as Google to open up offices in Toronto. What role do they play in the scaleup economy?

Kassam: They serve as training ground, but also as a competitor for talent. In the best case, people learn what it takes to be part of a leading innovator while being trained by experienced executive talent at the local divisions of firms such as Cisco or Google. For scaling companies, the opportunity to pilot their innovation becomes a realistic opportunity which can flourish into a partnership that may lead to an acquisition. A big opportunity that emerges as a result of large tech companies choosing to set-up an office in Canada is an acceleration of human capital development for the ecosystem.

What we are also seeing more of is that global innovators are setting up their R&D centres in Canada. A great example this summer was Samsung announcing an AI Centre located within MaRS, led by a Toronto-based academic. Again, another opportunity for scaleups to be close to the heart of global innovation. That is huge potential waiting to be unleashed.

DX Journal: How is the Canadian startup ecosystem helping to train talent?

Kassam: Serial entrepreneurs and investors share mistakes and success stories which help shape and accelerate scaleups through collective learning. What truly makes the Canadian tech ecosystem unique is our mindset to foster entrepreneurial spirit; and a great example of how we do that is by bringing the startup community together.

Elevate, Canada’s largest tech festival and one that CIBC Innovation Banking is sponsoring, is the perfect example of creating the right information and network opportunities so that we can collectively benefit from the existing momentum in Canada’s innovation ecosystem and drive our entrepreneurial culture forward.


DX Journal:
What’s the next step for the Canadian scaleup story?

Kassam: Canadian scaleups will continue to tackle the unique challenges that come with scaling a business; however, they will think in a global context earlier than ever before. Scaleups need to strategically choose the right capital partners for their growth – ones that open doors to new markets. There needs to be an emphasis on attracting top talent earlier in the growth cycle to help drive international perspectives and opportunities.   

To hear more from industry leaders who have scaled real businesses (and have the scars to prove it), get a ticket for Elevate ScaleUp, happening September 26, 2018 in Toronto. Presented by CIBC Innovation Banking and Osler, the event will provide real insights from entrepreneurs and tech veterans who have spent years in the field, on everything from hiring, to financing, to distribution.

 

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The Northern Lights Technology & Innovation Forum navigates AI, economic concerns and upskilling in Alberta

Panelists dive into how innovation and collaboration may help navigate the changing industry landscapes

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While rapid advancements in AI are reshaping industries worldwide, they’ve sparked discussions about innovation and community resilience through ongoing economic challenges. At this year’s Northern Lights Technology and Innovation Forum, panelists explored how technology could drive positive adaptation.

​​Moderated by the Calgary Economic Development’s Geraldine Anderson, the panel featured:

  • Mark Little, co-founder and CEO Jotson Inc, and board member of General Fusion
  • Anna Baird, culture and innovation evangelist at Google
  • Dan Semmens, SVP and head of data and IT at ATB Financial
  • Arthur Kent, Canadian journalist and author
  • Joy Romero, executive advisor innovation at Canadian Natural Resources Limited (CNRL)

Approximately 250 attendees gathered for the forum at the Calgary Petroleum Club on Feb. 8. Filled with industry leaders and burgeoning entrepreneurs, the forum focused on collaboration and knowledge sharing in the tech sector.

Over the past five years, Calgary has seen a 22 per cent increase in tech talent and total tech jobs, emerging as one of North America’s top markets for young tech professionals.

“The talent pool here is amazing,” said ​​John Givens, vice president of sales at C3 AI and one of the event’s organizers. “So how do we leverage our talent here? How do we share that knowledge?”

In response, this year’s forum included the inaugural “Mentors and Makers” initiative, where a dozen industry experts pinned green buttons to their lapels, signaling to anyone in the crowd that they’re open to a conversation.

Shawn Mahoney, another event organizer and co-founder of Spare Parts & Gasoline, said in his opening remarks that the initiative speaks to “creating the new innovators that we need to solve tomorrow’s problems.”

