CIBC Innovation Banking Podcast

If you've ever filled out a survey online, there's a good chance you've used technology created by Montréal-based company Potloc. The consumer research company extracts consumer insights by reaching niche audiences through social networks. In this episode, Michael sits down with Potloc's Co-Founder and CEO Rodolphe Barrere. After co-founding the company in 2014, he and the team raised more than $58 million in capital. Today, Potloc has more than 500 clients served by three offices around the world, and Rodolphe says unicorn status is now on the horizon. During their discussion, Rodolphe dives into some of the secrets to his success including firing himself every six months.Don't become your own bottleneckAs a leader, Rodolphe is humble enough to recognize that with every next step the company takes, he needs to re-evaluate if he's still the best person for the job. For example, while the founder of a company may be a great small-size startup leader, they may not be able to apply their skills as effectively to a company of more than 1,000 employees. To avoid becoming the bottleneck of his own creation, Rodolphe consistently “fires himself” every six months so he can ensure he's always innovating, learning and growing.Establish a networkAnother leadership secret Rodolphe shared is to surround yourself with people who are uplifting, positive and curious. He reminds us that you are the sum of the five people you spend the most time with, so it's important to be selective about who is in your inner circle. Once you've established a solid network of people you trust, keep the lines of communication open so you can share knowledge, swap tips and trade stories regularly.Culture is crucialRodolphe's key tip for other entrepreneurs hoping to reach unicorn status? Never underestimate the importance of creating a positive company culture. To do this, he suggests doing some inner reflection in the early growth stages of the company to determine your own personal values—for him and his co-founder, this included learning, transparency and ambition. From there, apply these values to every entrepreneurial decision you make along the way, and you can't go wrong.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Often, the most valuable insights into startup strategy and execution come from early-stage investors. For burgeoning entrepreneurs, having a chance to learn the ropes from a seasoned founder can be invaluable when it comes to guiding the company towards sustainable growth and longevity. In this episode, Michael sits down with someone who knows all about this. As the Head of Operating Platform at Jump Capital, Jason and his team work closely with founders to help them build and scale effectively in their formative years. During the episode, Jason explains how the firm's overall mission is to invest in early stage companies, partnering with the founders early on in their journey of building the company so they can be with them throughout the entire lifecycle of the business. Jason shares some of the most common mistakes made by new entrepreneurs, how to establish effective growth expectations, and more key insights about startup life.Make the most of mistakesWhen it comes to building a new company from the ground up, mistakes are inevitable. Instead of aiming to achieve the impossible task of avoiding mistakes altogether, Jason suggests learning to quickly pivot and learn from any missteps along the way. Having someone on your side who has been through the founder's journey can also help you make fewer mistakes overall, while minimizing the impact of those you can't avoid. Opt for sustainable growthIn the early stages of a company's development, focusing on growth should be a key priority. However, Jason reminds us that prioritizing growth at all costs can lead to some pretty detrimental consequences in the long run. For new founders, Jason recommends avoiding unrealistic goals and instead focusing on smart, sustainable growth to ensure the company has longevity into the future.Focus on peopleJason's number one tip for entrepreneurs and early stage CEOs is to make people your top priority. In other words, if you hope to see your company flourish and succeed in the long run, it's important to dedicate a significant chunk of your time to hiring and retaining top talent. Spending the extra time it takes to motivate, guide and communicate with your team to help them bring your vision to life will ultimately pay dividends for years to come.CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

There comes a time when some startup founders need to turn over the reins of their company to someone new. Some founders may hold on for too long and ultimately fail to accelerate the company's growth, and others may move too fast and miss out on a chance to capitalize on the first mover advantage. In this episode, Michael sits down with Hootsuite's new CEO, Tom Keiser, to discuss his plans for continuing to grow the company now that he's at the helm and further build on what founder Ryan Holmes created. During his career, Tom has more than quadrupled the valuation of Zendesk, re-platformed the parent company of Victoria's Secret and The Gap for e-commerce, and most recently, he's stepped into the role of CEO at Hootsuite to scale up the social media management platform. During the episode, Tom explains how he's applying lessons from his past career experiences to his current role at Hootsuite, his plans for taking the platform to the next level, and much more.Keep up a cadenceDuring his time working in retail, Tom learned the value of maintaining a regular and rigorous cadence when planning for the future. When it comes to taking your business's temperature through key metrics and signs of success, it's not enough to check in once a quarter or even once a month. Tom adheres to a weekly or bi-weekly rhythm of checking in on the core metrics of the business to ensure short-term and long-term goals are on track.Lose the limitsOne major difference Tom noticed when he made the leap from retail to technology was the general lack of constraints in the tech world. While the retail world tends to be limited in a physical sense based on things like geographical space or supply chain issues, technology makes it possible to innovate much more rapidly without being held back by capacity limits. Since the tech world essentially affords infinite possibilities for the future, Tom looks for talent who live according to this limitless mindset.Skate to the puckWhen it comes to Tom's overall strategy for taking Hootsuite to the next level, he plans on helping the company continue to evolve in tandem with the social media industry. By keeping his finger on the pulse of new and emerging social platforms, Tom and the Hootsuite team are skating where the puck goes to maintain alignment with the major players within the space. CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

