The Conversation (0)
The 2016 Cantech Investment Conference, held January 26 at the Metro Toronto Conference Center, was a busy day for investors, businesses and thought leaders alike.
This year’s Cantech Investment Conference began bright and early on January 26 in Toronto. Following opening remarks from Business News Network’s Michael Hainsworth and Nick Wadell of Cantech Letter, and a welcome address from Ungad Chadda of the Toronto Stock Exchange, the conference got into full swing.
The day’s panels varied widely, from a session on the future of FinTech, to discussions of the state of the online dating market and what company will become the nation’s next $1-billion tech startup. Over the course of the day, it became clear that Canada has no shortage of business and tech talent — the real challenge is scaling up this homegrown talent and giving small-cap companies the opportunity to become bigger players.
One topic that came up frequently was the necessity of government support for tech innovation and investment. Indeed, during his conversation with Sean Silcoff of The Globe and Mail (NYSE:NEWM), OMERS Ventures CEO John Ruffulo made the point that Canada needs “government leverage, not government-led” innovation. Essentially, Ruffalo said, the industry needs to focus on growing in scale: “we have high-quality talent, but do we have enough talent?” The tech industry’s real focus right now is access to talent and access to customers, and the government can help support that.
Of course, increasing scale comes with its own problems — near the end of his panel, Ruffulo cited Shopify (NYSE:SHOP) as a company that has faced issues as it has grown. The real obstacle for this company came when tech giants like Amazon (NASDAQ:AMZN) and eBay (NASDAQ:EBAY) began viewing it as a competitor. For every company, these competitive challenges come at different times, and Canadian companies must be aware of that when they look to scale up and out in the tech sector.
Diverse exhibitors
The conference was filled with some of the best companies in Canadian tech, and was a great opportunity to network with leaders in the tech space. One highlight was TIO Networks (TSXV:TNC), an information technology company that specializes in processing bill payment transactions. CEO Hamed Shahbazi told conference attendees that right now is a “key moment for the company,” which has several important acquisitions under its belt.
QHR (TSXV:QHR) is another interesting company that presented at Cantech. According to CEO Michael Checkley, the company is the “leading electronic medical record platform in Canada.” The company is aiming to transform how patients understand and access medical care by making medical records more accessible to both patients and medical professionals. Checkley’s vision for the future is clear: “fundamentally, technology will absolutely transform the way we will interact with healthcare.” Investors who agree with his vision might want to get aboard with the company now.
Concluding thoughts
The takeaway from this conference was simple, but strong. In the words of Lavalife Co-founder Bruce Croxon, “Canadian tech entrepreneurs can hold their own with anybody in the world.” And they absolutely are. As the list of conference exhibitors illustrates, Canadian tech companies are doing amazing things, and savvy investors may want to pay renewed attention to this booming sector.
Securities Disclosure: I, Morag McGreevey, hold no direct investment interest in any company mentioned in this article.