And with that, the panel took the stage to dig into the big questions: What are the challenges and opportunities for Alberta as a growing tech market? How will AI continue to change industries across the board? And if it does, will that be a bad thing?

The Alberta advantage

The panel conversation was kicked off by the first question asked by moderator Geraldine Anderson: “What is the Alberta mindset, or the ‘Alberta advantage?’” 

Mark Little. Photo by DX Journal / Digital Journal

Mark Little, co-founder and CEO Jotson Inc, said Alberta has a lot going for it — including having the highest GDP in Canada, a younger population, and high education levels — but those aren’t the advantages that stand out to him.

“There’s a resilience and an entrepreneurial spirit here,” he said. “As a result of that, we’re seeing innovation … I think 10 to 15 years from now we’re going to lead this country in innovation and it’ll be every sector you could imagine.”

Hailing from Vancouver and the only panelist not based in Calgary, Google’s Anna Baird said she considers herself an honorary Albertan based on the “sheer grittiness and roll up your sleeves and work together” attitude she’s witnessed. 

“The grittiness takes us into innovation,” said Baird. “We’re willing to try new things, we’re willing to fail — hopefully fast and cheaply, as is Google’s ethos. But we’re also willing to borrow with pride and give kudos to the people we’re borrowing the pride from so we can have building blocks.” 

The panelists’ discussion kept coming back to the importance of adaptability, innovation, and collaboration. While the province faces significant hurdles, including global market fluctuations and environmental concerns, they spoke with optimism about the potential to emerge stronger by investing in the future.

Dan Semmens, SVP and head of data and IT at ATB Financial, calls it an “opportunity” for both the province and country to focus on investing in the next generation.

“I think the opportunity there is continuing to invest in our most precious resource, which is our young people,” he said. 

When it comes to AI, “it’s on all of us” to level up our own skills

Joy Romero. Photo by DX Journal / Digital Journal

AI is already impacting most industries globally, and it shows no signs of slowing down. But it’s not new either.

Joy Romero, executive advisor of innovation at Canadian Natural Resources Limited (CNRL), said she was using AI neural networks 20 years ago to take ecological data and process it through oil sands facilities. 

“Why?” she asked. “Because that would allow us to improve our processing and our productivity … So for me, digital is our world. That’s productivity.”

The day of the panel, Google announced that Gemini Ultra 1.0, the largest version of their large language model, is being released to the public. 

Baird was asked about the implications of the new AI model, and while she acknowledged there will be challenges, she maintained that “the train has left the station.”

“It’s on all of us here in the room to level up our own skills,” she says. “With an announcement like Gemini, like you have to get in there, you have to play, you have to try.”

Anna Baird. Photo by DX Journal / Digital Journal

Transitioning to the realm of media and journalism, Canadian journalist Arthur Kent highlighted the increasing role of AI in newsrooms. From assisting journalists in gathering and analyzing data to content creation, journalists are experimenting with AI for efficiency and detecting false information.

“We can become even better if we harness artificial intelligence to do that,” said Kent. “So we constantly have to be developing and pushing ourselves forward, to keep pace with this.”

However, he emphasized the critical role of journalists in maintaining integrity and discerning between fact and fiction in an era of AI-generated content. 

“Journalism is always going to be a human process, because journalism is based on their location, and verification, verifying leads, tips, and figuring out rumour from fact,” said Kent. “So far, none of the machines that I’ve seen associated with artificial intelligence, have those human characteristics. However, there is also that human aspect called temptation.”

Arthur Kent. Photo by DX Journal / Digital Journal

In the financial services industry, Semmens said the impact of generative AI “poses an existential risk” to the relationship banks have with their clients. 

Despite this, he says incorporating AI technology into banking is “an incredible opportunity” to personalize experiences for customers more effectively and efficiently, and he expects to see a lot of changes in open banking in the next three to five years. 