As every startup entrepreneur and enterprise CEO knows, the growth stage is all about scaling up the company, which typically requires a cash infusion. That's where investment gurus like Deven Parekh come in. As a Managing Director at Insight Partners who has been with the firm for more than 22 years, Deven has some insightful advice to share for entrepreneurs hoping to secure funding to fuel their business. Over the course of his career, the companies he's invested in have all had major payouts—Buddy Media was acquired by Salesforce, Football Fanatics was bought by GSI Commerce, and eventually eBay, and Media Mind was sold to DG Fast Channel after the IPO. During this episode, the global investor shares the top qualities he and his team are looking for in software companies worldwide.On the lookout for large marketsDeven shared a few of the main characteristics he and his team are looking for when it comes to finding businesses to invest in. First, he said they're most interested in targeting large markets to maximize growth opportunities. In addition, they look for businesses with a technology product that's not easy to replicate so they can keep competition at bay, and an exponential increase in momentum in terms of buyer interest. And last but not least, Deven noted they typically look for solid teams with great management leaders who truly feel passionate about the problem they're helping to solve. In-person interactions minimize riskAs the pandemic continues to subside over time, more of its long-term impacts on the business world will be revealed. Deven commented that for investors, arranging in-person meetings followed by dinner or drinks isn't just a nicety—it can actually help to minimize risks by building trust on a personal level. Although many companies will continue to use tools like Zoom and a hybrid working environment for the sake of convenience, meeting in person will continue to play an important role in creating a foundation of trust and collaboration among teams.Invest in your passionsDeven's overall advice to entrepreneurs was to choose a problem that you're passionate about solving and make it the main focus of your business. While it can be tempting to dive into hot new trends in the market, he recommends following your passion instead because you'll be more likely to actually find a solution to the problem you're trying to solve. Deven commented that people tend to complicate the road to success, but it's really quite simple: identify a pain point, work on solving it, and convince customers to buy your product.CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking. This episode of The CIBC Innovation Banking Podcast was produced by Quill.

Professional investors need an efficient way to compare their universe of companies, which is where firms like Canalyst come in. Canalyst's database of thousands of enterprises helps give the pros the edge they need to uncover more investment ideas, generate better returns and bring in more assets. In this episode, Michael sits down with Canalyst's CEO and Co-Founder, Damir Hot. During their discussion, Damir shares how co-founding a tech startup has been a lifelong dream of his since he was a child. He offers his perspective on the state of startups today, and what the future may hold for the startup ecosystem. Finally, Damir shares some of the key strategies Canalyst implemented to grow its customer base to over 400 in a relatively short period of time. Partner upNow that he's on the other side of success with Canalyst, Damir says he highly recommends partnering with a co-founder from the beginning of your entrepreneurial journey. If you can find a business partner with similar goals, values and interests as Damir did, it can double the power, purpose and passion fuelling the enterprise. The entrepreneurial journey can be a lonely one, so having a like-minded co-founder to share the ups, downs, wins and losses with can make it all the more rewarding. Sales experience is keyDamir mentioned that one of his must-haves when it comes to launching a business is ensuring that you have at least one person on the team who can bring a strong sales background to the table. At the end of the day, launching a successful business is all about selling—whether you're selling investors, prospective hires or prospective clients. Sales or “storytelling” skills, as Damir calls them, are essential and highly valuable when it comes to the early growth stages of a business and beyond.Just do the workOverall, Damir says there's no magic formula for finding success as an entrepreneur. At its core, entrepreneurial success isn't necessarily about launching the perfect marketing campaign, uncovering a secret strategy, or cutting corners to get ahead: it's about staying committed to doing the work day after day, hour after hour. He mentioned that at Canalyst, about 40 per cent of their new bookings now come from word of mouth, which isn't something that happened overnight—it came as a result of consistently driving relationships forward, delivering a high-quality product to customers and spreading the word organically.CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

