Watch out U.S.—there’s a new startup hotbed in town and it’s coming from our neighbors to the north. I recently spent a week in Toronto and Montreal working with new startups and can’t believe the passion and energy I felt there. The DNA of Canadian entrepreneurs is charged with technical competency, commitment to creating value and a drive to make a difference.
Unfortunately the Canadian startup scene has been plagued with a lack of investment dollars and experience, resulting in few mergers and acquisitions and major IPOs. The conditions to create the next unicorn have never been met. Canada, a place where education in subjects like math has always been strong, hasn’t seen the startup success of other countries. Canada has historically been light on the presence of major VCs and the investments that do happen are low, so most startups are forced to sell early and cheap rather than grow and increase in value. Consider, for example, that the investment dollars from 2011 to 2015 was flat – running around $2B. This does not make for a recipe of success.
Luckily things are massively changing in Canada. The country is creating its own recipe for startup success and it’s one that is sure to soon have the money pouring in and hot new startups pouring out. The country’s success boils down to three ingredients:Back