“With all the disinformation that is out there, a trusted source is going to be a high commodity,” he said. “And so I think in banking, being a heavily regulated industry, there is an opportunity for us to really show up from that standpoint.”

Dan Semmens. Photo by DX Journal / Digital Journal

An innovation forum’s charitable roots

The Northern Lights Technology and Innovation Forum’s story begins over a decade ago. The organizers, including Givens, first banded together for the Gordie Howe C.A.R.E.S. Hockey Pro-Am Tournament in support of Alzheimer’s research and education. 

As the cause drew more attention they opted to expand the tournament into the forum as a way to expand their reach. All of the event proceeds go to Gordie Howe C.A.R.E.S. Centre for the Alzheimer’s Research and Education Society — and this year they broke their record, raising a minimum of $40,000 thanks in part to a funding match made by Google. 

“It’s amazing,” Givens said at the end of the night. “I always knew the potential of our community. And I explained to people that the community is the draw … It’s about education. It’s about doing the right thing. It’s about just finding ways for other people to get involved in doing the same thing. There’s enough energy there. Now we just have to harness it.”


DX Journal is an official media partner of the Northern Lights Technology and Innovation Forum.

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The Northern Lights Technology & Innovation Forum comes to Calgary next month

Panellists from Google, ATB, Jotson and Canadian media will join the the second annual Northern Lights Technology & Innovation Forum in Calgary on Feb. 8

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In a world increasingly dominated by global competition and technological advancement, the Northern Lights Technology and Innovation Forum focuses on the power of knowledge-sharing and collaboration in the tech community. 

Coming to Calgary Feb. 8, the forum places a spotlight on critical issues impacting the community. Last year’s focus was on enabling net-zero carbon emissions and this year the focus shifts to economic challenges and what solutions can be found through innovation.

As the past year has seen heavy inflation, layoffs, volatile energy prices and geopolitical instability, this year’s panel discussion is designed to  provide a “360-degree view” of how these challenges impact Alberta’s economy and community.  

Moderated by the Calgary Economic Development’s Geraldine Anderson, the panel includes:

  • Mark Little, co-founder and CEO Jotson Inc, and board member of General Fusion
  • Anna Baird, culture and innovation evangelist at Google
  • Dan Semmens, SVP and head of data and IT at ATB Financial
  • Arthur Kent, Canadian journalist and author
  • Joy Romero, executive advisor innovation at Canadian Natural Resources Limited (CNRL)

Panellists will explore how governments, large companies, and startups can work together to navigate changes to come, and which technologies have the potential to positively disrupt the status quo. 

“Mark brings a massive amount of background, and he’s led thousands of folks in our community, and to see what he’s doing now in the global economy is going to be really exciting,” says John Givens, vice president of sales at C3 AI and one of the event’s organizers. “And to have somebody who comes from a leadership position at Google in Canada — we’re crazy excited about that.”

Givens adds that he expects artificial intelligence to be a focus, with panellists like Semmens likely to focus on what’s happening in financial markets, and how technology will continue to impact that sector.

And with a packed career including working as a foreign correspondent at NBC, Kent has been “involved in more things than I can keep track of,” says Givens. Kent is expected to discuss cybercrime and the political and military impacts of technology.

Transforming from a hockey tournament to an innovation forum

Givens and his fellow organizers launched the first forum last year as a way to expand their decade-long history with the Gordie Howe C.A.R.E.S. Hockey Pro-Am Tournament in support of Alzheimer’s research and education.

Taking it back to the hockey tournament where it all began, 100% of the proceeds of this event go to Gordie Howe C.A.R.E.S. Centre for the Alzheimer’s Research and Education Society. 

More than $300,000 has been raised by the team since its inception, and they commit an annual $25,000 to Alzheimer’s Society from the event. However, Givens emphasizes the importance of education and awareness in their campaign.

“It’s about education, not just the money,” he says. “It’s about creating awareness.”