 Although some venture capital firms snapped their wallets shut during the first few months of the pandemic, it quickly became apparent that the startups who were able to pivot their business model and go fully digital would not just survive this time period, but thrive. In this episode, Michael sits down with Christian Lassonde, the Founder and Managing Partner of Impression Ventures, to discuss lessons learned from the pandemic and why there's hope for the future yet. As an entrepreneur himself, Christian applied the knowledge he gained from past experiences working in the video game and tech industry to his role as a venture capitalist today. He shares how the lessons he's learned throughout his career have informed his work as a venture capitalist, why he's not interested in a high profile, the importance of playing the long game in business, and much more.All problems are created equalDuring his time as a video game programmer, Christian developed valuable problem-solving skills that he would later take with him into future roles. He learned that regardless of the subject matter or the industry you find yourself in, all problems are created somewhat equal, and finding the answers comes down to your passion, determination, and willingness to solve for X. Ultimately, Christian recognized that while there's an infinite number of paths you can take while running a business, it's all about finding the one magic formula that works for you. Fail fastWhile building Claystone, an Android software development firm, Christian and his team were constantly inundated with the unofficial Silicon Valley mantra: “fail fast.” Taking this maxim to heart, they launched themselves into a continuous, fast-moving loop of test, launch, learn, iterate, and repeat. Christian says the lessons he learned from this experience ultimately made an indelible impression on his overall outlook, arming him with the tools and the repertoire he needed to launch Impression Ventures.Equal parts optimism and cynicism Christian believes that a great venture capitalist should be equal parts optimist and cynic. He noted that without the fundamental belief that what lies ahead is greater than anything humanity has collectively experienced in the past, you likely won't make it very far in the business. Overall, Christian is optimistic about the future, which fuels him to keep moving forward despite any challenges he may encounter along the way. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

It's been said that data is the new oil. Not only has it acted as a fuel for growth, but data has been the catalyst for a whole new way of doing business. In this episode, Michael sits down with Stephany Lapierre, the founder and CEO of Tealbook, a supplier data foundation that uses artificial intelligence and machine learning to enable supply-side innovation. As a supply chain thought leader, Stephany has raised more than $73 million for the company, and much of it during the pandemic. While COVID-19 was breaking down supply chains, Tealbook was building up its ability to connect buyers with suppliers in a whole new way. During the episode, Stephany explains how Tealbook accelerated its fundraising while pivoting to tackle the greatest health crisis of our time.Connecting the dotsThe idea behind Tealbook is to collect supplier information for global enterprises that need to access data quickly, easily, and efficiently. Recognizing the need for a faster way to access data, Stephany leveraged technologies like AI, machine learning and the cloud to create a system that could keep up with the rapid evolution of the supply chain. By connecting the dots in a way that no one else had yet, Stephany was able to create a service that's completely unique and allows companies to make sense of an abundance of data—fast.Never give upAfter years of running her own successful consulting business, Stephany didn't need to create Tealbook, but her vision was so clear and persistent that she couldn't not bring it to life. This strong vision and her belief in the product helped to keep her driving forward, even when things got tough. Although there were plenty of opportunities to throw in the towel along the way, Stephany never gave up, keeping her vision alive in the face of obstacles and refusing to compromise.Be a thought leader, not a followerFor Stephany, an important step in bringing Tealbook to life was positioning herself and the company as an influential voice in the space. By focusing on building relationships, solid branding, and earning credibility, Stephany was able to establish a place for herself in the data and supply chain industry. Posting on LinkedIn and writing about the subject regularly helped her gain a following and become a trusted thought leader over time.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

Account-based marketing (ABM) is a targeted B2B strategy that focuses sales and marketing resources within a specific market. Terminus, a leading account-based marketing platform, has a goal of moving from an ABM company to a platform of record — but how does a startup evolve as it expands from its home turf all the way to Europe, the Middle East, and Asia? In this episode, Michael sits down with Terminus CEO Tim Kopp to discuss how he leans on his past experiences working for global companies like Coca-Cola and ExactTarget to inform this process. In addition to providing an overview of the work Terminus specializes in, Tim offers his experts tips for startups to apply when accelerating their own growth.  

