The Myth of a Better Mousetrap

The Myth of a Better Mousetrap

Commonly used productivity and innovation indicators show Canada’s innovation economy declining relative to other countries. Despite large public investments, Canada still trails most of the Organisation for Economic Co-operation and Development (OECD) countries on...

Growth or Profit – What is the Market Saying?

Growth or Profit – What is the Market Saying?

This year's crop of IPOs has had lacklustre returns. So much so, in fact that people have begun to suggest that the market is moving away from valuing growth over profit. Of course, given a chance to play with stats instead of working, I picked stats and proceeded to...

Does Canada Have Enough Venture Capital?

Does Canada Have Enough Venture Capital?

In Canada, access to venture capital (VC) is cited as a persistent barrier to the creation of world-class firms, prompting the development of programs and funds to overcome it. Policy is operating under the assumption that availability of VC funding is as much a...

Why WeWork Blinked

Why WeWork Blinked

I met with someone yesterday who has an office at WeWork and was pleased to see the relaxed atmosphere, posters advertising Meditation Hour, and beer on tap. (It was morning so I couldn't have any beer.) That visit reminded me that I wanted to look at their prospectus...

The Narwhal List – July 2019 Update

The Narwhal List – July 2019 Update

There has been a lot of action in the Canadian tech scene over the last six months. Deals are happening with increased regularity and for bigger amounts. We thought it would be worthwhile to update the Narwhal List for July 2019 to show what has happened over the last...

Sonder is a great “Started in Canada” story!

Sonder is a great “Started in Canada” story!

Today's article in the Globe and Mail about Sonder, the San Francisco based travel company tells a great story. Founded in Canada in 2012, they moved quickly to the US where 90% of their 560 or so employees now reside. (Employee data from LinkedIn.) They are heading...

The Narwhal Project

The Narwhal Project

Three years ago, I started doing research at the Impact Centre at the University of Toronto to discover the root causes of Canada’s challenges in creating a world-leading innovation economy. I thought it would be useful at this juncture to summarize our findings. This...

Your Path to an IPO

Your Path to an IPO

Over the last four years, there have been substantial changes in initial public offerings (IPOs) in the software world. Firms tend to wait longer to go public, while raising larger late-stage private rounds and eventually experiencing high public market valuations. We...

Getting Good at Getting Better

Getting Good at Getting Better

I just finished an Impact Brief on Public Sector Venture Capital and there were a number of thoughts I had while preparing it that I didn't think belonged in a report so I figured I would include them here. The report looked at the ability of BDC's venture capital arm...