John Givens and the C3 AI team for the Gordie Howe C.A.R.E.S. Hockey Pro-Am Tournament. Photo courtesy of John Givens

Outside of the charitable support, the event is meant to support the growing business community and tech sector in the province. Technological advancements are impacting all sectors, and Givens says it’s important to “mindshare” across disciplines and open avenues for new innovations to emerge.

“It’s called the Northern Lights for a reason — it represents Alberta,” says Givens in an interview with DX Journal. Givens notes that the convergence of technology, innovation, resilience, and charitable giving is central to the theme and purpose of this year’s event.

“What I’m really proud of when I think about the Calgary ecosystem is we have an enormous amount of talent in this community,” says Givens. “We’re competing on a global market now, so our customers are hiring globally, and they’re competing on wages globally. We need to bring our talent together and lift them all up and share the best of the best and let everybody know what the best looks like.”

More than 250 people are expected to gather at the Petroleum Club for the forum’s lively discussion and networking opportunities. The event is sponsored by Spare Parts & Gasoline (Presenting Sponsor), and the mesh conference (Platinum Sponsor), with DX Journal being this year’s media partner.


DX Journal is an official media partner of the Northern Lights Technology and Innovation Forum. To learn more and get tickets to the event, happening February 8, visit the event page

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COP28 points to AI for climate change solutions in developing countries

Examining AI initiatives brought up at the COP28 climate conference

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Need company data insights? AI can help. 

Better efficiency in healthcare? AI is there, too. 

It’s no surprise really, as AI paves its way into almost every industry. But the recent COP28 climate conference invited entire governments to consider AI as a solution to climate challenges in developing countries. 

Currently, governments already use AI to prepare for hurricanes, reduce water usage, and predict general climate patterns. It’s also been estimated that AI could help mitigate as as much as one-tenth of all greenhouse gas emissions by 2030.

During COP28, which ran from Nov. 30 to Dec. 12, Omar Sultan Al Olama, the United Arab Emirates Minister of State for AI, digital economy, and remote work applications, urged the entire world to integrate AI into climate policies.

“Harnessing artificial intelligence as a strategic asset to mitigate climate change involves integrating it into national policies and plans,” he said. “These measures and policies should not be viewed in isolation, but rather as a unified global initiative, acknowledging that climate change transcends geographical boundaries and requires concerted global efforts.”

Some examples of AI-inspired climate change initiatives include: 

  • Designs for low-emission technologies (advanced batteries)
  • Reduce emissions in food production and manufacturing
  • Balance electricity during extreme climate events like tropical storms
  • Identify renewable energy projects
  • Identify tropical disease with machine learning
  • Design hurricane-resistant buildings

Here are some highlights from other countries pledging to introduce AI into their climate policies: 

Barbados

“We are partnering with international tech companies to test their ideas in Barbados whilst contributing to the island’s development. Some ideas include using machine learning and AI to check for the presence of tropical diseases, design hurricane resistant buildings and plan infrastructure investment. Collaboration, training and technology transfer are key to ensuring that AI contributes effectively to climate mitigation and adaptation for small island developing states.”

Senegal

“It is important to adapt the technology to take account of the digital divide, especially among those most vulnerable to climate change. Integration of chatbot voice with local languages in these emerging technology tools is one solution that would ensure the existing digital divide is taken into account.”

  • Moussa Bocar Thiam, Minister of Communications, Telecommunications and the Digital Economy, Senegal

USA

“We must manage the risks and seize the promise of artificial intelligence. The United States is committed to doing so, as President Biden’s recent Executive Order on AI demonstrates. By working together, we can responsibly harness the power of this emerging technology to develop AI tools that help mitigate climate change risks, make our communities more sustainable and resilient, and build an equitable clean energy future for all.”

  • Ali Zaidi, Assistant to the President and National Climate Advisor, United States of America

Learn more about COP28 here

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