Financial planning startup Vena Solutions has raised more than $400 million to fuel its growth. When you've got that kind of walking around money, you need to have a plan to turn that capital into new customers, enhanced products, and recurring revenue. In this episode,  we hear from Vena Solutions' Chief Operating Officer, Tina Goulbourne, on the key priorities required for startup success. Tina has held key roles during her career at companies like Xerox, Hewlett-Packard, and Apple, and she leans on those experiences to help guide her in her current role at Vena Solutions. During our discussion, Tina shares the story of how she ended up in her current role at Vena Solutions as well as some of the key lessons she's learned about the startup mentality over the course of her career.Turn towards, instead of awayAlthough Tina was happy in her previous role at Apple, she was intrigued by the opportunity to join Vena Solutions for a variety of reasons. First, she knew the company's CEO and entire leadership team would be excellent to work with given their humble, grounded, yet committed approach. In addition, Tina was interested in the opportunity to learn more about the product and build something new from scratch. Ultimately, these positive qualities stood out to her and she allowed them to serve as the guiding force in her next career move. Take notes from AppleDuring her time as Apple's Sales Planning and Operations Leader, Tina learned a few tricks of the startup trade. First, she learned the importance of prioritizing data when making decisions and measuring success. She was also influenced by the company's focus on transformational improvement rather than incremental improvement—that is, rather than making small tweaks to the existing approach, there should always be a willingness to go back to the drawing board if something isn't working. Finally, Tina learned the value of placing a strong emphasis on improving the customer experience, every step of the way.Focus on sustainable growthTina noted that at the beginning of the startup journey, the focus is primarily on getting as much business in the door as possible. However, once companies enter the scale-up phase, they need to be strategic about finding ways to grow sustainably. At Vena Solutions, part of the company's approach is to determine the biggest growth accelerators and inhibitors so they can zero in on strategies for expansion while removing potential barriers to success.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Some like to be a big fish in a small pond, while others enjoy the hustle of being a small fish in a big pond. For the founder of Two Small Fish Ventures, Eva Lau, swimming with the sharks of Silicon Valley was more her speed. Along with her husband Allen Lau, the co-founder and CEO of Wattpad, Eva launched the investment firm to give back and help nurture the startup ecosystem in Canada, and has since raised $12 million for the fund. As part of her role at Two Small Fish Ventures, Eva mentors startup founders to share the lessons she's learned in her own career and pass the torch to the next generation of business leaders.Give a little bitEva explained that the philosophy behind Two Small Fish Ventures is backed by a strong desire to reinvest in Canada's startup ecosystem, not only through financial means but by sharing wisdom gleaned from years of experience. Silicon Valley grew into the ecosystem it is today as a result of this ideology of giving back, and Eva suggests it's time we adopt a similar mindset north of the border. What you give, you tend to get back, and Two Small Fish Ventures lives by this mandate.Learn from mistakesIn her role as a mentor to other startup founders, Eva believes in sharing all the benefits of her experience—not just the success stories. She notes that during her career, she's often learned more from her mistakes than her wins, and she considers it part of her duty as a mentor to provide these insights to other aspiring leaders. The key to learning from mistakes, according to Eva, is understanding the thought process behind your decisions so you can make more informed choices moving forward.Invest in homegrown talentAccording to Eva, Canada is equipped with all the talent, support and infrastructure required to see massive success, but the country's startup ecosystem needs more investment. In order to harness this potential, more people need to invest in early stage startups here at home. Eva says that whenever there's an inflection point in the ecosystem, we will see a new breed of companies that are in the making to help advance the world in a new model, which is why now is the best time to invest.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Kelly Schmitt successfully guided the CSR platform for charitable donation management, Benevity, throughout her tenure as Chief Financial Officer, and later President. Today, the Canadian company is a billion-dollar organization with more than 650 employees, two million users, and $7 billion in processed donations to 300,000 global charities, and Kelly has transitioned to the role of CEO. In this episode, Kelly shares her story of assuming the coveted C Suite at Benevity, how she overcame self-doubt, and the true meaning of a growth mindset in business.People and culture trump allKelly shared that while working as Benevity's CFO and President, the company's founder approached her about taking over the position of CEO. Initially, she balked at the suggestion, assuming that the role of CEO should be reserved for the best salesperson, thought leader or visionary in the room. However, she quickly realized that being a great CEO goes beyond a solid resumé — it's about aligning well with the company's people and culture, and embodying the organization's overall values.Embrace changeTo Kelly, a growth mindset means embracing the idea of constant and never-ending improvement. She believes that to continue being a leader in the market, companies need to constantly be evolving, innovating, and disrupting. This requires a high level of self-reflection but also a willingness to grow, stay humble, and accept feedback. Kelly notes that a growth mindset is really about looking at things through a long-term lens instead of focusing solely on short-term gains.Diverse teams are more successfulFrom the outset, Benevity's founder made it a priority to build a diverse team, not by setting specific targets, but by building a culture of inclusive behaviours and solid values. The company's team is now 51% women and 30% BIPOC, which Kelly says has directly translated into a higher performing business. Kelly referenced some of the built-in behaviours that help Benevity maintain this inclusive culture, such as a progressive parental leave program and gender pay equity initiatives.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

As Executive Vice President and Chief Security Officer at CIBC, Keith Gordon has been on the receiving end of an untold number of pitches from startups. In this episode, we discuss how to get a foot in the door, the elements that go into a great pitch, and what to do once you've secured a meeting with a prospective client. We explore the reasons why an effective pitch can turn a client into an evangelist for your product or service, while a bad pitch could damage your reputation with future prospects. Keith also shares his perspective on the importance of building authentic relationships and advice for startups looking to make a positive impression. Know your audienceThe importance of putting your best foot forward during a pitch meeting and remembering to tailor your presentation to your audience is critical, according to Keith. He recommends being professional, and really thinking through who you're going to be talking to and what their perspective might be on your idea. Rehearse detailed responses for questions that will likely come up during the meeting in advance, and come prepared to explain the problem you're solving with your product or service.Say goodbye to cold callsCold calling (and cold emailing, for that matter) is not an effective way to get a foot in the door these days. In fact, Keith mentioned he automatically filters sales emails into a separate folder by flagging any messages that contain the word “unsubscribe.” Instead, Keith recommends forming genuine relationships with people who believe in your product at a peer-to-peer level first before moving up the food chain to the decision makers. Trust is the magic ingredient in terms of forging these kinds of relationships, which is why being honest and upfront about any challenges you may be facing is key.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking to learn more.

Katherine Regnier is the CEO and founder of Coconut Software, a customer engagement platform for financial institutions. She launched the company in 2011 after recognizing the need for improved scheduling software while struggling to book a massage appointment. Since then, Katherine has led the company through venture capital funding, strategic partnerships, and the rapid growth that makes it the envy of its industry. In this episode, we hear Katherine's inspiring story of launching Coconut a decade ago, and how she found the courage to risk it all from the beginning. We also learn what post-pandemic life looks like for the company, and how they stepped up to be there for their customers throughout the crisis. Growing up on a farm proved to be the perfect training for startup lifeKatherine credits her farm upbringing as part and parcel to her success in the startup world. Growing up on a farm in Saskatchewan, she learned crucial skills and lessons early on like the value of hard work, strength and perseverance, and viewing life as a marathon not a sprint. Outside-the-box thinking, pride in her work and a healthy dose of dedication are some of the other qualities she developed from an early age. Katherine's background has also contributed to the humility and kindness she's been able to maintain throughout her journey. She's quick to point out these qualities shouldn't be mistaken for weaknesses. Sometimes, a great idea is enough to keep you goingDespite having limited background in software development, Katherine was committed to her vision for Coconut Software from the beginning. She had identified a pain point while struggling to book a massage appointment, knowing intuitively there had to be a way to improve and streamline the process. Katherine spent three years looking for the right partnership to execute on her idea, all the while holding strong to her vision and never compromising on her boundaries. By remaining patient and steadfast throughout the process, Katherine was finally able to bring her idea to life, despite the odds being stacked against her. A strong focus on people, passion, and performance will go far Coconut Software is laser focused on people, passion, and performance — in that order. Early on, the company landed Jackson Hewitt and Capital One as clients that helped to build their credibility as an organization. Katherine says that as a rule, Coconut treats its customers like trusted partners.. She makes a point of asking customers questions about their work and family lives to help the team at Coconut gain a better understanding of the challenges they're working through on a personal and professional level.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Bob Nye is a General Partner at JMI Equity. He joined JMI in 2005 and is based in Baltimore, Maryland. Nye's primary areas of investment focus are internet and enterprise software companies, and he specializes in helping growth companies build value. Nye has helped many companies overcome their hurdles and grow into unicorns with a valuation over $1 billion. In this episode, we look at the unique challenges in scaling and funding Canadian start-ups.Investment strategies have evolved over three decadesIn the early days, you were investing in an idea. The entrepreneur would typically have experience within that industry, understand the pain points of that business, and what the customers would need. This is what investing looked like 30 years ago, but if we fast forward to today, businesses need to be much bigger if they're looking for a sizable investment. On average, when JMI Equity invests in a company, they have $35 million in revenue, revenue growth of 35% year over year, along with an established product market fit. Because companies have established product market fit, there is primarily “execution risk” which is very different from early stage ventures when investors are taking on all the risk.  How do you get from $1M to $50M in revenue? The traits, skills and characteristics of an entrepreneur that make them successful early on are often the polar opposite of what will make them successful as their company evolves, says Nye. The key to scale is to have incredible customer centricity, and maniacally focus on your customer experience. The second factor is to ensure that you have great functional leaders. A great entrepreneur knows exactly when it's time to step aside and let somebody else manage the day-to-day so that they can focus on the company's larger vision and strategy. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Michelle McBane is the Managing Director at Standup Ventures, a seed-stage fund investing in women led Canadian technology startups. On this episode, we discuss where Canadian VC dollars went in 2020, how COVID-19 affected the industry, and how VC funds like StandUp Ventures are leading the way by investing in the next generation of women entrepreneurs. Solving the gender gap in technology Although there is immense wealth being generated in the venture backed company sector, recent studies have shown that only 10% of cap table holdings are by women. According to Michelle, diverse teams consistently outperform homogenous teams, and if you have a diverse pool of talent around the table, you're going to attract a variety of different deals that you otherwise may not have. When it comes to women-led ventures, having good role models and promoting mentorship are key to success According to Michelle, funders are used to investing in companies where they see themselves, and can relate to the story. Building a company is rife with challenges, some of them specific to female founders, and the value of a prior experience can't be discounted. As Michelle explains, there are a lot more women stepping up to fill the role of mentor within the industry. In venture capitalism, you are always learning Whether you’re a serial founder, a funder, or just stepping into the field, according to Michelle, you will learn every day. No day is the same, no deal is the same, and you will get to learn about the makeup and functionality of exciting new businesses every day. It’s a field that promotes constant growth, education, taking risks and embracing the unpredictable. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Carter Griffin is the general partner at Updata Partners, a company using key metrics to help SaaS companies scale their businesses exponentially using a predetermined framework. This is a framework that Carter and Updata have honed after years as technology entrepreneurs and investors. It’s based on analyzing specific metrics that help you better understand the ROI on certain expenditures, the cost of acquiring a customer, but most importantly which business activities are driving the best results. Updata Partners is helping SaaS startups find success through understanding their businesses and exploring new ways of analyzing their data. Software as a Service is a unique modelWhen Carter started working in technology, software companies were physically installing software. Now, it’s hosted in the cloud. Updata has created a unique framework that evaluates hundreds of potential investments and helps determine the health of a business. So what metrics help you determine if your SaaS business is financially viable? Carter believes there are two that matter the most. Customer acquisition cost needs to be a more in depth analysisMany SaaS businesses look at their customer acquisition cost by taking the sum of their sales and marketing expenses to acquire a new customer, but it doesn’t tell the whole story. Carter says looking at a business model’s efficiency is way more important than the standard gap financials. Onboarding and ongoing expenses need to be considered in the cost of acquisition to help entrepreneurs paint a clearer picture of their growth levers. Software is (still) eating the worldThe tech and software industries were some of the least affected by the COVID-19 pandemic, according to Carter. He doesn’t anticipate much change for the software world, yet this certainly doesn’t mean it’s in trouble. Carter identifies software as the dominant sector in our lifetime, which is why it’s so important that we keep investing in innovative companies and driving progress. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

The global food supply chain is the world’s largest and most interconnected market and the COVID-19 pandemic has quickly proven that the weakest links in this supply chain are only magnified by complex economic and political issues. When we’re talking about something as paramount as access and affordability of food, some of the numbers are staggering. In this episode we speak with Dr. Sylvain Charlebois and Semios’ CEO Dr. Michael Gilbert about the global state of food security and how Semios’ technology is working to improve the global food supply chain and create a more sustainable agriculture industry. The first step to solving a problem is quantifying it.Most of the problems on a farm are influenced by two key factors: heat and water. This is pivotal for agriculture technology companies like Semios because by simply tracking these two factors they can build out robust and comprehensive product offerings that help farmers do their jobs.Farmers are limited by available technologies.Imposing restrictions like a carbon tax can have evident benefits, but ultimately, farmers are at the mercy of available technology. To dry grains at harvest requires propane, there is no other available technology. How do innovators and policy makers develop solutions that benefit both the agriculture industry and the public while solving global issues like climate change?Food security is a global issue but it hits closer to home than you might think.Sometimes countries tend to think of themselves as in isolation from everyone else. In reality, that’s not the case at all.. People care about eating local and understanding where their food comes from, but remaining competitive in the global market boils down to technology and how we can build economies of scale.  CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

  The medical industry is a tough nut to crackThe healthcare industry is inherently traditional and can sometimes seem averse to progression. There are also substantial legal, regulatory and financial considerations that come into play when we’re looking at developing new tech products and modern solutions. This is why champions and early adopters of this tech are so key in advancing it in the market, and why creative business models have helped Intellijoint progress. The best tech ideas are borne from a needArmen is the son of an orthopedic surgeon and ultimately developed Intellijoint based on his understanding of a key need. Surgeons traditionally rely very heavily on their training and don’t use digital to their advantage in surgery which can sometimes lead to human error. Intellijoint is working to close this gap and provide the best patient care possible by minimizing the risk of mistake. Advocacy and mentorship are keyWhen Intellijoint was in its infancy, Armen was fortunate enough to be introduced to valuable mentors in the USA who had developed medical products, and he credits them with helping Intellijoint find success. Armen is now using this knowledge and his experience to mentor like-minded Canadian companies as he knows that the medical device industry is small and the benefits to patients, our local economy, and to our country for commercializing a medical technology company at home are tremendous. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

People do better at home  A core take away from the COVID-19 pandemic is that most of us can do quite well at home, especially when it comes to caring for our elderly. Naomi says the pandemic really shed a light on the facts, numbers, and sheer chasm between home care and traditional geriatric care which makes optimizing home care methods even more urgent.   The secret to Machine learning is in implementation  Machine learning and autonomous intelligence technologies have existed for a while. It’s the application and execution of these technologies that are unique, and that drive the success or failure of the technology. According to Naomi, the use of the technology is not the relevant factor -- driving value through the tech is what counts.   Optimizing for ourselves as well as our customers  When we talk about digitally optimizing health care, patient care is top of mind, but Naomi and AlayaCare are focused on other aspects of the home care industry as well. It’s more urgent than ever to use tech to better understand and meet the needs of health care providers who work in a physically and emotionally demanding industry with a staggering churn rate.   CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Innovation economy entrepreneurs share their insights on how we can create a future fueled by innovation with host Michael Hainsworth.  CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Before the global pandemic, online testing company ProctorU was already a success story. But once it became evident classrooms wouldn't be hosting student exams any time soon, founder and Chief Strategy Officer Jarrod Morgan saw almost a decade's worth of growth in a few months. That doesn't mean Morgan could afford to sit back and wait for the phone to ring. He tells the CIBC Innovation Banking Podcast that being pro-active was key to retaining existing clients while meeting  new and growing demands. Is he worried the world will return to it's pre-COVID ways? Not at all.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at www.cibc.com/innovationbanking. 

The Four Pillars of UnseparationLeadership, culture, spirituality, and nature. Dax Dasilva is a Philosopher CEO, and his latest book “Age of Union: Igniting the Changemaker” and sees these four qualities as essential for corporate growth. “The idea behind that is, how do you make change in the world? What are the things that you have to think about together holistically in order for us to make impact?” he says.Leadership is more than a Type-A personalityDasilva is a quiet force to be reckoned with, and admits he’s not a Type-A personality common in the corner office. Lightspeed is home to a variety of leadership types, offering a variety of voices and perspectives. He says, “We really believe that having many kinds of different kinds of people around the table and different kinds of leaders adds a richness and a wisdom and knowledge to the solutions that we come up with.”Never ApartAs Lightspeed outgrew its offices, it didn’t abandon the venue that hosted its early success. Dasilva turned it into a venue for hosting LGBTQ artists and speakers. “It's not just an art gallery. There's sort of a spiritual calling and trying to bring people together. And for the LGBTQ community, who's often by many communities been told we're not a part of spirituality, it's a kind of a vow for us to never be apart from that mission that we, I think, have as well.”Join Dax Dasliva as we explore Never Apart and Lightspeed’s corporate offices — and attitudes — with our #CIBCInnovationEconomy series, then listen to Dasilva discuss how diversity is the key to success on the CIBC Innovation Banking Podcast.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking. 

Jack of all trades, Master of noneYears after coding a restaurant employee scheduling system for his father’s chain of sandwich stores, 7shifts founder Jordan Boesch had branched out into retail and other scheduling-heavy industries. “They told us it was good. It wasn’t great,” he laments. His solution? Get back to his roots.Close a door, open a windowAfter Boesch had closed the door on 2 out of 3 customers to focus just on the restaurant industry, he discovered something interesting: he could focus on opportunities other software companies couldn’t. Focusing on his core competency — and his core customer — gave 7shifts the jet fuel needed to grow.3,000 kilometres from Silicon Valley NorthBoesch was questioned about why he’d build his company in Saskatoon, Saskatchewan. He points to the talent of a city with only a quarter million residents, adding “as a result, we don't have the same level of competition that you might have in bigger metropolitan centers like Toronto or San Francisco, and we can really stay laser focused to deliver a great product and build a massive company.”  Join Jordan Boesch as we wash dishes at a Toronto hotspot with our #CIBCInnovationEconomy series, then listen to Boesch offer his advice on how to pivot your company for greater success the CIBC Innovation Banking Podcast.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking. 

Say “Yes, and…”When Expensify CEO David Barrett pitched his big idea, it was flatly rejected. But when investors and potential customers told him a throw-away idea was insanely great, he didn’t fight back. Today the expense management company is one of the world’s most successful players in the Innovation Economy today and all because Barrett said “yes, and...”Setting Up ShopBarrett chose to set up shop more than 1,000 kilometres away from Silicon Valley and a million miles away from its business model. He was advised to pitch his app to Fortune 500 companies but he went with small to medium sized businesses instead without spending a dime to acquire them. “Our real longterm differentiation is how we acquire customers and that we do it in a way that is dramatically lower cost to sale… It's a 100% organic,” he says.Profit over Growth leads to bothMost innovation economy start-ups are advised to focus on growth over profits. But Barrett was profitable almost from Day One. “We just control our own destiny,” Barrett says. ”That means that we can hire who we want, we can grow how we want. As such, I think that we have far more control and a far greater appetite for risk now than ever before.” That profitability has given the Portland-based company a leg-up over Venture Capitalists looking to take control of the board.Join David Barrett as we explore the bank vaults of his 100 year old headquarters with our #CIBCInnovationEconomy series, then listen to Barrett offer his contrarian advice with the CIBC Innovation Banking Podcast.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking. 

Host Michael Hainsworth shares insights from innovation economy entrepreneurs on how to grow a business during a pandemic.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.  

Listen in to our newest podcast where entrepreneurs and small businesses will learn the secrets to success, including how to build a minimal viable product, pivot a company’s target clientele, and scale-up to a global level.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking. 

Cleantech SuperheroMild mannered CEO Ed Quilty has used data analytics to save a village in Malaysia from flooding. He monitors the water quality for the world’s biggest economy, and he provides technical services to clients as far away as Afghanistan. But it all started with an internship posting in British Columbia that he didn’t want in the first place.Foot in the Door, Feet on the World StageQuilty leveraged a contract win with the U.S. government into a cleantech behemoth in 60 countries worldwide. He started with countries that spoke his language, but quickly partnered with companies in foreign lands. That strategy helped Aquatic Informatics grow fast enough to acquire those partners, but it wasn’t without a learning curve.He made it. And so can you.Before Aquatic Informatics could grow into the company it is today, Quilty hit the books: learning business management. And the advice he took in his early days is the advice he gives to his own employees today: “When you're learning at times you have to fake it till you make it to your sweet spot,” he says, ”and by faking I think you've just got to get in there, try your best and just basically jump in the deep end.”Join Ed Quilty on the shores of Stanley Park in Vancouver with our #CIBCInnovationEconomy series, then listen to Quilty offer his advice on going global while managing a growing team with the CIBC Innovation Banking Podcast.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking. 

Building the Next Generation Construction Industry from the Ground UpLauren Lake grew up on her father’s construction sites. By the time she entered a university entrepreneur accelerator program, other industries had adopted the latest in technology like wireless Internet access and iPads. Her father’s business hadn’t changed much at all. Lake teamed up with other child of the hard-hat economy to bring the future to an industry stuck in the past. What started out as a two day exercise turned into Bridgit, a start-up success story that’s grown an average 313% over 5 years.The Construction Industry isn’t Building its Own FutureThe construction industry is one of the least innovative, and least productive, in the world today, reporting, “The reasons for this narrow focus vary, but some players hesitate to expand into any other area because they have traditionally struggled to deploy new tools at scale, limiting their impact.”Lake and fellow Next36 student Mallorie Brodie aimed to make a big impact. Delicately. Without any preconceived notions about what site managers needed, the pair went “crane hunting”. They literally searched the skies for cranes to discover where the job sites — and future customers — were. Once they found them, they arrived unannounced and armed with just two things: a note pad and a box of donuts. What they walked away with was the knowledge necessary to build a Minimal Viable Product the industry needed, and what they needed to kickstart the financing of their fledgling business.Lessons Learned Along the WayAs Bridgit grew, Lake and Brodie had to make a decision: which co-founder would tackle the CEO role, and which would act as the Chief Operating Officer. Lake took the latter. She acknowledges Bridgit made many mistakes along the way, from planning to pricing, but each stumble taught the 20-something entrepreneurs how to make great strides in both the start-up world, and the world of heavy equipment.Join Lake and Brodie on the job site with our #CIBCInnovationEconomy series, then listen to Lake get personal with the CIBC Innovation Banking Podcast about what it took to build the foundation of her own success.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking. 

Ganesh Padmanabhan attributes his laid-back attitude to his childhood growing up in southern India. But don’t confuse the contemplative serial entrepreneur's approach with complacency. He's advising start-ups renegotiate the definition of success. That conversation requires participants from all levels of the company: from its investors to its employees to the customers you're trying to reach. Reframe the problem the company is trying to solve, and recognize pre-pandemic goals may be unattainable, but with collaboration from all stakeholders, a global pandemic can be turned into an opportunity to succeed. And when asked if he'd launch a start-up in this environment? His answer might surprise you.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at www.cibc.com/innovationbanking. 

Take a step back to reassess, and adapt. Prior to the global pandemic, adoption rates for telehealth were relatively low, but as Ginger CEO Russell Glass explains - that quickly changed. Find out how AI is helping Ginger personalize healthcare and make it more efficient over time. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at www.cibc.com/innovationbanking. 

Canadian venture capital investment reached impressive new heights in 2019 with a record $6.2B invested over 539 deals. And while that was 69% more than the $3.7B invested the year before, no one is expecting a repeat in 2020. As we see the first half of the year fade into the rear view mirror, what does investment growth look like to the Canadian Venture Capital and Private Equity Association? CEO Kim Furlong joins Michael Hainsworth with her insight.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at www.cibc.com/innovationbanking. 

More than a decade ago, the startup world was rocked by the worst recession in a generation. Venture capitalist Rob Antoniades of Information VP believes things are very different this time.In 2020, COVID-19 presented an external shock to the system, forcing consumers to retreat. That has Antoniades convinced things are different this time around, and entrepreneurs managing startups are more likely to survive as long as they offer a good value proposition, and if they believe in the mantra, “Cash is King.”CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at www.cibc.com/innovationbanking. 

Tony van Marken knows what it takes to climb a financial mountain, so how are successful start-ups managing under COVID-19 and the disruption it's causing? The managing partner of venture capital firm First Ascent Ventures explains why not all technology companies are suffering - especially when they demonstrate innovation - why enterprise-oriented firms aren’t immune, and how they can adapt to the new normal. Not all start-ups are created equal. van Marken points out that just because a start-up isn’t exposed directly to the consumer that doesn’t mean it isn’t exposed to uncertainty during COVID-19. If you can survive this…van Marken believes CEOs that demonstrate empathetic leadership, who can adapt to the pandemic, will make their businesses more resilient in the good times, and more likely to accelerate their growth rates once we come out on the other side of the virus.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at www.cibc.com/innovationbanking.